Employee admits to laundering money for Sharifs

Sharif Group of Companies CFO says Sharifs created sources for investment through remittances, loans

LAHORE:

The National Accountability Bureau (NAB) has claimed that one of the accused in an assets beyond known sources of income case – filed against PML-N President Shehbaz Sharif and his family members – has admitted to “aiding and abetting” the Sharifs in money laundering.

NAB arrested Muhammad Usman, the chief financial officer (CFO) of the Sharif Group of Companies, on August 2 in connection with its probe into the case and interrogated him with regard to the companies owned by the family members of Shehbaz.

According to a written submission that the country’s prime anti-corruption organization filed in an accountability court on August 17, Usman aided and abetted in managing a network for laundering funds for Shehbaz Sharif and his family members.

The accused joined the Ramzan Sugar Mills in 2005 as a general manager and has been associated with the Sharifs since. During interrogation, Usman revealed that for investment in different companies, Sharifs created sources in the form of remittances and loans.

These remittances and loans “were arranged” in the bank accounts of Suleman Shehbaz, Hamza Shehbaz, Nusrat Shehbaz [Shehbaz’s wife] and other family members.

Usman claimed that he acted on the instructions of Suleman to arrange foreign remittances so that new businesses could be established. He said he arranged most of the foreign remittances through another accused Qasim Qayyum who charged 0.5%- 1% commission on each remittance through fake identity.

The accused told NAB that he advised Suleman Shehbaz to arrange foreign remittances through genuine remitters and even arranged investment through a private company.

“Brother of Muhammad Usman, Naveed worked with another individual who invested in Chiniot Power Limited – a part of Sharif Group of Companies – and also extended personal loan of Rs55 million Suleman Shehbaz Sharif,” NAB said.

Further investigation regarding these loans is under way, it added.

During the interrogation, Usman also identified some foreign currency accounts which were used to remit the funds to the United Kingdom. NAB said Usman as the CFO of the Sharif Group of Companies is familiar with all financial affairs of the Sharif family.

NAB requested the court to remand him in its custody for another 15 days for further interrogation. The court admitted the request.

NAB started its inquiry against Shehbaz and his family in connection with the assets beyond known sources of income case on October 23, 2018 on a report of the Financial Monitoring Unit (FMU) which claimed that it had noticed some suspicious currency transactions in the bank accounts of the Sharif.