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Monday, November 16, 2009

Wannabe Amir ul Momineen Nawaz Sharif and his Billions

ISLAMABAD: The Musharraf government prepared a money laundering reference against PML-N leaders Mian Nawaz Sharif and Mian Shahbaz Sharif in 2000 on the basis of a statement recorded by one of their trusted lieutenants, Senator Ishaq Dar, according to a court document seen by Dawn here on Thursday. Senator Dar’s handwritten statement, given before a magistrate back on April 25, 2000, had alleged that Sharif brothers used the Hudaibya Paper Mills as cover for money laundering during the late 1990s. Dawn
Today President Zardari and the Sharif brothers stand exposed. The moment of
reckoning is upon them. Proof of their allegedly stealing billions, from what rightfully belonged to the people of Pakistan, is before us in black and white. Washington and London, with the blessings of our establishment, have finally decided to let the skeletons in the politicians' cupboards come out. The politicians tried to outsmart the military by flirting with the Kerry-Lugar Bill cleverly scripted by our ambassador in Washington. The army threw in a monkey wrench and thwarted it. Husain Haqqani has since gone into hiding while his boss in Islamabad is hunkered down in the Presidency. Anjum Niaz

Memory is fickle. The tycoon mentioned here is one Nawaz Sharif of the PML (Zia). Recent polls conducted by US groups have pinned his "popularity" upwards of 70 - 80 %. Should PPP government fail, Mr. Sharif and his group will be the main beneficiary. It is time to recall how he minted his money.

This is from a blog:

Jan. 26: The Nawaz Sharif family pays £8.3 million to the Al-Towfeek Investment Company as an out-of-court settlement, according to a press report quoting sources close to the Nawaz Sharif family. It was not known from which bank account or fund the money was channelled to make the payment. link

More from indefatigable curmudgeon Ardeshir Cowasjee:

On March 16, 1999, the court delivered its judgment ordering Hudabiya and the Mians to repay the loan. The amount due was not paid and on November 5, 1999, Master Trench by a one-page order ordered that the properties of the Mians be attached.

"Upon reading the witness statements of Shezi Nackvi filed herein on the 26th October, 1999l, and 5th November 1999 whereby it appears that by a judgment made on the 16th March 1999 in the High Court of Justice, Queen's Bench Division, the second defendant was ordered to pay to the plaintiff the sum of US$417,719,315.26 or its sterling equivalent of which US$418,673,203.86 remains due and unpaid as at 19th October, 1999, and the third defendant and fourth defendant were ordered to pay to the plaintiff the sum of US$414,712,912.18 or its sterling equivalent of which US$415,504,732.37 remains due and unpaid as at 19th October, 1999, and that the second defendant, third defendant and/or fourth defendant has a beneficial interest in the assets specified in the schedule hereto.

"It is ordered by Master Trench that unless sufficient cause to the contrary be shown before a judge in chambers in Room No. E101, Royal Courts of Justice, Strand, London on the... day of 1999, at o'clock, the second and third and the fourth defendant's interests in the said assets, to the extent of their respective interests, shall and it is ordered in the meantime it do, stand charged with the payment of US$418,673,203.86 or its sterling equivalent due on the said judgment as against the second defendant and US$415,504.732.37 or its sterling equivalent due on the said judgment as against the third and fourth defendants and interest thereon at the statutory rate together with the costs of this application.

"And it is further ordered that the plaintiff have permission to serve upon the second defendant, third defendant and fourth defendant in Pakistan a copy of this order together with a copy of the witness statements of Shezi Nackvi.

"And it is further ordered that this application and all documents supporing it be served on the companies named in para 16 of the first witness statement of Shezi Nackvi, as to which leave is granted to serve them in the British Virgin Islands, and also the creditors named in paragraph 4 of the said Mr Nackvi's second witness statement, as to which leave is granted to serve the same in Pakistan or in the state or states where any of them are registered."

The schedule lists the four properties owned in London by the Mians of Lahore: 16, 16A, 17 and 17A Avenfield House, at 117-128 Park Lane, London.

End of story. The Mians paid up and settled with the lenders. Master Trench recorded the 'consent order' signed by the solicitors of both sides on January 25, 2000 which reads as follows :

And this last from Imran Khan:

Why Parliamentary System Failed in Pakistan By Imran Khan - Most of all, the leadership of the last decade has openly flaunted the conflicted interest law. Both Benazir Bhutto and Nawaz Sharif have done the greatest damage to out parliamentary democracy. Both used their positions to make massive personal fortunes. They also had no moral authority to stop their party members from using their offices for personal gains. Besides, allowing party members to be corrupt gave them leverage and allowed the leadership to wield blackmailing power over them. It is not surprising therefore that Pakistan is drowning in a sea of corruption.
*Using his position to borrow billions of rupees from nationalized banks and then defaulting on Rs. 12 billion loans.

*Suing the nationalized banks for Rs. 9 billion for causing "engineered defaults" to the lttefaq Industries. (When the banks heads are appointed by Nawaz Sharif and the judiciary is dominated by the executive, there can be only one outcome of the case).

*Using his influence to borrow money from foreign banks and then defaulting on the loans ---(Al-Towfeek Bank has sued the Sharif family in London for US $ 31 million). Sources within the Islamic Development Bank say that the reason why the IDB loan to Pakistan fell through was because of the Sharif's default on loans taken from Saudi banks.

*Using his position to give billions of rupees worth of LDA and CDA plots to his family members and for horse trading.

*Rs. 3 billion rescheduled by Habib Bank only because of his position.

*Using his position to give rebate to sugar exported to India thereby directly benefiting the Sharif owned sugar mills. Moreover, other sugar mill owners complained that Pakistan Railways gave highly preferential treatment to sugar containers from Ittefaq Sugar Mills.

*The Economic Reform Act 1992 enabled the Sharif family to whiten its black money by showing it as remittances in the name of the Qazi family in the UK. Moreover, the act gave legal cover to tax evasion as the CBR could not ask any questions about foreign exchange accounts.

*Various SROs were passed by the CBR that enabled the Sharif Industries to make billions by evading customs duties.

*There are allegations that the PM and kitchen cabinet made millions by taking out their dollars on 28th May before the foreign currency accounts were freezed. Similarly because of insider knowledge, millions of dollars left the country before the devaluation last year.

*The canal, roads, electricity, and gas worth millions of rupees, were provided by the poor Pakistan tax payer to Nawaz Sharif's Raiwind Estate free of cost another case of using the PM's office personal interests.

*During Nawaz Sharif's ten year in power, his industrial empire has grown by 4000 per cent, according to the International Herald Tribune.

When Hazrat Abu Bakr become Khalifa, he had to abandon his clothing business because Hazrat Omar pointed out to him that there could be a
conflict of interest Moreover, the other traders in the same business would be at a disadvantage.


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