JIT finds massive increase in Sharif family’s wealth in 1992-93

Published: July 16, 2017
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PM Nawaz. PHOTO: REUTERS

PM Nawaz. PHOTO: REUTERS

ISLAMABAD: The Joint Investigation Team (JIT), which probed into the murky offshore business dealings of the Sharif family, has found a massive increase in the wealth of its members between 1992 and 1993 – the time when Nawaz Sharif was the prime minister of the country.

In the 9th Volume of its 256-page report, the six-member panel reveals that wealth of the fortunes of the ruling family’s patriarch, the late Mian Muhammad Sharif, had multiplied 4.3 times from Rs7.53 million to Rs32.15 million, but his source of income is not commensurate with the increase in his assets.

Evidence that ‘alone can send PM packing’

About Maryam Safdar, the daughter and political heir apparent of Nawaz Sharif, the JIT report says she had been a part of the family business since she was a student and possessed assets worth Rs1.47 million since 1991-92 and started filing tax returns. Significantly, she owned assets worth millions of rupees though she didn’t have a visible source of income.

In 1992-93, Maryam’s assets grew 21 times in a single year from Rs1.47 million to Rs30.5 million without any declared income, says the JIT report.

Maryam owns both Nielsen and Nescoll

Similarly, the JIT claims that the wealth of Hussain Nawaz had increased 10 times from Rs3.3 million to Rs33.63 million in 1992-93, though his source of income during the time was nothing. Interestingly, he was a student when he owned shares in the form of shares of companies.

About the second son of Premier Sharif, the report says that Hassan Nawaz owned assets worth of Rs2.4 million in 1991-92 which swelled by 13.14 times to Rs31.55 million in 1992-93 without a visible source of income.

Complete JIT report on Sharifs’ offshore properties

The report also claims that the assets of Asma Nawaz, the second daughter of Premier Sharif, had also witnessed 21.7time increase in 1992-93 from Rs1.47 million to Rs31.55 million without any visible source of income.

The JIT claims that the assets of Kulsoom Nawaz, Premier Sharif’s wife, had also grown 17.5 times from Rs1.66 million to Rs28.62 million in 1992-93 against a reported income of Rs279,400 only.

The wealth of Premier Sharif had gone up to Rs68.027 million from Rs8.33 million, though he didn’t declare any plausible source of income. The prime minister showed Rs68.027 million worth of assets in his wealth tax return but his wealth statement reflected assets worth of Rs5.328 million.

JIT says Dar used NBP president’s accounts for illegal money transfer

About Finance Minister Isaq Dar, who is also a relative of Premier Sharif, the JIT says that he had not provided all wealth statements. Dar’s wealth statement of 2008-09 shows his assets had grown by 91 times from Rs9.11million to Rs831.70 million. This exorbitant leap in his asset has not been supported through any plausible financial documents.

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Reader Comments (7)

  • Shah S
    Jul 16, 2017 - 9:54PM

    Such a nice picture, but really he is missing 2 horns on his head; Did somebody do some photoshop to his pic ?? Recommend

  • numbersnumbers
    Jul 16, 2017 - 10:50PM

    Team Sharif, along with Dar, should go into the very lucrative financial advisory business on the basis of their great success!
    They could guarantee tripple digit plus returns on investments based on their own experiences!Recommend

  • MS
    Jul 17, 2017 - 12:46AM

    The reason of massive increase was that all stake holders were with him and were guiding him to increase his power base for their own vested interests. They were building his power base but he was increasing his wealth because for him wealth is power. Recommend

  • nadeem
    Jul 17, 2017 - 9:12AM

    They were looting wealth in broad daylight right under the gaze of Dictator Zia and the all-powerful military dispensation after him ( Mirza Aslam Beg et al + ISI ), from 1985 to 1993. But since they were completely subservient and obedient to the army, no one could question their integrity. The moment they went ‘rogue’ ( read stopped taking dictation from GHQ ), their corruption suddenly became ‘visible’. I agree with Hashmi, the current exercise is not about accountability, it is about teaching a lesson to a politician who stepped on the toes of generals – the same generals who had midwifed his political birth. Recommend

  • Haji Atiya
    Jul 17, 2017 - 10:01AM

    Obviously assets must’ve grown 21x after she got her ‘PhD’ from Cambridge U.Recommend

  • Khan muhammad
    Jul 17, 2017 - 10:52AM

    Comes as no surprise but even then these traitors will not be thrown in prision. When General Musharraf couldn’t do anything how can the courts and especially when he is holding office. Recommend

  • Last Man Alive
    Jul 17, 2017 - 12:24PM

    This is the beauty of “democracy”Recommend

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