Panama Papers: Nawaz Sharif'S Troubles Escalate

After his name surfaced in the Panama paper leak following several other charges of money laundering filed against him, there is pressure on Pakistani PM Nawaz Sharif to resign.

- Syed Nooruzzaman

The lust for making money by using tactics fair or fraudulent has landed Pakistan Prime Minister Nawaz Sharif and his family in serious trouble. Their names find mention in the searchable database of more than two lakh offshore companies made available by the International Consortium of Investigative Journalists (ICIJ). Popularly called the Panama papers’ leaks, which first hit the headlines in April, 11 million documents held by Panama-based law firm Mossack Fonseca, identify links between many political and business leaders around the world and their offshore companies and accounts.

The revelations made through these papers have been giving sleepless nights to Sharif, as he continues to remain in the eye of the controversy caused by the Panama leaks. The Panama papers contain the names of Sharif’s daughter Maryam and his sons Hassan and Hussain having landed property allegedly acquired through dubious companies based in offshore jurisdictions, including the British Virgin Islands, the Cook Islands and Singapore. It covers a period of nearly 30 years until 2010.

The properties — large apartments — belonging to Sharif’s children are located in a fashionable area in London. Maryam, Hassan and Hussain in their reply submitted before a five-judge Bench of the Pakistan Supreme Court have admitted to be the owners of these properties. Even if they prove that they acquired the properties in a legal manner, questions are bound to be raised about the sources of funds collected for the purpose and the purpose behind setting up offshore companies, which is how the world’s wealthy individuals function to evade tax payment.