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The Supreme Court was told on Monday that Pakistanis own around $150 billion worth of properties and assets in the UAE alone.
The revelation came in a report compiled and presented in court by chartered accountancy firm A.F. Ferguson. The report was submitted in connection with a SC case on Pakistani nationals' properties and bank accounts abroad. The firm, however, cautioned that the data be 'handled with care'.
"Such a massive amount is still parked abroad despite the amnesty scheme?" Chief Justice Mian Saqib Nisar asked those present.
State Bank of Pakistan (SBP) Governor Tariq Bajwa briefed the apex court on measures taken to recover the identified funds, saying: "Notices have been issued to the 125 people who have assets in the UAE. If they write on affidavits that they do have assets outside of Pakistan, we will interrogate and tax them. But if they deny that, then we can take the help of the UAE government and ask them to take action in accordance with benami properties law."
The SBP governor said that the Federal Investigation Agency (FIA), the National Accountability Bureau (NAB) and other agencies' assistance had also been sought.
The chief justice expressed his dissatisfaction on the progress of the case, remarking that those concealing their assets abroad qualify for money laundering trials.
Shabbar Zaidi, the audit firm's chief, told the court that wealth is transferred outside Pakistan via two channels: "Havala and banking routes".
As regards the latter, he said: "Funds are moved abroad by showing it as agricultural income."
At this, Justice Umar Ata Bandial asked the SBP governor if a ban has been placed on transferring foreign exchange outside Pakistan.
"Only a sum of $10,000 is permitted to be taken outside of Pakistan," Bajwa said.
The SBP governor further said that a separate list of 225 Pakistani nationals who have properties in London has also been obtained.
Meanwhile, Attorney General Mansoor Ali Khan assured the court that the new government is "serious about bringing back the money".
"A task force has been formed under the PM's stewardship," the attorney general said. "The govt wants the apex court to provide guidance in this regard."
While the Ferguson reported the figure of Pakistani-owned assets in the UAE at around $150bn, the FIA's summary, mentioned in the written order later in the day, put the assets' worth at $110bn.
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On DawnNews
Comments (121) Closed
Sep 03, 2018 03:33pm
This nation has been plundered ruthlessly!
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Sep 03, 2018 03:37pm
The way Pakistan is being run as a personal empire by all the leaders ruling the country since its inception, it is no surprise that UAE alone has over 150 billion dollars worth of properties of Pakistanis. And, UAE is only a new development much younger and recent. There are so many other places in need of prod for the hidden treasures of Pakistanis.
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Sep 03, 2018 03:41pm
We need to appreciate that properties cannot be brought back. So, our focus should be bringing cash money to Pakistan.
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Sep 03, 2018 03:42pm
Another task force??.. so thats how 10mil jobs will be created.
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Sep 03, 2018 03:43pm
The apex court does not seem to have expertise in dealing with such matters. The case is not as easy as it is portrayed in the media. There very little chances of repatriating the money invested by Pakistanis in UAE and some other countries. Instead of wasting time in curly methods, it is better to seek the help of UN, which has a specialized agency to trace and track the money laundered from one country to another. Otherwise, UAE and other countries are not bound to be dictated by Pakistani laws and they give all needed cover and protection to those, who invested in their countries unless it is proven that that money was illegally transferred and invested on their soil.
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Sep 03, 2018 03:45pm
if the amount is earned outside and kept outside, then the person has to pay tax in the country where he/she earned the money. if it was moved out of pakistan illegally then definitely the punishment should be severe.
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Sep 03, 2018 03:48pm
The government has changed but not the bad practices of some people who need to be held accountable.
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Sep 03, 2018 03:50pm
Surely major portion of $150b belong to big boys such as Dar, Nawaz, Zardari, Sharjeel etc. Time has come for Government to ask all to bring back the loot irrespective of the fact whether assets are declared or not. If declared they should be asked to produce records of transfer of amounts. Government should also form honest, non corrupt task force to monitor the money changers and their activities through surprise audits.
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Sep 03, 2018 03:55pm
What percentage of these properties are purchased from money made through corruption. Overseas Pakistanis also may have purchased through their hard earned money.
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Sep 03, 2018 03:55pm
Assets mean immovable property which means it will not be easy to bring it back.
