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

Report says Maryum Nawaz’s assets grew 21 times from Rs1.47m to Rs30.5m

ISLAMABAD: The Joint Investigation Team (JIT), which probed into the murky offshore business dealings of the Sharif family on the direction of the Supreme Court, has found a massive increase in the wealth of its members between 1992 and 93 – the time when Nawaz Sharif was the country’s prime minister.

In 9^th Volume of its report, the six-member probe panel reveals that 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 assets.

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

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

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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 this time was nothing. Interestingly, he was student when he owned assets in the form of shares of companies.

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

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

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

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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. He showed Rs68.027 million worth of assets in his wealth tax returns but his wealth statement reflected assets worth of Rs5.328 million.

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