GlobalVillageSpace
Media Partner
- Joined
- Mar 4, 2017
- Messages
- 993
- Reaction score
- 1
- Country
- Location
Dummy’s guide to Nawaz Sharif’s money laundering allegations
The Securities and Exchange Commission of Pakistan (SECP) has submitted the record of the Hudaibiya Paper Mills case to the Panamagate JIT.
As the JIT examines the records it is crucial for the public to understand the basics of the complex Hudaibiya Paper Mills case.
GVS has endeavored to unravel the intricate web of the Sharif family’s purported illicit financial activities.
NAB filed a reference in 2000 against Mian Muhammad Nawaz Sharif and his family, implicating them for money laundering.
Hudaibiya Accounts
The reference states “There was an unexplained investment of Rs.642.743 million appearing in books of the mill as share deposit money. The same belonged to the directors/shareholders and beneficial owners of the company, which they had fraudulently amassed under the garb of foreign equity investment.”
In the period from 1996-1998 Rs.642 million was deposited into the accounts of Hudaibiya Paper Mills (HPM) which was owned exclusively by members of the Sharif family.
Read More: Panama JIT reviews the questionable history of the Sharif family
Dar may dismiss his previous statements but his confession remains a fascinating study of an international money laundering operation.
Prior to this gargantuan and, as of yet, unexplained investment, HPM assets were merely Rs.95.7 million and the company had reported huge losses to the tune of Rs.809 million.
The question of the source of these Rs.642 million, unfortunately, does not have a simple answer. The details regarding the origin of these funds are so convoluted that they cannot be presented in a coherent fashion.
However, there are a few aspects of this maddening case that have come to light, a rich source of these insights is none other than the incumbent Finance Minister Ishaq Dar and his confessional statement of 2000.
Dar may dismiss his previous statements but his confession remains a fascinating study of an international money laundering operation.
Continue Reading...
The Securities and Exchange Commission of Pakistan (SECP) has submitted the record of the Hudaibiya Paper Mills case to the Panamagate JIT.
As the JIT examines the records it is crucial for the public to understand the basics of the complex Hudaibiya Paper Mills case.
GVS has endeavored to unravel the intricate web of the Sharif family’s purported illicit financial activities.
NAB filed a reference in 2000 against Mian Muhammad Nawaz Sharif and his family, implicating them for money laundering.
Hudaibiya Accounts
The reference states “There was an unexplained investment of Rs.642.743 million appearing in books of the mill as share deposit money. The same belonged to the directors/shareholders and beneficial owners of the company, which they had fraudulently amassed under the garb of foreign equity investment.”
In the period from 1996-1998 Rs.642 million was deposited into the accounts of Hudaibiya Paper Mills (HPM) which was owned exclusively by members of the Sharif family.
Read More: Panama JIT reviews the questionable history of the Sharif family
Dar may dismiss his previous statements but his confession remains a fascinating study of an international money laundering operation.
Prior to this gargantuan and, as of yet, unexplained investment, HPM assets were merely Rs.95.7 million and the company had reported huge losses to the tune of Rs.809 million.
The question of the source of these Rs.642 million, unfortunately, does not have a simple answer. The details regarding the origin of these funds are so convoluted that they cannot be presented in a coherent fashion.
However, there are a few aspects of this maddening case that have come to light, a rich source of these insights is none other than the incumbent Finance Minister Ishaq Dar and his confessional statement of 2000.
Dar may dismiss his previous statements but his confession remains a fascinating study of an international money laundering operation.
Continue Reading...