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Sep 03, 2018 03:57pm
I think most of the properties abroad have been made by Pakistanis while working there for decades and NO one has the right to order them to bring whole or part of it back. Only lucrative investment incentives can work, but given the amount of corruption and lack of apathy by government perons and institutions, dont think that will happen
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Sep 03, 2018 03:58pm
No need to go to IMF for 9 billions dollars.
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Sep 03, 2018 04:10pm
Better only focus on Zardari and Nawaz sharif, then elsewhere they both have enough wealth to do away all foreign debts of Pakistan
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Sep 03, 2018 04:21pm
We need to bring this money back to our country at all cost. These Corruption Mafias has hurt our country more then our declared enemies.
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Sep 03, 2018 04:22pm
Too little and too late
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Sep 03, 2018 04:23pm
@Adnan Mazher Khan All the returns from them can yet be brought back or couldn't ?
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Sep 03, 2018 04:28pm
The auto-cratic, dictatorial and authoritarian administration in UAE will never share the data and details of properties owned and operated by the citizens of the Islamic Republic of Pakistan because the tacitly encourage black money from all parts of the world including Russia, India and South America to be invested in their economy for obvious reasons.
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Sep 03, 2018 04:31pm
Who say Pakistan is a poor country only problem is mismanagement and corruption of the Nawaz/Zardari and like minded. Imagine this is just one country where very have billions parked we haven't we got started with Europe swigs account, US, Canada, African Diaspora, Aust/Asia. All the loans of Pakistan can be paid off by just one UAE money of Pakistanis parked in tiny sheikhdom.
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Sep 03, 2018 04:38pm
In UAE/Saudi Arab and other gulf counties many pakistan are working and over the years they have accumulated wealth and from that money have bought properties or made investment in banks or purchased properties. Government has to make distinction between these person and persons who have transfered their welath outside pakistan.and made investment their. These person should definately be should be asked to bring back their wealth outside pakistan.
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Sep 03, 2018 04:38pm
An impossible task of bringing back the ill-gotten wealth is ahead as those shadowy characters shall utilize all means to blunt each move of the government to materialize the dream.
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Sep 03, 2018 04:39pm
After this news of 150 billions assets own by people of Pakistan it seems shameful to ask IMF 9 billion to safe the economy of this rich country.
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Sep 03, 2018 04:42pm
Great way to restore investor confidence. Way to go PTI!
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Sep 03, 2018 04:53pm
@Adnan Mazher Khan what kind of comment is this...you cannot bring properties thats a know thing however you can always auction them once found illegal and then get the money back....how did you even remotely got the idea of physically bringing the buildings to pakistan is beyond imagination !
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Sep 03, 2018 05:05pm
This money is part of the one trillion dollar aid Pakistan received from USA over the past three decades and siphoned off into foreign bank accounts by military and civil administration.
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Sep 03, 2018 05:06pm
That’s the reason enemies of Pakistan wanted Corrupt Zardari and Nawaz Sharif at the helm of affairs for further destruction of country’s economy and that’s way they didn’t wanted a nationalist man like Imran khan to come to power because he’ll not only Improve the situation of the country and he’ll also wont let anyone plunder the country
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Sep 03, 2018 05:28pm
@Murtaza M - he has a short thinking span!
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Sep 03, 2018 05:33pm
If numbers are true and only 30% tax is collected on it, $45 billion will come. No need for new loans for next few years at least.
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Sep 03, 2018 05:37pm
IF we manage to get back these money in Pakistan, our reserve will increase this will have positive impact on our economy . Theses money belongs to the people of Pakistan take the politician though corruptions.
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Sep 03, 2018 05:39pm
This money is parked outside Pakistan because there are less questions asked to park. The state is following a wrong policy through NAB, FIA and FBR. 15 b$ has already fown out last year. If we continued harassing the investor, there isn't much time left before we knock on a default.
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Sep 03, 2018 05:40pm
What a massive corruption .....
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Sep 03, 2018 05:45pm
Very good steps taken by the new government and SC. With these massive looted money coming back in our treasury will benefit our country and the people under poverty line.
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Sep 03, 2018 06:03pm
"Only a sum of $10,000 is permitted to be taken outside of Pakistan..."
That's fine, but why not impose the same limit on the 'sum' sent to Pakistan by individuals abroad?
