Nawaz, sons showed ‘no foreign property till 2001’

Former premier started business in UAE, Saudia in name of sons: NAB investigator

ISLAMABAD: National Accountability Bureau (NAB) investigation officer Muhammad Kamran on Tuesday informed the accountability court that deposed prime minister Nawaz Sharif and his sons owned assets worth Rs50.94 million till 2001 in accordance with their income tax return documents.

The former premier appeared before Judge Arshad Malik's court regarding the Flagship reference case.

During the hearing, Kamran told the court that the accused had not shown any foreign property in their 2001 tax returns. "Hassan and Hussain Nawaz were students till 1999 and had no source of income till that time."

He added that Sharif became an influential person of his family because of holding several public offices at different times. "According to 2001 tax returns, the PML-N supremo possessed assets amounting to Rs12.761 million, Hussain Nawaz owned around Rs33.805 million and Hassan Nawaz had Rs4.368 million."

The NAB prosecutor also said the accused did not show any foreign property in 2001 documents. "During the same time Sharif had started his business in the United Arab Emirates (UAE) and Saudi Arabia in the name of his sons. Hassan Nawaz established his first company in 2001 in the name of Flagship Investment with an investment of 705.071 million pounds and also purchased British Virgin Islands based company 'Hang On', which, in 2007, owned a property located at prime location of 'One Hide Park' in London. "

Kamran further apprised the court that Hassan established Capital FZE in 2001 in the UAE and the former prime minister was chairman of its board of directors. "The accused had given heavy amounts as loans to the companies in the United Kingdom and outside. An amount of 0.615 million pounds was given to Coint Peddington from the Capital FZE. The Comber Company owned by Hussain Nawaz gave 1.7 million pound to Q-Holding while 0.313 million pounds was given to the Flagship Security Limited as a loan."



Kamran concluded that Hassan paid Rs87 million to Chaudhry Sugar Mills as loan during 2009-10.

The court expressed displeasure over Sharif's counsel Khawaja Haris for raising unnecessary objections throughout the hearing. Judge Mailk said the defence counsel would be given time for cross-examination of the witness.

Hearing was adjourned till Nov 7.