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KARACHI: After the names of 259 Pakistanis with links to offshore companies surfaced in one of the world’s biggest-ever data called the Panama Papers in May, another cache of leaked documents emerged on Wednesday carrying the names of 150 Pakistanis who own companies in the Bahamas, a constellation of over 700 islands.
The data shared by the International Consortium of Investigative Journalists (ICIJ) with its media partners is originally obtained and released by German newspaper Süddeutsche Zeitung.
In a statement, the ICIJ said that new “revelations”, published by the consortium, Süddeutsche Zeitung and news organisations in Europe, South America, Asia and Africa, revealed fresh information about offshore companies in the Bahamas.
Alongside detailed reporting, the ICIJ, Süddeutsche Zeitung and other media partners are making details from the Bahamas corporate registry available to the public. This creates, for the first time, a free, online and publicly-searchable database of offshore companies set up in the island nation that has sometimes been called “The Switzerland of the West”, the statement said.
“We see it as a service to the public to make this basic kind of information openly available,” the statement quoted ICIJ director Gerard Ryle as saying. “There is much evidence to suggest that where you have secrecy in the offshore world you have the potential for wrong doing. So let’s eliminate the secrecy.”
A brief detail shared by different media sources suggested that about 150 Pakistanis have been identified as directors of nearly 70 companies, out of 175,000 firms incorporated in the Bahamas between 1959 and 2016.
Among the Pakistanis, Jibran Khan, son of former federal minister Mohammad Naseer Khan, has been named in the ‘Bahamas leaks’, while the name of former Jamaat-i-Islami senator Professor Khursheed Ahmad is also found in the fresh data as director of a registered bank in Miami.
Obaid Altaf Khanani, Samina Durrani and Karachi-based builder Mohsin Sheikhani also own offshore companies.
Published in Dawn September 22nd, 2016
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Comments (40) Closed
Sep 22, 2016 07:51am
Nothing for PTI trolls this time.
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Sep 22, 2016 08:18am
JI in a fix.
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Sep 22, 2016 08:16am
Nothing will happen in this land of the the deaf and blind. Those screaming for justice against the corrupt are considered mad. Maybe they don't belong in Pakistan anymore, misfits in their land. Such is the tragedy of Pakistan.
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Sep 22, 2016 08:26am
This is just the tip of the iceberg . You should see some of the properties they own here in the west, the school and universities their kids go to, attend some of the marriages, and the way they spend. The beauty of it all is that the seniors do not work. But the money keeps on coming.
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Sep 22, 2016 08:43am
Not true. Leaks are just baseless allegations nothing more :)
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Sep 22, 2016 08:45am
Let's wait and see if JI will provide any kind of justification to keep off sure accounts and how money was transferred there.
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Sep 22, 2016 09:02am
Professor Khursheed's name is a surprise. He is a scholar of a very high level. His books are included even in CSS syllabus.
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Sep 22, 2016 09:18am
JI the holy? I m laughing my heart out. Thanx JI, thanx. U made my day and evening.
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Sep 22, 2016 09:25am
so what's your point Stranger? You were expecting further names of the corrupt PML(N), as if already its not enough? Disappointing that no PTI leader named in these leaks yet, or you weren't expected that at all?
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Sep 22, 2016 09:26am
This is normal since businessmen need safety of their money.
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Sep 22, 2016 09:30am
The sufferings of Pakistan are the work of pakistanis on the first hand. The FBR is a toothless or an outdated tiger as its intelligence wing has never bothered to trace & track down the capital flight out of the country, it rather helped...
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Sep 22, 2016 09:39am
Can we expect any action from NAB or FIA? Considering the track record with Panama Leaks this seems highly unlikely.
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Sep 22, 2016 09:42am
Adding more fuel in the fire. Keep it up!
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Sep 22, 2016 10:12am
@analyses pti leaders aren't exactly clean themselves so it really doesn't matter if they are named at this point or not. Everyone in Lahore knows how clean aleem khan is. Same story with Jt. Even the supreme hypocrite IK talked smack about owning offshore companies and he himself owned a few to dodge taxes.
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Sep 22, 2016 10:20am
Well bell has been tied in Cats neck !
Time to catch the tax evading Cat now !
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Sep 22, 2016 10:39am
These offshore companies leaks are the biggest scam to date designed to snatch the money invested or parked there. These companies are operating for decades but all in a sudden the leaks are emerging painting them as illegal.
Why the offshore companies not suing the "leakers" for breaching and stealing the classified information. certainly Something "sharky" in it.
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Sep 22, 2016 10:53am
These looters of Pakistan's national wealth must be brought to justice.
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Sep 22, 2016 11:19am
They are sick.
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Sep 22, 2016 11:23am
This only the second tax evaders haven out of the countless.
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Sep 22, 2016 11:31am
@ravian : He is the first to give explanations to the media about his name in the leaks.
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Sep 22, 2016 12:02pm
@stranger It does not make any difference, such leaks are just fun guns for trolls to play at their leisure.
Wiki, Panama, Bahama, may what more...