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Sep 03, 2018 06:04pm
The comments by CJP appear to be of very shallow nature. E.g. his reference to Amnesty scheme. The report by consultant would definitely have data which is one to 2 year old and the amnesty scheme was only recently concluded. Connecting the two seems a bit silly. Also, he does not realizes there is a huge number of Pakistani nationals who live in GCC/Europe/US who may have assets in UAE like property/bank accounts and hence it cannot be said that all that money is transferred from Pakistan. A significant portion of that money is earned and kept outside Pakistan. So lets not dramatize the entire process and talk realistically, at least at the highest level of judicial/govt authorities.
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Sep 03, 2018 06:07pm
@Adnan Mazher Khan
Are you and I the only ones reading this and figuring what's obvious: properties can not be relocated to Pakistan?
Besides, what kind of national/international legal framework would allow the government of Pakistan to 'tax' those properties?
If two 4-year olds were arguing this one could simply smile and let them be; but this is being discussed by the Supreme Court judges in Pakistan.
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Sep 03, 2018 06:13pm
@Jalbani Baloch A very candid & well composed comments. In addition to what you said, it is pertinent that the SBP must take step to close all these venues of flight of FE, also confirmed by the chartered accountant agency, from the country through illegal means such as Hundi, legal/illegal money changer & private carriers such as Ayan Ali, taking more than $10,000 legally allowed. It is understandable that those at the helm of affairs & their resourceful cronies, being involved in this shady business of money laundering, appointed their favorite to key posts, to be able to carry on with impunity. The institutional reforms, promised by the new government, will hopefully play a deterrent role in checking this criminal act.mThe government must sign agreements with emirates government, a favorite destination for parking of laundered money, so that they could have an access to incriminating evidence of accused persons. This will help in prosecution as well as bringing laundered money back
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Sep 03, 2018 06:20pm
150 BILLION, Aam i reading it correctly or i need an eye test?
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Sep 03, 2018 06:21pm
Give people financial security to people in Pakistan then they will keep it there
as you cannot give them any other security as health housing and education
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Sep 03, 2018 06:22pm
If the Government declares tomorrow that the Landlord has rights and the tenant must leave on 3 months notice and vice versa. Make it just. Believe me no one will take his money and invest it abroad.
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Sep 03, 2018 06:29pm
They must declare their income not their assets.
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Sep 03, 2018 06:32pm
$150 Bn.will make any country rich.No wonder UAE is so prosperous.What a fine logic make other countries rich
and your own country Pakistan poor looking at IMF,World Bank and CPEC for some miracle to happen?
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Sep 03, 2018 06:36pm
Well now task for the new government is to coordinate with UAE and others to recover that money back to Pakistan. Also, Pakistan will know which country is a well wisher by extending a helping hand in this recovery.
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Sep 03, 2018 06:38pm
Great move Mr. CJ - hope some tangible outcome results - this has been WELL know not for many, many years and so far NO ONE could and will NOT do any thing to address- Trust you are not planning to run for some political office after retirement -
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Sep 03, 2018 06:46pm
Sell I'll gotten properties and bring money back to Pakistan
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Sep 03, 2018 06:51pm
150 billion dollars number is good for enjoyment of Pakistani people.
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Sep 03, 2018 06:54pm
And the answer is very simple that so much wealth is stashed abroad. That is, not many people, if any, have gone to jail for breaking the law. We keep making deals with the law-breakers. So no more deals. Prosecute each and every one of them; if the funds were taken out of the country unlawfully.
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Sep 03, 2018 06:58pm
Why is it that the wealthy Pakistanis don't want to bring back their wealth to Pakistan? Don't they believe that Pakistan is safe or a place where they should stay in future.
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Sep 03, 2018 07:00pm
The article states that Pakistanis own around $150 billion worth of properties and assets in the UAE alone. $150.billion is $150,000,000,000.00
"Notices have been issued to the 125 people who have assets in the UAE. If they write on affidavits that they do have assets outside of Pakistan, we will interrogate and tax them. But if they deny that, then we can take the help of the UAE government and ask them to take action in accordance with benami properties law."
Does this mean that the properties worth the above amount are owned by just 125 individuals? We should identify these individuals and determine how they procured these properties. The sources by which they were able to transfer the funds should be investigated. International legal procedures should be vigorously pursued and this amount should be repatriated. An obvious distinction should be made with Pakistanis who are legitimately employed in the UAE and have purchased properties with their hard earned money in the UAE. There should also be strict enforcement of financial regulations to prevent this from recurring.
