Pakistan

State-run institutions have offshore accounts: TIP

Transparency International Pakistan reveals Pakistan International Airlines has such accounts in Ireland

Waqas Baqar April 18, 2016

PHOTO: AFP

KARACHI:

After politicians, government institutions are also found to have offshore accounts. Transparency International Pakistan has opened a new Pandora’s box relating to the government’s offshore accounts.

Expressing concern at the delay over the Panama leaks probe and formation of a commission, Transparency International Pakistan has called for a ban on opening offshore accounts and bringing assets invested in offshore companies to Pakistan.

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In an exclusive talk to Express News, the head of Transparency International Pakistan divulged that Pakistan’s state-run institutions also have offshore accounts. He said that Pakistan International Airlines Investment has offshore Island in British Virgin Island and the beneficiaries of such accounts are those who run them, not the national air carrier.

He went on to say that K-Electric (KE) was also established with the offshore investment. Transparency International Pakistan said that if the government is serious about the Panama leaks investigation, then it should, in the first phase, order the closure of offshore accounts.

Adil Gilani said that Transparency International Pakistan has been reiterating for the past 16 years that the money earned from corruption and tax-evasion is being used for terrorist activities. He added that if the country is to be saved, then the corruption to the tune of billions of rupees must be stopped. In reply to a question, he said that Sindh is involved in 80% corruption of the entire country.

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Gilani said steps should be taken on war footing for the country’s socio-economic development. He also praised Chief of Army Staff General Raheel Sharif for the country-wide crackdown against extortionists, terrorists, and target killers, adding that he is playing a key role in the stability and security of the country. He urged the army chief to withdraw his decision of retiring at the stipulated time and cleanse the country of corruption.

Published in The Express Tribune, April 18^th, 2016.

COMMENTS (11)

Aijaz Siddiqui | 8 years ago | Reply Sindh is having 80% share that is the reasons they are more crying. Raheel Shareef, know better, as Institutions are run on Policies, not on Persons.He is doing an Excellent job both inside and outside and that is the reasons he is the most Popular Journal. I wish and pray his successor will try to do better than his predecessor.

syed & syed | 8 years ago | Reply The question is how these Shareef minors purchased flats and started offshore business. By selling a 40 ton steel mill based on scarp fetched so much money to buy luxurious flats and making a trust. Prima facia it is kick back money obtained by road bridges, metros, Nandi Pur and Bhasha dams and so on. What the commission will do which is a time consuming drill without giving any fruitful result. Solution is "open Adial Jail gates for over 200". Those government institutions having off sure accounts be audited and make it compulsory to submit monthly and yearly returns

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Shakil Ahmed | 8 years ago | Reply Learn to get some knowledge, 1 Ireland is not a tax haven, 2 having any international account doesnt mean its an offshore one! Compare it with Sharifs Sharifs wanted to buy some flats in London, for tax and money laundering reasons they registers two companies in British Virgin Islands (BVI) offshore companies, these companies then controlled by trust setup in another Tax Haven Panama! Finally they bought flats in London and started living in it :) on paper their flats are owned by BVI companies with no one knowing the owner's name! PIA and many other companies have many international accounts across the world and declared in the countries to process payment to other companies that PIA owes for products and services.

Anon | 8 years ago | Reply @roadkashehzada: 'Tax management'.... Good one! It's usually known as tax avoidance, setting up elaborate schemes to not have to pay the taxes you owe. Many multinationals do it and are severely criticised for doing it! Nobody in the world is saying what a great thing to do - not pay taxes. But that's a smaller issue compared to public officials hiding wealth.... Because now the question arises as to the source of that wealth. Especially in the case of nawaz sharif where the offshore accounts are basically confirming everything everyone has always said about his methods of embezzlement! In any case, everything legal is not necessarily right. Legality is just a very small measure. If your friend is starving to death and you do nothing... It's not illegal, but rest assured the world is going to be criticising you for doing something wrong!

Azi | 8 years ago | Reply You know what really amazes me?? That every thing NS's sons touch turns into gold but not even a single entity in Pakistan shows any signs of progress when this family comes to power. Dont even think of Metro, you just wait and see the maintenance costs pile up when these buses start to wear out. This govt. will be long gone leaving nation to cover these costs while they are again busy turning things into gold. I mean how can people not see past their schemes? How can one actually convince people of this country to stop being taken advantage of? Its just not possible with every mounting evidence piling up every single day.

roadkashehzada | 8 years ago | Reply plz do some research before demoninsing business for off shore account. having off shore accounts is not a sin. the whole world uses off shore accounts for tax managing purposes which is totally legal. many multinationals have headquarters in ireland as it has the lowest tax in europe. people abandon US nationality to save tax. offshore accounts or tax planning is not crime and we cant judge intentions of people and punish for mere intentions

Parvez | 8 years ago | Reply What use is it to disclose things that are already known.....when it is also known that nothing will happen....because when all are guilty then none are guilty. Someone has to bell the cat.

ishrat salim | 8 years ago | Reply Nothing will turn up, nor any action will be initiated. Let us legalize corruption and we will have no more discussion on the subject. I am sick and tired to keep on hearing discussions on the issue when we all know that the people involved are morally dead . They have no conscience and the issue has been politicised to such an extent with division among all political parties that it has lost effectiveness.

A J Khan | 8 years ago | Reply Both the State Institutions with off shore accounts are running in loss and the funds are misused by the high officials.

True word | 8 years ago | Reply All the more reason the govt and it's head be penalized who not only himself indulged in dishonesty but also allowed state institutions to follow his foul example

Butt | 8 years ago | Reply The issue is not of offshore account. The issue is of how money is siphoned out of country. Not declaring assets during previous elections and tax evasion on those assets. How the media and people tolerate dishonesty in Pakistan is amazing A senator in North America had to resign because she was charging tax payers for her expensive personal meals on government business. And here we have a PM who lavishes publics money on himself and his children. There is no accountability and ethical conscience in Pakistan!

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