Wajid Zia’s cross-examination continues in Flagship reference case
Nawaz Sharif provides court with income tax trail from 1985 to 1999, 2009 to 2016
Deposed Prime Minister Nawaz Sharif. PHOTO: REUTERS
ISLAMABAD:
Former prime minister Nawaz Sharif's counsel Khawaja Harris on Monday continued cross-examination of the Joint Investigation Team head Wajid Zia in the Flagship Investment reference hearing.
Zia apprised the bench, headed by Justice Arshad Malik, that Hassan Nawaz had clarified that all the companies they owned were devised under the Special Purpose Vehicle (SPV) model in which each company is registered with a distinct purpose.
He further added that companies under this model can benefit from tax protection. The description he provided also entailed that under this model the buyer purchases the company instead of buying a property owned by the company, which in return waives the buyer from paying stamp duty on the property.
Flagship case: Haris, NAB prosecutor argue over Capital FZE
During the argument, Zia stated that when Hassan started his business he opened several bank accounts. "Every time they approached a bank for a loan, the bank required them to open a personal account", maintained Zia.
Nawaz also provided an income tax trail from 1985 to 1999 and 2009 to 2016 to the court.
Harris also questioned Zia over the inclusion of Brigadier Noman Saeed in the JIT. Saeed was also part of the committee formed to probe Dawn Leaks.
Avenfield reference: Sharifs get record of SC’s Panamagate proceedings
Marriyam Aurganzeb's address to the media
The PML-N lawmaker outside the accountability court snubbed the ruling party for "begging for charity to sustain the economy".
While keeping count that the first 100 days are nearing end, she added that the government needs to create investment opportunities.
Former prime minister Nawaz Sharif's counsel Khawaja Harris on Monday continued cross-examination of the Joint Investigation Team head Wajid Zia in the Flagship Investment reference hearing.
Zia apprised the bench, headed by Justice Arshad Malik, that Hassan Nawaz had clarified that all the companies they owned were devised under the Special Purpose Vehicle (SPV) model in which each company is registered with a distinct purpose.
He further added that companies under this model can benefit from tax protection. The description he provided also entailed that under this model the buyer purchases the company instead of buying a property owned by the company, which in return waives the buyer from paying stamp duty on the property.
Flagship case: Haris, NAB prosecutor argue over Capital FZE
During the argument, Zia stated that when Hassan started his business he opened several bank accounts. "Every time they approached a bank for a loan, the bank required them to open a personal account", maintained Zia.
Nawaz also provided an income tax trail from 1985 to 1999 and 2009 to 2016 to the court.
Harris also questioned Zia over the inclusion of Brigadier Noman Saeed in the JIT. Saeed was also part of the committee formed to probe Dawn Leaks.
Avenfield reference: Sharifs get record of SC’s Panamagate proceedings
Marriyam Aurganzeb's address to the media
The PML-N lawmaker outside the accountability court snubbed the ruling party for "begging for charity to sustain the economy".
While keeping count that the first 100 days are nearing end, she added that the government needs to create investment opportunities.