The task force assigned this arduous task should be rewarded commensurate with the returns and be protected from reprisals.
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Sep 03, 2018 07:01pm
Get every penny back into Pakistan by putting these cruel thugs under trial for money laundering. And this ltaimted wealth has been invested all over the world, into Europe, Cayman Islands, Virgin Islands. Ferguson Ian authentic company to be used in all future investigations
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Sep 03, 2018 07:02pm
If they have moved their assets abroad why are they to be blamed when the OWNERS of two major political parties have done the same and in bigger amounts. They sham democracy for which they have been deceiving the people of Pakistan was unable to stop them because they bought their votes and had massive conflicts of interest. PM IK has to be given more time to set it right even if a referendum is needed for this then let it be done right away. Clearing the mess left by 70 years of neglect cannot be undone in 100 days, this is grave injustice with the people of Pakistan and the PTI government.
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Sep 03, 2018 07:08pm
Giving amnesty isn't enough. Judge doesn't know that a stable monetary system is desirable for any individual. Why will they bring money back when it is safe in UAE, while ours goes on a roller coaster rider.
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Sep 03, 2018 07:08pm
No need for USA money. With those assets you can build with Mr Khan's premiership a beautiful country
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Sep 03, 2018 07:12pm
The new government should announce incentives to overseas Pakistani in order to bring money back to the country. It seems majority of overseas Pakistanis have invested money abroad specially in properties in UAE for the sake of lucrative return. Essentially not all people have illegal money invested there, so government should provide incentive without any restrictions.
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Sep 03, 2018 07:20pm
Please get hold of the looters, put them in jails till they return the money.
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Sep 03, 2018 07:28pm
With that kind of Pakistani investment in just one tiny country, it is not a stretch of the imagination how much total wealth Pakistanis have stashed abroad. I already know considerable sums in Banks in the Caymans, Bahamas, US, UK, Switzerland, and British Virgin Islands.
If you conservatively estimate at least $1 Trillion world wide that belongs to Pakistani nationsl, than a Mercedes in the garage of every Pakistani is not out of the realm of possibilities! We could in fact be richer than Saudis.
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Sep 03, 2018 07:31pm
The corrupt money generated from Pakistan through any source like kickbacks,commissions,bribes,black money,tax evaded money and so on have been transferred to abroad and invested mostly in real estate or banks must be checked.The transfer of this corrupt money may have routed thru hawala,bank account transfer,smuggling of foreign currency and even receiving commission direct from government accounts payments to overseas suppliers/ service provider.We purchase an electric generation plant for US$500 million from abroad, kick back is 50%,US 250 m directly received in abroad account.Who will do this excercise.
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Sep 03, 2018 07:43pm
@BhaRAT Wait after few years you will repeat your sentence for the present government.Get over this conspiracy theory,conspiracy is in your mind
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Sep 03, 2018 07:47pm
Wonder how much of that $150B was from honest money and how from bribes, kick-backs or through corrupt means. Pull the asset owners in court and prove it was earned through honest means. It is not wonder country has been looted by many of those who were voted in high offices to look out for people of the country. Nothing but shame.
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Sep 03, 2018 07:58pm
Many rich Pakistanis live in Pakistan but have a Dubai resident visa. They are the ones that need targeting.
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Sep 03, 2018 08:00pm
Bring the looted money back to Pakistan.
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Sep 03, 2018 08:01pm
@NACParis Your making a political statement. How do you know and where are the proofs?
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Sep 03, 2018 08:11pm
Unless legally transferred out of PK, the money should be repatriated. Make sure the owners do not abscond out of PK. Schemes must be designed for investments in real properties. The homeland appears to have been looted to the bare bone. These people have no regard if PK FAILS. Punishments must be severe if no co-operation forthcoming.
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Sep 03, 2018 08:15pm
Practically its impossible or impractical to identify and force remittance of these funds. For one enforcement across boarders is notoriously difficult
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Sep 03, 2018 08:21pm
Pakistanis have been living in the U.A.E. and other Arab countries prior to oil discoveries in the same. They have been engaged in different tasks including business and industry. To blame all of them of looting the country's wealth is not correct. It is only the politicians and government servants who have taken advantage of the liberal policies of these countries to transfer huge amounts of money to them for safekeeping. These must be dug up and the perpetrators of such crimes should be brought to book.
