Sharif family Chaudhry Sugar Mills turned out to be a corporate fraud and used for money laundering from Pakistan
ISLAMABAD – Sharif family Chaudhry Sugar Mills turned out to be a corporate fraud and used for money laundering from Pakistan.
Special Assistant to the Prime Minister (SAPM) on Accountability Shahzad Akbar has on Thursday termed the Chaudhry Sugar Mills as a big corporate fraud which was used for money laundering.
The SAPM held a press conference and said former prime minister Nawaz Sharif showed assets worth Rs 1.3 million when he built the sugar mills and then an offshore company – Chadron Limited, St Hellier Jersey – was formed under which eight more offshore companies functioned.
“Loan of Rs 80 million was taken for the Chaudhry Sugar Mills. Furthmore, Punjab Carpet Company also granted loan worth Rs 65 million to Sharif family. Accounts were opened in Pakistan in the name of Qazi family.
“The shares were transferred to Nawaz Sharif first and then to Maryam Nawaz. All affairs were supervised by former finance minister Ishaq Dar before Salman Shahbaz.
The assets of Chaudhry Sugar Mills are now worth Rs six billion.”