Friday, November 29, 2019

Nawaz Sharif’s Money Trail




Way back in September, 2016 when the Panama scandal became public and a number of news reports appeared in the press, I wrote a blog titled “Immaculate Enrichment.” In it I had suggested that the money with which Nawaz Sharif had acquired the London properties may have come from Pakistani state coffers, but in view of caution I refrained from speculating on how this could have happened. As the public discussion unfolded it was stated that GIK, Benazir and Gen. Musharraf had all carried out thorough investigations but had failed to unearth any evidence of corrupt practices by him. When his friends asked him about his extraordinary fortunes, he just laughed it out saying he had got lucky.
Moreover, when his trial for assets beyond means started, he stone-walled completely and did not offer any documents or records of transactions relating to the properties. According to NAB laws inability to justify assets by a public office holder is by itself a crime and he was sentenced to 7 years in prison. Soon afterwards his brilliantly wily daughter Maryam managed to arouse a sleezy scandal about the judge who had sentenced him with the help of obviously doctored audio and video recordings hoping to get his sentence set aside. It has not happened yet. But having seen the true horrible face of the man who failed a record three times as prime minister, it seems that the money trail he has been hiding for so many years must be unearthed.
It all started in the seventies of the last century when Pakistan embarked upon the quest for an atomic bomb and the Kahuta uranium enrichment project was initiated. As soon as news about the construction of a gas centrifuges to enrich uranium reached the western intelligence agencies, a wide-ranging ban on export of equipment and material useful in the project was imposed. The problem was circumvented by setting up dummy trading offices in various countries and anonymous offshore bank accounts. Equipment, instruments and materials were sourced from different countries, paid for honestly from the clandestine accounts and routed through various countries avoiding the ban. This procurement arrangement later became known as the A.Q. Khan network. Nothing unusual as the technique is used by sensitive agencies of many countries.
When Nawaz Sharif became prime minister, he became the custodian of a huge secret fund in foreign currency from which he would order transactions on request from the managers of Kahuta. Since there was no audit of the secret fund and the transaction orders were coded there was nothing stopping him from opening his own offshore accounts and transferring money to them without being caught. Probably, the same money was used in 1993 and later to buy properties abroad. He may have repeated the exercise when he became prime minister a second time and perhaps even the third. Nawaz visited the Virgin Islands at least once, probably more, when he was prime minister. He was also smart enough to close the accounts with Mossack Fonseca of Panama in 2014 and have the companies delisted in 2015.
This explains why he constantly refused to justify the ownership of those properties by any tangible documents. Any of those could have pointed to a clue to the money trail which would have led to the secret state coffers.
If the records have not been destroyed already, it should be possible to trace the money trail of Nawaz Sharif’s overseas properties. Moreover, since the PPP leadership that followed in the footsteps of PML(N) was quick to learn from its predecessors, some of Asif Zardari’s overseas properties may also by traced in the process.
 Let us see how much money can be recovered in this way.

Emailed to PM Office – no acknowledgement or response
Emailed to Chairman NAB – bounced 3 times, abandoned



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