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Sep 03, 2018 08:30pm
Just imagine if this money was after tax and gone legally. Ask UAE to give $9B and help Pakistani govt.
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Sep 03, 2018 08:38pm
There is no doubt that Pakistanis have been stashing there money abroad but I think 150 billions is wishful thinking. we're not in the same league as the Chinese when it comes to wealth. The Chinese tend to move a lot of their wealth abroad, especially to the West. A more prudent sum for Pakistani asset abroad would be 1 billion dollar.
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Sep 03, 2018 08:38pm
'Only a sum of $10,000 is permitted to be taken outside of Pakistan' - yes but that is per trip!
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Sep 03, 2018 08:44pm
I'm sure this subject is spread far and wide than UAE. This has been an issue with every country PK is not alone. In my opinion create open borders policy for moving capitol. People can bring in and take out as much capitol as they want at 0 to 1% fee. Choose a very nominal percentage for overseas assets.
Overhaul entire tax system, with a few common exceptions make entire system fee based and license fee based. There are several progressive and great tax models available today, make it simple and quick revenue collection. Almost realtime tax collection is the norm.
Create jobs by putting people to work on mega construction projects, start building inner cities. Move towards Micro-Power generation ideas. Power plants closest to the users are most efficient and create local jobs.
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Sep 03, 2018 08:46pm
All the grants and funds from other countries (US, China, EU and others) and organizations(IMF, WORLD BANK etc.) - has been systematically looted. So much for transparency and good governance. No wonder ex-politicians can live in Dubai and Europe without any change to their lifestyle.
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Sep 03, 2018 08:50pm
how Did people who have no means of even controlling Havala come up with this figure? Absolutely zero trust in this data.
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Sep 03, 2018 09:10pm
Yea right. $150 billion here, $200 billion in Switzerland, $500 billion in the USA, a trillion or so in the UK. Why we are the richest country in the world and we CAN fund the World Bank, the IMF and build garland around the world without anyone's help. But we have no power, no water, no gas and no money right now. Are we for real?
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Sep 03, 2018 09:14pm
An Interesting question, who are these Pakistanis? Pakistan allows the use of the dual passport. So someone who lives in UAE may have worked and earned money in UAE now, you can go an attach his or her property?
Yes, if he still has a valid Pakistani passport - he is a citizen of Pakistan. The Govt. of Pakistan has the right to attach his property. Way to go??
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Sep 03, 2018 09:19pm
@ADEEL same question .... do they even know what they have said !
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Sep 03, 2018 09:19pm
i do not think tha $10,000 figure is correct. You can not take more than $10,000 with you without declaring it. I know that is the US rule but we apishly follow these white man's rules and I am sure we have the same rule. How much we can actually transfer may not even be defined.
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Sep 03, 2018 09:25pm
I think the easiest thing is to tax these people individually after gauging their worth. Bringing back properties or invested money wont be easy.
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Sep 03, 2018 09:27pm
The Government of Pakistan and its institutions must focus on economic, structural and policy reforms to improve quality of services offered to citizens rather than wasting their time and energy in flying kites.
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Sep 03, 2018 09:38pm
so what now
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Sep 03, 2018 09:51pm
Time wasting dramas. More money is parked in the country in local banks and property. Nothing on that front because it will lead back to rich generals and judges.
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Sep 03, 2018 09:52pm
Recovery will be a very difficult process.
Only liquid assets like cash and gold will bring their face value. That will require proving to the local authorities that the income is illegal, which will require prolonged legal battles.
Real estate will be harder to confiscate. Even if it is acquired by the government it will take a lot of time to unwind these assets and they will probably bring only a percentage of their true value like any bankruptcy sale. If a few billion dollars worth of real estate is brought in the market to be sold off quickly it will devalue the UAE market and send it in a downward spiral. Our Emirati "brothers" would not like or allow that.
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Sep 03, 2018 09:53pm
USA citizens if they open account in any bank outside USA, like in Pakistan, USA has demanded from each bank to report that account to IRS ( Income Revenue Service ) .
USA even got the names of many of its citizens having account in Switzerland.
Why Pakistan and other countries cannot get information form Banks abroad?
Why West allow this money laundering? It helps in the economy. Might is Right.
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Sep 03, 2018 09:54pm
If 125 individuals have properties worth $150 billion , it means that the average value of each individual is $ 1.2 billion. This is an astounding amount! What kind of business can generate such profits? If there is a legitimate profession/business that is so lucrative, I would like to know about it and change my profession accordingly.
