ISLAMABAD: The federal government and the opposition on Wednesday agreed to form a 12 member committee in order to draft joint terms of reference (ToR) for an inquiry commission, which would probe Panama papers.

"Government will name six legislators while the opposition will name another six to form the parliamentary committee, a motion will be passed on Thursday in the assembly to legalise the committee's status," Information Minister Pervaiz Rasheed told media after meeting opposition members.

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Rasheed added that the members of the committee can be named from both the houses of parliament, both the government and opposition will decide the names today after consultation.

Answering a question, he said that the committee will suggest measures to investigate allegations related to Panama papers and to develop a system which paves way to probe those involved in receiving kick backs, illegal loan-write offs.

Rasheed said that the committee will present its report in two weeks.

Opposition announces names

Later, while talking to media, Opposition leader Khursheed Shah said that opposition has named PPP senator Aitzaz Ahsan, PTI's Shah Mehmood Qureshi, QWP chief Aftab Sherpao, JI's Sahibzada Tariqullah, ANP's Ghulam Ahmed Bilour and PML-Q's Tariq Basheer Cheema as its six members for the committee.

Answering a question about not including any MQM member in the committee, Shah explained that MQM itself did not participate in opposition meetings properly and distanced itself from this issue.

It is pertinent to note here that Prime Minister Nawaz Sharif, during his speech in National Assembly on Monday, had suggested forming a joint committee to draft the terms of reference (ToRs) for establishing the inquiry commission to probe allegations related to Panama Papers revelations.

Related: Nawaz suggests forming joint committee to probe Panama leaks

The prime minister had said that he wants investigation against all kind of corrupt people and practices, including those who took kick-backs and got their loans written off.

What the Panama Papers reveal about Sharif family

The data from the Panama Papers, available on the website of the International Consortium of Investigative Journalists — one of around 100 news organisations and 300 journalists that worked on mining the data simultaneously — also reveals the offshore holdings of members of Prime Minister Sharif’s family.

Maryam is described as “the owner of British Virgin Islands-based firms Nielsen Enterprises Limited and Nescoll Limited, incorporated in 1994 and 1993”.

On one of the documents released by ICIJ, the address listed for Nielsen Enterprises is Saroor Palace in Jeddah, Saudi Arabia. The document, dated June 2012, describes Maryam Nawaz as the ‘beneficial owner’.

According to ICIJ, “Hussain and Maryam signed a document dated June 2007 that was part of a series of transactions in which Deutsche Bank Geneva lent up to $13.8 million to Nescoll, Nielsen and another company, with their London properties as collateral.”

In July 2014, the two companies were transferred to another agent.

Also Read: Probing ‘Panamagate’

Hasan Nawaz Sharif is described as “the sole director of Hangon Property Holdings Limited incorporated in the British Virgin Islands in February 2007, which acquired Liberia-based firm Cascon Holdings Establishment Limited for about $11.2 million in August 2007”.