Financial disclosures: Lawmakers declare laughably low net worth yet again

PML-N leadership releases the most details, PTI chief declines to provide value of his land.

ISLAMABAD: In yet another display of political cynicism, prominent lawmakers once again filed asset declarations with the Election Commission of Pakistan that excluded current market values of their assets, or details of companies they own, rendering the entire exercise moot.

The ECP on Thursday published the wealth declarations of members of Parliament and provincial assemblies for the year 2013. Most politicians appear to have taken advantage of the glaring loopholes in the law that do not specify the manner in which these declarations are supposed to be made. The result is a laughably inaccurate picture of politicians’ wealth that do not match their liefstyles.

PTI Chairman Imran Khan, who had been the loudest critic of politicians from other parties for making meaningless asset declarations was guilty of filing such a declaration himself, declining to state the market value of most of his agricultural land, and declaring very low purchase costs. Meanwhile, his opponents in the PML-N appear to have made far more detailed declarations of their assets. The Sharif family in particular declared how much land they own, how much they bought it for and how much it is currently worth.

Prime Minister Nawaz Sharif, for instance, declared his and his wife’s combined net worth to be around Rs2 billion, making him among the wealthiest of lawmakers. The prime minister’s declarations of assets included details of their real estate in Pakistan, but did not include specifics of the value of the shares in the companies he and his wife own, which constitute the bulk of their net worth. Nor did the prime minister declare any assets abroad, though his wife mentioned receiving two remittances totaling close to $2.5 million from her son Hussain Nawaz.

Punjab Chief Minister Shahbaz Sharif and son Hamza Shahbaz declared the value of their assets separately as members of the Punjab Assembly. Shahbaz declared the current market value of his real estate holdings both in Pakistan as well as London. He and his two wives collectively have a net worth of Rs417 million. His son Hamza appears to own the bulk of the family’s shares in the companies they manage. Hamza was one of the few lawmakers who included a value of his corporate holdings (Rs130 million), thought is unclear if the amounts declared are book values, market values or simply cost prices. Hamza’s total declared net worth is just shy of Rs303 million.

Shahbaz and his spouses are also the richest among the chief ministers, though on an individual basis, Khyber-Pakhtunkhwa Chief Minister Parvaiz Khattak is richer than Shahbaz, with a net worth of Rs262 million. In a declaration that is unlikely to play well in his home province, nearly 70% of Khattak’s assets are in Punjab real estate, including a Rs146 million mall under construction in Rawalpindi.

Sindh Chief Minister Qaim Ali Shah claims to be the poorest among the provincial heads of government, with a declared net worth of Rs19.4 million, even lower than Balochistan Chief Minister Abdul Malik Baloch, who declared a net worth of Rs30 million. Shah’s declarations include the laughable assertion that the house he owns on Khayaban-e-Mujahid in DHA Phase 5 Karachi is worth only Rs3.2 million. Similar properties are listed on real estate websites for values well north of Rs100 million. He also claims to not own a vehicle.

Opposition Leader Khursheed Shah declared a total net worth of Rs22 million, whereas MQM parliamentary leader Farooq Sattar claimed to have assets worth only Rs3 million.

Under the existing provisions of the law, every member of National Assembly, Senate and provincial assemblies has to declare the assets of themselves, their spouse and all the dependent children. Section 42A of the Representation of Peoples Act binds the lawmakers to declare their assets but it does not elaborate any mechanism to verify the claims of these politicians.

The law also prescribes punishments for those who try to cheat. But in the absence of any mechanism to verify the stated claims of lawmakers, the ECP only publishes them every year. There are currently proposals put forth by the ECP to introduce a mechanism for verification of lawmakers’ claims, but those have yet to be approved by Parliament.

The following are some of the details declared by prominent lawmakers.

Prime Minister Nawaz Sharif

The prime minister declared that he owns a property on Mall Road Lahore that was purchase for Rs0.9 million and is now worth Rs250 million. He did not specify when he bought the property. He also owns another property on Raiwind Road Lahore that claimed was valued at Rs4 million.