All legal and international avenues must be utilized to the fullest to identify the culprits and retrieve this colossal theft. The next step should be to extend this search to other regions including Swiss Bank accounts and wealth in England , Europe and the Cayman Islands etc.
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Sep 03, 2018 10:16pm
No wonder Mr. Dar, the ex-finance minister, the kingpin of Sharif 's finances is absconder. $10,000 is allowed but $bn smuggled out.
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Sep 03, 2018 10:21pm
Pakistan, a poor nation of rich people.
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Sep 03, 2018 10:26pm
PTI; do not delay - we want to see Naya Pakistan IN OPERATION.
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Sep 03, 2018 10:40pm
Its just waste of time!
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Sep 03, 2018 10:42pm
$150 billion or $110 billion, the amount is large enough to clear all Pakistan's borrowing. Sooner the money is repatriated better for the Pakistan.
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Sep 03, 2018 10:46pm
Ill gotten money, taken out of the country illegally now requires legal means to transfer back to the country.
Who is to comply and who is to handle the task?
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Sep 03, 2018 10:55pm
we need this CJ.
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Sep 03, 2018 10:59pm
Why do we always have to look outward for assistance? For how long will USA/China/expats continue to bail us our? Will we ever be self sufficient?
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Sep 03, 2018 11:11pm
This is the result of artficialy keeping rupee exchange rate high.
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Sep 03, 2018 11:19pm
Pakistan national reserves is at $10 billion and the plundered looted wealth is $150 billion let that sink in for a minute and that just UAE only.
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Sep 03, 2018 11:29pm
@M. Saeed , Sir, our beloved general (retired !) Parvez Musharraf too is living an extravaganza life in the UAE,
what will you say about him
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Sep 03, 2018 11:30pm
@Shah , Parvez Musharraf? heard he is in the UAE, check his wealth
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Sep 03, 2018 11:54pm
Nation still voted for plunders especially in Sindh, and some disguised themselves in Naya Pakistan. Whom we should blame: The plunderes or Citizens of Pakistan?
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Sep 03, 2018 11:55pm
It is foolish to assume that all of money is due to corruption. People went to UAE 30 or 40 years ago and worked hard to make these assets. If Miftah screwed up the economy it is not the fault of overseas workers. UAE govt should not provide info about hard working people. Yes if they are members of political parties in Pakistan, they should be checked out.
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Sep 04, 2018 12:07am
And how much of that $150 billion is actually black money or can be proven as black money going out fron Pakistan? The government & CJP is spending too much time focusing on the mirage of black money abroad instead of focusing on building & strengthening the economy internally. IMO the government won't be able to bring even 1% of that $150 billion back to Pakistan.
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Sep 04, 2018 12:15am
There needs to be a distinction between legitimate money being sent overseas and money gained from corruption. Why shouldn't we as hard working tax paying Pakistanis be allowed to invest in another country and diversify our investments geographically for retirement when we know that Pakistan does not have a government pension scheme like the UK, Australia, Canada or other Scandinavian Countries. The government is ok with remittances coming into the country but not ok with funds leaving? People move funds abroad for a host of reasons, paying for tuition, moving funds abroad if they plan on retiring elsewhere where their kids are based or for investment purposes. If a proper environment is created where people see a future for themselves, people wouldn't be transferring money abroad.
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Sep 04, 2018 12:25am
Why will UAE allow the 150 billion to go away as they will be poorer. Leaders first create instability and then keep the money abroad.
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Sep 04, 2018 12:43am
If Mr. Shabbar Zaidi of A.F.Ferguson tells USD 150 billion belong to Pakistani nationals parked at UAE, he must be asked the source and document to substantiate such claim and origin of getting such details
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Sep 04, 2018 12:57am
Half baked reports will put ever expat under the clouds of suspicion.
If someone is really honest about exposing corruption list of alleged persons name and amount stacked should be published including those who were holding public office during civil and dectatorship.
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Sep 04, 2018 01:04am
Lets say 125 individuals and 150 billion dollar. Each flat in UAE is around 1 million(very high number) then each individual is having 1500 flats/properties each.
I dont believe that number.
Secondly if they are real entrepreneurs then just questioning them would crash stock market..
