Panama Papers Exposed Sharif Family’s Offshore Assets

Panama Papers Sharif Family

A colossal leak of mysterious documents from a Panamanian law organization that has some expertise in offshore expense havens has uncovered the frequently financial dealings of the worldwide most strong political players, such as, the ruler of Saudi Arabia, Prime Minister of Iceland, Russia’s Vladimir Putin and the family of Prime Minister of Pakistan Nawaz Sharif, among many others.

Currently, the Sharif family is confronting investigations related to his marvelous possessions and wealth after the epic break of assessment and money related records called Panama Papers.

The information in the Panama Papers is also available on the site of the ICIJ, one of around 100 news associations and 300 columnists that put effort on collecting the information instantaneously uncovers the offshore property of Prime Minister Nawaz Sharif’s family members.

The counter defilement association is demanding the Pakistani pioneer to clarify how his family cope up with their fortune. The Panama Papers requires the Sharif family controls an inconceivable area and property portfolio both in Pakistan as well as abroad, combining a couple in London’s upmarket Mayfair locale homes for the super-rich and their families.

As per papers available on the International Consortium of Investigative Journalist’s website, the Prime Minister daughter Marium Nawaz, Hassan Hussain were the owners of many companies. Marium Nawaz was declared as the proprietor of the British Virgin Islands based organization Nielsen Enterprises Limited and Nescoll Limited. It has also been revealed by ICIJ that address mentioned for Nielsen Enterprises is Saroor Palace which is in Jeddah, Saudi Arabia. According to the documents, Marium Nawaz is the beneficial owner.

On the other hand, Hassan Nawaz Sharif is declared as the only director of Hangon property Holdings Limited assimilated in the British Virgin Islands that obtained Liberia founded firm Cascon Holdings Establishment Limited for around $11.2 million. The date was August 2007, as mentioned in ICIJ documents.

There are various legitimate motives for doing so. Business class in countries like Ukraine and Russia usually keep their possessions offshore to protect them from incursions by criminals. Another reason mentioned in the paper was that they keep their assets offshore to get around tough currency restrictions. The last but not the least; the PM of Pakistan is facing Panama inquiry that has also raised so many questions about their off shore companies holdings. Moreover, it is quite expected that the information leak will produce more evidence in few coming days.

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