Over a dozen Pak families, named individuals

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Pandora Papers

ISLAMABAD: Although there are 700 Pakistanis who own offshore companies with millions of dollars, more than a dozen wealthy families, individuals and businessmen have assets, holdings, cash accounts , bonds, stocks and mutual funds of five million dollars or more in their offshore companies.

The Pandora Papers published by the International Consortium of Investigative Journalists (ICIJ) have revealed startling information about the wealth held by certain individuals or families under the complex web of offshore companies and trusts around the world. These leaked documents revealed super rich families / individuals from Pakistan, who kept millions of dollars overseas in their offshore companies. Some of them claim to be non-resident taxpayers while others claim to have already declared to the relevant authorities in Pakistan.

Again, it would also be safe to mention that not all offshore companies are illegal or created for nefarious reasons. The leaked documents reveal that Lucky Rawji Holdings Limited, registered in the British Virgin Islands, owns 100% of the shares of a Congo-based cement company, which is estimated to be worth $ 175 million (Rs. 29.75 billion in October). Muhammad Ali Tabba and Sohail Ahmed Tabba are the shareholders and directors of the company as well as other partners.

Additionally, documents show the family is a beneficiary of an offshore company Rossneath Investments Limited. The estimated value of the company’s assets is $ 132,925,406 ($ 132.92 million) (22.59 billion rupees) and the source of funds has been described as “the inheritance of the shares of the family business , Lucky Cement Limited ”.

The Pandora Papers also reveal that the Tabba family owns another offshore company Calico Finance Limited and that Mohammad Sohail Tabba is the beneficial owner of the company. Calico is an investment holding company and holds $ 5.9 million (1 billion rupees) in cash and marketable securities.

The Tabba family in their response told The News that LCL Investment Holding Limited (a wholly owned subsidiary of Lucky Cement Limited) owns 50% of the shares of Lucky Rawji Holding Limited (LRHL), which was established after authorization from the Bank. of State via their letter. No. EPD / INT / C-531/12 (454) -2014 of January 31, 2014. Muhammad Ali Tabba and Muhammad Sohail Tabba are the directors of LRHL and not the shareholders.

The family added that Rossneath Investments is only a holding company and owns 22,803,029 shares of Lucky Cement Limited. The only source of income is dividends from Lucky Cement Limited, which are taxed in Pakistan. The family further clarified that Calico Finance Limited does not hold any negotiable securities. Regarding the reporting of these companies and the assets held by these companies, the Tabba family has stated that they are declared under the Amnesty “Foreign Assets (Declaration and Rapatriation) Act, 2018.”

According to the leaked documents, Bashir Dawood and Mariyam Dawood are the beneficial owners of a BVI company, S Minor Investment Limited. The company’s investment portfolio is held with Standard Chartered Bank, Singapore, and includes treasury accounts, bonds, stocks and mutual funds. The estimated value of the assets is 13.3 million US dollars (2.26 billion rupees).

The Pandora Papers show that a British Pakistani individual, Mohammad Sharif, owns an offshore company Maystone Holdings Limited in BVI. The company owns Ranchville Equities Limited, which in turn owns properties in London, UK. The estimated value of these assets is 130 million pounds sterling (30.16 billion rupees).

The leaked documents further reveal that Amjed Ali Hussain, CEO of National Glass Industry, LLC, owns an offshore company Dynamic Corporation. The company owns shares in GCC companies as well as investments in the US stock market. The estimated value of the assets is 20 million US dollars (3.4 billion rupees).

The documents show that Waseem Mukhtar owns a trust, the Loftus Trust. The purpose of the trust was to plan the succession and own two existing BVI companies, Singapore property and bank assets at CS. The assets of the mentioned trust are worth 55 million US dollars (9.35 billion rupees), according to the documents. Waseem Mukhtar received a questionnaire. However, he was unable to receive the requests because he was visiting a place where there was a network problem.

The Pandora Papers reveal that Shark Steel Limited has a portfolio of bankable assets and cash worth US $ 15-20 million (Rs 3.4 billion). Ms. Tehmina Zakaria Ahmed and Aisha Anwar are the beneficial owners of the company. It is not confirmed whether the company or the assets held by the offshore holding company are declared to the Pakistani tax authorities.

Further, the leaked documents show that Omer Farooq Kabir Sheikh is one of the beneficial owners of Pearl Overseas Holding Limited registered in the jurisdiction of the BVI. The company holds an investment portfolio with Standard Chartered Bank, Singapore, which includes treasury accounts, bonds, stocks and mutual funds. The estimated value of these assets is 5 million US dollars (850 million rupees).

The Pandora Papers show that Laila Hashwani, co-owner of Excide Pakistan Limited, owns a company Seaward Resources Limited. The Seaward is an investment holding company operating in the United Kingdom. Further details reveal that the source of funding for this business was from the husband’s inheritance and profits. The estimated value of the assets is 16.7 million pounds sterling (2.83 billion rupees).

Likewise, Muhammad Kashif and other family members (ChenOne group) own an offshore company CGI Limited. The estimated value of the company according to the revealed document is AED 13.7 million (Rs 630 million). The company is engaged in the trade of various products such as furniture, home furnishings, home accessories, leather products and clothing.

The ChenOne Group, in its response, told The News that the purpose of establishing this company was to explore business opportunities in the Gulf market and other global markets during the period of the quota regime. Currently, the company does not have a warehouse; the warehouse in question had been sold against the adjustment of certain bank loans.

Naveed Moghis Sheikh and Fozia Moghis Sheikh own an offshore company Blue Monk Investments Inc. The described objective of the company is to operate a bank account at Bank Julius Baer & Co Ltd in Geneva to park the proceeds from the sale of shares from Imperial Sugar Ltd to a large group of companies in the Middle East. The sale resulted in $ 40-50 million, which was to be received in the company’s bank account. The News sent a questionnaire to Moghis Sheikh but received no response.

According to the leaked documents, Khalid Adamjee and his family own a Singapore-based trust, Catio Trust. The Trust’s source of wealth is described as “a commodity trading activity specifically derived from supplying chromium ore and metallic cobalt for 28 to 30 years of my business of supplying chromium ore to China / China. Japan and cobalt metallic in Pakistan / Korea. From time to time I was able to take positions in the market while trading these commodities and recording the profits in Singapore. The leaked documents reveal that the trust’s total assets exceed more than S $ 10 million (Rs 1.25 billion).

Responding to questions from The News, Khalid Adamjee said it was true he owned Catio Trust but was shut down. “I am based in Singapore, involved in the international commodity trade – products include minerals, ores, metals and chemicals. We buy / source from a variety of different countries including Pakistan, South Africa, the Netherlands, Belgium, Norway, UK, Canada and China … and we sell in a variety from different countries including Pakistan, Germany, Spain, Slovakia, Thailand and China. , Japan and South Korea. My family and I have been permanent residents of Singapore since 2009. In 2010 I immigrated to Singapore with my wife and children and we live here. That’s why I created a trust in Singapore, ”he commented.

When asked about the declaration of the trust and the assets held by the trust, he said he declared all assets of Catio Trust / Creek Resources Ltd to the Pakistan Tax Authority (FBR).

The leaked documents show that a British Pakistani family from Peracha owns a company Limon Holdings Limited. The company owns 10 million pounds sterling (2.32 billion rupees) and is involved in property development, regeneration of properties for sale and for rent.

Note: The value of these assets in pak rupees was determined by the exchange rate on Tuesday


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