ISLAMABAD: The investigation officer (IO) of National Accountability Bureau (NAB), Muhammad Kamran, informed the accountability court that former prime minister Muhammad Nawaz Sharif and his sons owned assets worth Rs 50.94 million till 2001 in accordance with their income tax return documents.
The accused had not shown any foreign property in their 2001 tax return documents, he said while recording his statement in the the Flagship Investment reference.
Accountability Court Judge Arshad Malik heard the reference filed by the National Accountability Bureau (NAB) against the former prime minister. Nawaz Sharif appeared before the court.
The NAB IO said Hassan and Hussain Nawaz were students till 1999 and had no source of income till that time.
He said according to the 2001 tax returns, the former prime minister had assets of Rs 12.761 million, Hussain Nawaz of Rs 33.805 million and Hassan Nawaz of Rs 4.368 million.
He said Nawaz Sharif had become an influential person of his family because of holding several public offices at different times. The accused did not show any foreign property in 2001 documents, he added.
During the same time, he said, accused Nawaz Sharif had started his business in the United Arab Emirates (UAE) and Saudi Arabia in the name of his sons. Hassan Nawaz established his first company in 2001 in the name of Flagship Investment with an investment of 705.071 million pounds and also purchased British Virgin Islands based company ‘Hang On’, which, in 2007, owned a property located at prime location of ‘One Hide Park’ in London.
Kamran said Hassan Nawaz established Capital FZE in 2001 in the UAE and the former prime minister was chairman of its board of directors.
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He apprised the court that the accused had given heavy amounts as loans to the companies in the United Kingdom and outside. An amount of 0.615 million pounds was given to Coint Peddington from the Capital FZE.
The Comber Company owned by Hussain Nawaz gave 1.7 million pound to Q-Holding while 0.313 million pounds was given to the Flagship Security Limited as loan.
Kamran deposed that Hassan Nawaz paid Rs 87 million to the Chaudhry Sugar Mills as loan during 2009-10.
During the course hearing, the court expressed displeasure over defence counsel Khawaja Haris for raising unnecessary objections. The defence would be given time for cross-examination of the witness, the judge said.
Later, the court adjourned of the case till Wednesday, wherein Muhammad Kamran will continue recording his statement.
APP
