Bahamas tax haven: Pakistanis named in new leak of offshore files

Over 150 Pakistanis figure in the files leaked by ICIJ

ISLAMABAD: While Pakistan has been struggling to investigate the Panamagate scandal for the last six months, a cache of fresh leaked documents reveals more Pakistani companies registered in the Caribbean tax haven of Bahamas.

According to media reports, among those named in the Bahamas documents include Jibran Khan, the son of Mohammad Naseer Khan, a former health minister of Pervez Musharraf government; former Senator Professor Khurshid Ahmed; Mohsin Abu Bakar Sheikhani, a tycoon of the construction industry; and Tehmina Durrani's mother Samina Durrani.

Obaid Altaf Khanani, son of money-changer Altaf Khanani also reportedly owns offshore companies in Bahamas.

The Bahamas is a constellation of 700 islands, many smaller than a square mile. It is one of a handful of micro nations south of the United States whose confidentiality laws and reluctance to share information with foreign governments gave rise to the term “Caribbean curtain.”



Most of these companies were registered between 1990 and 2011, according to the latest documents leaked by the International Consortium of Investigative Journalists (ICIJ). Over 150 Pakistanis have been named in what is called the Bahamas leaks, owning offshore companies.

In total, the new cache provides names of politicians and others linked to more than 175,000 Bahamian companies that were registered between 1990 and 2016. Since the majority of companies had been registered in 1990s, the Federal Board of Revenue would not be in a position to take any action against them, even if they evaded taxes.

According to income tax laws, the FBR can open cases of tax evasion by a filer for a period of up to five years while in case of a non-filer, the maximum threshold is 10 years.

In April, the ICIJ had leaked documents of Panama law firm, Mosack Fonseca, of companies registered in tax havens. The cache named over 600 Pakistanis. Of them, the FBR had identified 444 persons so far. Among them, 150 persons owned over 600 companies in Pakistan, tax authorities have yet to take any meaningful action against them.



The state institutions that were supposed to initiate an investigation into the Panamagate scandal refused to shoulder the responsibility during a meeting of the Public Accounts Committee on Tuesday.

According to the information available on the ICIJ website, the Exxon Mobil Pakistan LNG was incorporated in June 2011 in Bahamas through Harry B Sands, Lobosky.

The Gem Pakistan Power Partners Limited Company was incorporated on April 27, 1994 in British Virgin Islands and is linked to Guernsey. The Pakistan Powerpack (UK) Limited was incorporated in British Virgin Islands on August 8, 1994. The Hunt International Petroleum Company Pakistan Limited was incorporated in Bahamas on March 15, 1990.

In mid 1990s, the PPP government had implemented a new power policy, allowing independent power producers to establish businesses.

The Heritage Oil Pakistan Sanjawi Limited was incorporated on November 22, 2007, in British Virgin Islands. This company is still active. The Sanjawi group has huge stakes in Pakistan’s oil and gas sector.

The Mtranzact Pakistan Limited was incorporated on November 22, 2007. Its jurisdiction remains undetermined. Its status is dead now.

The Esso Exploration and Production Pakistan Limited was incorporated in May 1992 and was struck off in 1997. It was connected through one intermediary and registered in Bahamas.



The Pakistan Japan Petrochemical Limited was incorporated in 1991 through one intermediary. However, it was struck off in August 2002. The company was registered in Bahamas.

The KERR-MCGEE Pakistan Limited was incorporated in July 1991 through one intermediary. This company was also struck off in January 1996. The VeeTee Pakistan Holdings Corporation was incorporated in April 1993 through one intermediary. This company was also struck off in February 2015. This company was also registered in Bahamas.

The Union Texas Pakistan Power Limited was incorporated in Bahamas in June 1996 through one intermediary. The Pakistan Mest and Dairy Processing Limited 529 was incorporated in Bahamas in October 1996, but was struck off in January 2000. The Tel Tran International Pakistan Limited was incorporated in Bahamas in July 1999 but was struck off in April 2003.

The Islamabad International Limited Company was registered in Bahamas in June 2013 through the Royal Bank of Canada Trust Company (BAH). The Karachi Holdings Limited was incorporated in September 1994 through Santander Bank and trust (Bahamas) Ltd.

Published in The Express Tribune, September 22^nd, 2016.