He also claimed that the value of his inherited property in Raiwind cost Rs74.6 million and is now valued at Rs993 million. Once again, he did not specify the purchase date. A 1.75-acre piece of agricultural land in Sheikhupura was purchased for Rs36,675 and is now valued at Rs17.8 million. The prime minister also inherited another 11 acres of land in the same area that he now values at Rs70 million.

His wife Kulsoom Nawaz owns a house on Hall Road in Murree, the Sharif family’s favourite hill station, purchase for Rs7.6 million and now valued at Rs100 million. The first lady also owns another house Chehangla Gali near Murree valued at Rs68.8 million.

The couple declared ownership stakes in several companies, but did not specify any values of those shares, except for the Rs10,000 stake in Abass & Company that Kulsoom Nawaz owns. The companies the prime minister declares ownership in are Chaudhry Sugar Mills, Hudabia Engineering Company, Hudabiya Paper Mills, Muhammad Buksh Textile Mills, Hamza Spinning Mills, Kalsoom Textile Mills.

The prime minister and his wife also own several vehicles, including a 2010 Toyota Land Cruiser, a 1973 Mercedes, a 1991 Mercedes, and a 2011 tractor. The couple also declared several bank accounts, denominated in both Pakistani rupees and foreign currencies, but did not specify the amounts in them. The couple did not declare any assets abroad, though Kulsoom Nawaz declared receiving Rs197.5 million and Rs41.5 million in two separate remittances from her son Hussain Nawaz, who resides in London.

PTI chief Imran Khan

For all his loud criticism of other politicians, Imran Khan had among the lowest levels of transparency about the value of his own assets. His financial disclosures did not bother to declare neither cost nor the market values of assets that he claims to have inherited or had gifted to him.

Imran claimed that the 37.5-acre house in the village of Mohra near Islamabad, commonly known as Bani Gala, was gifted to him, though he did not specify from whom and why. He also declared that he inherited several properties, including the 4,462 square yard house in Zaman Park Lahore, a 303 square yard house in Mianwali, 10 acres of land in Sheikhupura, and various pieces of land in different areas of Bhakkar measuring a total of 297 acres. Unlike the PML-N leadership, he specified neither the purchase price nor current market value for any of these properties.

The PTI chief also claimed that he purchased Rs32.7 million worth of assets that were valued at Rs29.7 million last year. He claims to own over 66 acres of agricultural land in Khanewal, which he claims cost him Rs50,000. He also claims to have bought 30.5 acres of land in Bhakkar for Rs4.2 million and a 4,114 square yard plot of land in Mohra Noor Islamabad for Rs5 million.

He also has a foreign currency account at Bank Alfalah, a Toyota Prado that he values at Rs5 million, and personal effects that he values at Rs500,000. He also owns two cows and a buffalo worth Rs300,000.

NA Opposition Leader Khursheed Shah

PPP leader Syed Khurshid Shah declared that net worth to be Rs22.3 million. His assets include an inherited house in Sukkur, three plots and some agriculture land in his native district. He claimed that he owns a 25% share in a cotton factory, of an unspecified value. However, he also claims to not own his own vehicle.

MQM leader Farooq Sattar

MQM parliamentary leader Farooq Sattar claimed that the total value of his assets is Rs2.9 million. These include a flat in Rabi Arcade Karachi, which he values at Rs800,000 and is owned by his wife. He also has a two-third stake in an inherited house in Karachi, which he valued at Rs630,000.

PkMAP leader Mehmood Khan Achakzai

Pashtoonkhwa Milli Awami Party chief Mehmood Khan Achakzai declared that he owns two bullet proof vehicles which he was allowed by former Prime Minister Syed Yousaf Raza Gilani to import. He did not mention the cost or the current value of these vehicles. Achakzai also stated that he owns licensed weapons and claims not to hold any legal title to his family’s ancestral property nor own any businesses anywhere.