I am not sure Pakistan will get anything as they cant ask UAE to issue warrant for each of benami property until pakistan prove they are built using corruption...
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Sep 04, 2018 01:11am
What a joke?
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Sep 04, 2018 01:36am
It's about time to conclude high profile corruption cases. We want results now and perpetrators behind bars.
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Sep 04, 2018 01:52am
Sad to see, how many people will blindly believe such a huge number without putting into context. Annual budget of our country, after army and debt servicing is less than 20bn USD, total debt of UAE when it needed help from abu dhabi was under 20bn USD in 2008, so for Pakistanis to take that kind of outside of Pakistan is just impossible.
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Sep 04, 2018 02:18am
not only UAE they must check USA Canada, Europe as well
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Sep 04, 2018 02:28am
Maybe it’s not all stolen. Maybe some of it is legal.
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Sep 04, 2018 02:54am
Not everyone owning assets abroad is a thief. The point is to make policy that would make them feel safe to bring it back.
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Sep 04, 2018 05:29am
Start with absconding Mr. Dar and his family assets there looted from our Country. Time to bring it back and pay off the country’s loans. Then there is a whole long list of bigger fish. No need for IMF loan, just catch the thieves MBS style and recover the nation’s money.
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Sep 04, 2018 06:19am
Remove corruption and bring law and order in the country. Let FBR be fair and honest.Remove mafias. Then the money will come back without out even trying.
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Sep 04, 2018 07:04am
@True True, true.
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Sep 04, 2018 07:09am
The impression being given by the authorities is that all this money has been taken illegally and parked abroad. Many hardworking Pakistanis living in gulf countries have worked hard and invested in those countries and as well as Pakistan. The government should design out a mechanism by which it can ascertain what money has been illegally laundered out of Pakistan. To paint all with same brush will lead to injustice.
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Sep 04, 2018 08:02am
amazingly those who plundered the national kitty are incarcerated in VIP Jail
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Sep 04, 2018 10:34am
The national question: What did we do with the loans that we took in the last 10 years. This needs to be broadcast every day for the next 5 years.
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Sep 04, 2018 01:31pm
The real figure is much more than 150 billions.
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Sep 04, 2018 02:36pm
They should be prosecuted for tax evasion and not just tax them if these are undeclared properties.
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Sep 04, 2018 02:45pm
Not all the wealth residing abroad is necessarily ill gotten gains or plundered. It merely reflects the confidence that many with wealth (either legitimately or illegitimately acquired) have in the ability of the state to maintain a stable and open investment environment.
This is why I do not keep money in Pakistan.
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Sep 04, 2018 05:11pm
You got the figure of $150 billion, that’s good. It means you have a list of individuals with names and amounts. Can we just get the amounts held by Sharifs, Zardaris, Dar and other active big name politicians. Releasing this list will show money is corrupted and looted. Otherwise to say all money is looted is unfair. Hard working Pakistanis have kept money in UAE and they have paid taxes also. So this amount is not accurate.
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Sep 05, 2018 01:02am
So many Pakistanis have worked all their lives in the Middle East. Since UAE allows foreigners like them to own property, a major portion of these assets are theirs.
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Sep 05, 2018 09:55am
So what? There are millions of posh bungalows and luxury vehicles purchased through black money right here before our eyes in Pakistan. There are families making a dozen foreign tours a year without paying any taxes. What have we done about them? And why then worry about assets in Dubai and London? This is a clear diversion by PTI leadership to avoid hard decisions to clamp down on illegal assets all around us and generate revenue from within Pakistan itself. This will draw a zilch.
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Sep 05, 2018 10:11am
Make this nation worthy and safe for investment, every day one reads about agencies going after people to score points. In this sort of environment no one feels safe investing. Why do Pakistani's invest outside Pakistan, because their investment is safe and authorities and agencies do not go after them. Make the same rules here.
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Sep 05, 2018 10:23am
Why are we discussing the 150 Billion dollars, Pakistan's true potential is the 207 million people, human resource is the most useful resource, look at countries where human resource development has been given top priority, thru education, health care, housing etc, and they have have turned the tide, examples, Japan, China, South Korea and many others. We do not think long term, this is what it takes. Pakistan is not going to get any of this money, better to make Pakistan attractive for investment as others have done, thru long term planning and implementation and the way is human resource development.
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Sep 05, 2018 12:55pm
How much of this is owned by Establishment
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