Rehman Malik, Khawaja Asif top list of debtor politicians

ECP releases list of lawmakers who have run up debts worth millions of rupees.

ISLAMABAD:

By a steep margin former interior minister Rehman Malik came out as the ‘debtor of the year’, followed closely by other key political luminaries, according to details about lawmakers’ financial assets provided by the Election Commission of Pakistan.

Incumbent Water and Power Minister Khawaja Asif is also in the league of elected representatives whose debts run into millions of rupees.

In his declaration of assets, Malik stated without elaboration that he has liabilities worth Rs177 million, while his total assets were put at Rs346 million.

Khawaja Asif’s official liabilities amount to Rs168.2 million. Last year, Asif’s liabilities were Rs191 million, including those of his wife.

He secured loans of Rs55.5 million for a rice export business, holding half of the share in his name and 20% each in his wife and daughter’s names from Silk Bank Limited. He took out loans worth Rs40 million from KASB Bank Limited for the same business. He also took out loans worth Rs33.2 million, securing them against the pledge of shares and his residence in DHA Lahore.

Chief Minister Shahbaz Sharif has liabilities worth Rs117 million on accounts of mortgages on property or land in Pakistan. He took out these loans from Barclays Bank Limited for Sharif Milk Production Limited.

His elder brother Prime Minister Nawaz Sharif, who was elected as MNA from NA-120, has no declared liabilities, according to data released by ECP. He owns farmland worth Rs1.43 billion and made investments of over Rs13 million. He also has shares in six different mills and has Rs126 million in seven bank accounts.

Railways Minister Khawaja Saad Rafiq, who won elections from the NA-125, has taken a loan of Rs40 million from the First Women Bank. Interestingly, last year the MNA in his annual declaration mentioned the same figures as liabilities.

Dr Azra Fazal Pechuho, the sister of former president Asif Ali Zardari has debts worth Rs1.4 million, of which Rs1.2 million alone is owed to the Civil Aviation Authority.

Balochistan Chief Minister Dr Malik Baloch has liabilities of Rs35.7 million against the names of his minor children.

Pakistan Tehreek-e-Insaf chief Imran Khan has liabilities of Rs12.82 million. He did not give any other details of his loans. Interestingly, Imran’s net assets amounted to only Rs29.67 million this year. Out of the 14 different properties he owned in Pakistan, he inherited eight while two were gifts, according to the declaration.

Lawmaker Dr Fehmida Mirza’s spouse Zulfiqar Mirza has liabilities worth Rs17 million in unsecured loans. The MNA herself, however, has no outstanding dues.

Interior Minister Chaudhry Nisar Ali Khan, who won the elections from NA-52, owes Rs2.4 million.

Petroleum and Natural Resources Minister Shahid Khaqan Abbasi, who is among the billionaire parliamentarians club, has no liability at all.

National Assembly Deputy Speaker Murtaza Javed Abbasi has to pay loans of Rs5 million to the National Bank of Pakistan.

Jamiat Ulema-e-Islam Fazl chief Maulana Fazlur Rehman, who was elected from NA-24, has no liability.  PTI president Javed Hashmi has liabilities of Rs0.41 million for the time he purchased a tractor leased from ZTBL, Multan on the name of his wife.

PTI vice-chairman Shah Mehmood Qureshi, who contested elections from NA-150, has liabilities of Rs4.7 million in lieu of agriculture expenses such as petrol and fertiliser.

Leader of the opposition in parliament Khursheed Shah did not disclose his liabilities as he left the page blank.

Although a majority of MNAs did not disclose their liabilities, some informed the commission that their outstanding debts ran into millions.

Correction: A previous version of the story incorrectly put Imran Khan's liabilities at Rs29.7 million. The error occurred because PTI mistakenly recorded the figure for his total assets as his liabilities. The figure has been corrected.

Published in The Express Tribune, December 29^th, 2013.