JUI-F leader Maulana Fazl-ur-Rehman

Maulana Fazlur Rehman stated that he owns a residential house in Paharpur, Dera Ismail Khan which he claims is worth Rs1.5 million and another one in Shorkot, DI Khan worth Rs2.5 million. He said he also owns a 3,000 square yard plot in DI Khan which he claimed was worth only Rs700,000. His wife owns jewelry worth Rs950,000 and he has Rs1 million in his bank account.

Punjab Chief Minister Shahbaz Sharif

The chief minister of Punjab appears to have made extensive declarations on his financial disclosures. He and his two wives have declared assets worth Rs417 million.

Shahbaz Sharif claims to own two apartments in London worth Rs40.5 million and Rs113.5 million respectively. The total value of the chief minister’s assets is Rs262 million, but he has financed at least part of those assets with Rs130 million in debt, bringing his personal net worth to Rs132 million. His wife Nusrat Shahbaz Sharif has an individual net worth of Rs276 million, higher than any of the four chief ministers, consisting mostly of all the houses the family owns in Lahore and other parts of Pakistan. Shahbaz’s second wife Tehmina Durrani has a declared net worth of Rs9.2 million.

The Punjab chief minister claims to have been gifted a Toyota Land Cruiser with a market value of Rs20.8 million. The identity of the person who gave the gift was not disclosed. Sharif also owns 599 acres of agricultural land that is declared to have a value of only Rs3.6 million.

Khyber-Pakhtunkhwa Chief Minister Pervez Khattak

Khattak is individually the richest among the four chief ministers, with a net worth of Rs262 million. His assets include the Rs146 million Khattak Mall, currently under construction, located at 28 Sherpao Colony, Rawalpindi. He also owns a house worth Rs35.3 million in DHA Lahore. These two assets in Punjab constitute nearly 70% of the total net worth of the Khyber-Pakhtunkhwa chief minister, who is a member of a party often accused of caring more about Punjab and less about the province they have a government in. Khattak declared the value of his Toyota Corolla at Rs1.4 million and claimed he does not own any assets abroad.

Balochistan Chief Minister Abdul Malik Baloch

The chief minister of the country’s smallest province claimed to have a total net worth of Rs30 million.

Sindh Chief Minister Qaim Ali Shah

The chief minister of the country’s second richest province, the patriarch of one of the oldest aristocratic families in Pakistan, claimed to be the poorest among his counterparts, with a declared net worth of only Rs19.4 million. Shah’s financial disclosures state that he does not own a vehicle nor does he own any assets abroad. He admits to owning the family house on Khayaban-e-Mujahid in DHA Phase 5, one of the most expensive neighbourhoods in Karachi, but claims it is worth only Rs3.2 million, even though similar properties are listed on real estate websites for well over Rs100 million.

He also owns land in Jilani Mohala, Khairpur which he claims is worth only Rs862,000 and claims to own only 65 acres of agricultural land which he states is worth less than Rs1 million. He also claims ownership of a 500 square yard plot in the Senate Secretariat Employees Cooperative Housing Society in Islamabad, which he declares as being worth only Rs900,000.

PML-N leader Hamza Shahbaz

Son of the Punjab chief minister, Hamza Shahbaz appears to have issued one of the most detailed financial disclosures among prominent lawmakers. He declared his total net worth to be Rs303 million, of which Rs130 million was his stake in 16 companies. These include several Sharif family businesses such as Chaudhry Suger Mills, Ramzan Sugar Mills, Hamza Spinning Mills, Muhammad Buksh Textile Mills, Kalsoom Textile Mills, Hudabiya Paper Mills, Hudabiya Engineering Company, Khalid Siraj Industrial, Mandi Trading, Sharif Feed Mills, Madina Construction Company, Sharif Poultry Farms, Sharif Diary Farms, Ramzan Energy, Sharif Milk Products and Crystal Plastics. Hamza has also unsecured loans for his company worth Rs98.9 million and Rs 14.4 million in cash in bank accounts.

Published in The Express Tribune, January 9^th, 2015.