State-run institutions have offshore accounts: TIP

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

Waqas Baqar April 18, 2016


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 18th,  2016.