Sharif family’s record on Gulf Steel Mills ‘unauthentic, fabricated’

Published: July 10, 2017


ISLAMABAD: The JIT report has concluded that the record submitted by the Sharif family regarding Gulf steel mills in their defence was “unauthentic, lacks substance and seemed fabricated”.

A40-page dedicated chapter ‘Gulf steel mills’ shares details, annexure, statements of all the members of the Sharif family, including Nawaz Sharif, Shehbaz Sharif, Tariq Shafi, PM’s children — Hassan, Hussain Nawaz and Maryam Nawaz.
“Overall inconsistencies in the statements of the Sharif family with reference to Gulf steel mills and the documents obtained from foreign jurisdiction by the JIT through mutual legal assistance conclusively prove that the story of respondents about the mills is unauthentic, lacks substance and seems fabricated,” the last paragraph of the chapter concludes.

Similarly, it adds that Prime Minister Nawaz Sharif during his address to the nation stated that in 1980 this factory [Gulf steel mills] had been sold for $9 million. “This is not consistent with either the documents or records provided by the respondents themselves or the findings of the JIT,” it states.

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“The section heavily criticises PM’s cousin Tariq Shafi for submitting “factually incorrect, speculative, tampered and misleading affidavits which he produced before SC”.

It also maintains that the UAE government has also testified, through written information to JIT, that share sale agreement of 1980 produced by all the respondents under an affidavit in SC does not exist, “hence the document provided is unauthentic, fictitious and fabricated while the notarisation of the said document has also been proved to be fictitious and illegal.”

It also maintains that the available and produced documents, record, circumstantial evidence and discrepancies, inconsistencies of Shafi and respondents also establish that the sale proceeds of Gulf steel mills never reached Jeddah, Qatar or the UK.

PM and his family’s assets beyond their known means, observes JIT

“Stated position of respondents and Shafi about Gulf steel mills and proceeds thereto is Arab Emirates dirham 12 million false, fabricated, inconsistent and factually incorrect, hence cannot be relied upon.”

It further adds that Shafi neither received AED 12 million from Ahli as sale proceeds of remaining 25 per cent shares of Ahli Steel Mills (erstwhile Gulf steel mills) nor did he hand over this claimed amount to the then prince alThani during 1980.

Similarly, the Gulf steel mills had liabilities to the tune of AED36.02 million of which AED 21 million were cleared in 1978 while the remaining AED 14 million were cleared after 1978 for which record or details are not available.

The JIT has found that Shafi not only produced false and misleading affidavits in the SC but is also known to have a tainted reputation as he defaulted on loans of BCCI in 1987-88.

“Owing to his reputation and the fact that he remained an absconder from law and was placed on the Exit Control List by the United Arab Emirates authorities,” the report read.

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Reader Comments (2)

  • numbersnumbers
    Jul 11, 2017 - 12:53AM

    All should go to Wikipedia and search for “List of Pakistanis by net worth” for more insights!Recommend

  • Ameer Qaisrani
    Jul 11, 2017 - 12:42PM

    Go Nawaz GoRecommend

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