LONDON – A fresh batch of leaked documents of Panamanian law firm, MossackFonseca, has revealed how deep-pocketed Pakistanis were in panic after therelease of Panama Papers, prompting them to change their plans of stashingwealth offshore fearing another leak.
The fresh leak comprises 1.2 million documents which date from a few monthsbefore April 2016 to December 2017.
The documents were leaked to Munich-based Süddeutsche Zeitung, which sharedthem with International Consortium of Investigative Journalists (ICIJ) – afirm that is credited for investigating and releasing the earlier trove ofdocuments.
The new leak reveals how the embattled law firm Mossack Fonseca struggledhard to contain the repercussions of the leak and identify its own clientsas a couple of months after the breach, it was unable to identify owners ofmore than 70 percent of 28,500 active companies in the British VirginIslands and 75 percent of 10,500 active shell companies in Panama.
Though there are many global figures named in the fresh leak, Pakistaniaffluents have also been highlighted for their reservations regarding theprivacy, in the backdrop of earlier leaks.Zaka Ashraf
According to the fresh release investigated by ICIJ, Zaka Ashraf whowas nominated by Pakistan Peoples Party for interim prime minister and hadbeen chairman of the Pakistan Cricket Board (PCB), abandoned the process ofopening two accounts in Swiss banks through his two benami shell companies,after the Panama Papers scandal sent shock waves across the globe.
Names of Tavendish Engineering SA and Jeflian Investment SA were releasedearlier, however, Zaka was not identified as owner back then.
As companies were in process of opening bank accounts at Swiss LGT Bank, itwas made known that he, his wife and son are beneficial owners, compellingthem to change mind regarding opening bank accounts fearing thevulnerability of the record.
“The shareholders were in process to open a bank account with LGT inSwitzerland, but after what happened with the leak, they decided toliquidate the company and not to open the bank account. They will open abank account in their personal names,” read an email of June 9, 2016.Malik Qayyum
Former attorney general Justice (R) Malik Qayyum disassociated himself fromthe benami company, says the latest release.
Benami company had its Swiss bank account with Qayyum and his wife assignatories.
Two such anonymous companies were legally represented by Justice (R) MalikMuhammad Qayyum: Camberwell Financial Limited and Fernbridge Resources Inc.Camberwell is registered in the British Virgin Islands while Fernbridge isregistered in Panama but mystery shrouds the beneficial ownership of thefirms.
When contacted for his version a week before the release of Panama Paperson April 4, 2016, Qayyum said Fernbridge had been his client and hecouldn’t disclose detail about the owner, Geo News report.
About his wife as co-signatory, he explained that the client required twosignatories and he have a trusted backup signatory in such transaction.
The newly released documents include two letters dated April 6, 2016,issued by non-beneficial Panama-based directors of Fernbridge to declarethat Qayyum was the legal representative of the company and that his wifewas made signatory on his suggestion.
It was clearly mentioned in these “To Whom IT May Concern” letters thatthey have been issued on Qayyum’s request. A letter of his engagement withFernbridge signed by directors is dated Aug 27, 2012.
Contrary to the letters, the email data in the leaked record shows that thedrafts of above three letters were sent for signatures on April 7 andreturned on April 11.
There is yet another signed letter dated April 14 wherein the shareholdersand directors of Fernbridge approved Qayyum’s removal as authorisedsignatory of the company.
Ironically, this letter was signed on April 13 and the record shows thatthe backdated documentation was carried out haphazardly out of PanamaPapers panic.
Responding to this, Qayyum confirmed he was no more legal representative ofthe company but about Camberwell, he expressed ignorance.
Both of the companies are looked after by the so-called same board ofdirectors which are appointed by the service providers.Link Between Zaka Ashraf and Malik Qayyum
There’s a surprise link between the companies and the concerned officialsin the dealings of Zaka Ashraf and Malik Qayyum.
The relationship manager dealing with Qayyum and the former PCB chairmanaccounts is the same person, Ahmed Tahir Butt.
Moreover, both former PCB chairman and former attorny general openedaccounts in the name of their companies, in the same Swiss LGT bank.Tehmina Durrani’s Mother
Samina Durrani, the mother of former chief minister Shehbaz Sharif’swife,Tehmina Durrani, “gifted” one offshore company holding property in theUK to her son Asimullah Durrani, a few months after the release of PanamaPapers.
In March 2016, Tehmina Durrani expressed ignorance of any property owned byher mother but as the story of Samina’s offshore companies made headlines,the process of gifting started completing on November 10, 2016.
Armani River Limited which has been gifted to Asad owns a property in theUK whose estimated value has been declared as one million pounds.
Source of funding for this property has been described as the saving of hislate father, Shakirullah Durrani, former governor State Bank of Pakistan.
Star Precision Limited and Rainbow Limited are two other offshore companiesof Samina Durrani.
Star Precision’s described assets as per Panama Papers is cash as theinvestment portfolio.
‘We are also holding 1,165,238 shares in Orix Leasing Pakistan Limited,’stated the owner.Privacy- Conscious Pakistani Banker
A Pakistani banker in the Middle East, Saleem Sheikh, was found seeking anexplanation from the law firm about the initiatives taken to prevent anyembarrassment in future through another leak.
Instead of replying to this concern, Mossack Fonseca served him notice inApril 2017 together with other Pakistani passport holders having companiesin British Virgin Islands.
The notice addressed them to change their registered agent as “anadministrative decision has been taken to resign as registered agent/officefor companies with links to high-risk countries.”BVI Prohibition
Pakistan is among those 21 countries declared prohibited for business byBVI in April 2017. Other high-risk countries are Afghanistan, Belarus,Bosnia, Central African Republic, Cuba, Congo, Eretria, Iran, Iraq,Lebanon, Libya, North Korea, Serbia, Sierra Leone, Somalia, South Sudan,Sudan, Syria, Yemen and Zimbabwe.