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Sep 22, 2016 12:19pm
What pak govt had decided to do with this money and these ppls?. Did they have any plan to investigate it or we are wealthy enough to ignor such billions of dollars schame.
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Sep 22, 2016 12:22pm
Off shore business is being projected as something illegal. All off shore companies do legal business, within the local law. People are not interested to know who owns those companies. They want honest investigations to reveal the source of income with which the companies were purchased. Certainly, the income came from within Pakistan. Was it declared and was the correct amount of tax paid for that income? Lastly, how was such a huge amount transferred overseas? How did the host governments allow such wealth to enter their countries? Was it legal?
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Sep 22, 2016 12:32pm
@stranger
What u think of these leaks? These r not for PTI or any political party. These r eye opening facts for us, thanks to those who r putting efforts to show the world who's who.
U seems to b among those dumped their heads in the sand, don't wanna see/accept the reality. I have been a good supporter of PML-N but I think we should be only supporters not slaves of these politicians. We should deal matters on merits as we do in our domestic affairs. We shouldn't b arrogant when our choices proved to b wrong, we should change our ways or even take u-turns to rectify the mistakes. Accepting mistake is not ebrassing rather its an attitude of truthfulness. We need to change our attitudes.
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Sep 22, 2016 12:41pm
@stranger - So you are happy only because nothing is there for PTI? "Appreciate" your thinking!
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Sep 22, 2016 01:42pm
@analyses : good answer to utter disappointment of our countrymen like STRANGER
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Sep 22, 2016 01:45pm
@Akib : OK yes, PTI members are not Angels but what is here to get in to this discussion? Instead of going-in to this useless debate we should demand our Institutions to fix the system.
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Sep 22, 2016 01:46pm
@Khalid Latif :"Off shore business is being projected as something illegal. All off shore companies do legal business, within the local law. "
Yes, but hiding assets in offshore businesses just to avoid paying Taxes is a crime. That's what this all about.
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Sep 22, 2016 02:11pm
A thorough prob is needed to investigate, 1. The sources of earning of investors? 2. How much taxes the investors have paid to the Government Pakistan in the past 10 years? How they managed to transport(I mean exported)such huge amounts to foreign countries. The owners of offshore companies may be taken into custody if they failed to cooperate with investigating authorities. Supreme court /high courts may kindly take notice because national money may have been stolen by some culprits and invested abroad. The country is going through a hard time where the people of Pakistan are being continuously reminded and humiliated by US for the aid they provide to Pakistan.
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Sep 22, 2016 03:48pm
@AKB - Unless this government is serious, which it is not, nothing will happen. They will just turn a blind eye as they are busy protecting PM's culpability!
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Sep 22, 2016 03:49pm
Most companies listed from Karachi. Makes sense, since Karachi gets no return on all the taxes they pay. No incentive for them to keep money in Pakistan.
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Sep 22, 2016 03:56pm
As long as money is earned legally where ever one keeps money its up to them, why we are concerned. Is it the reason we don't have got the doh or we feel jealous of other fortunes. It should be make mandatory for politicians to disclose there fortunes as they serve public office. Rest of us must be made accountable for our taxes and incomes.
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Sep 22, 2016 04:22pm
We all are missing the most important point here. Off shore companies are not illegal... What important is the trail of money with which these companies were formed.
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Sep 22, 2016 05:31pm
False allegations about MQM receiving funding from some countires but how about corrupt personnel stolen money, damaged country, broken economy and still living in Pakistan with full of lawless authoritative and no accountability. Can we find these filth in Iran, Turkey ???? NO WAY because they love their country. What a highest level of shame.
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Sep 22, 2016 06:01pm
Some body should show full list of 150 names of Pakistani involved in offshore companies along
with amount of TAX amount avoided by them. Can state of Pakistan will be able to recover money
from them?
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Sep 22, 2016 06:05pm
Living abroad for more than 30 years I have learned that there is no place better than home where a person is raised and got educated. Pakistan doesn't matter how bad is home. So, what is the point?
West doesn't have respect for any skin color other than white. But west tolerate immigrants as they need millions labor or workers to support their social programs for their getting old people who provide tax deductions from their salaries. People in Asian countries think that west is doing big favor accepting immigrants.
A non white will never get respect and will always stay immigrant or an ausslander as the German say.
So, what these people doing in Panama investing their money? Don't they feel ashmed for stealing money from our poor people and taking outside Pakistan? There is no guarantee on life. The country that can give these dark or brown skin people honor and dignity is only Pakistan. Sincerely
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Sep 22, 2016 06:08pm
@Shan
These are not news these are actually evidence from such companies. Leaders from few countries have resigned due to these leaked documents.
I hope it is clear Shan Bhai.
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Sep 22, 2016 07:01pm
So what? corrupt elite in Pakistan is above the law
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Sep 23, 2016 08:40am
@Shan corruption charges can never be true!!!!!!
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Sep 24, 2016 06:43am
There are prosperous countries the World-and then there are the corrupt. Don't ever call one poor.
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