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Here is what the Panamagate JIT report says about financial assets of Kulsoom Nawaz and Asma Nawaz

ISLAMABAD: The Panamagate Joint Investigation Team (JIT) which probed allegations of financial impropriety against the Sharif family, mainly focused on the assets of Prime Minister Nawaz Sharif’s two sons and Maryam Nawaz Sharif but somehow it did come up with some findings regarding the financial assets of first lady Kulsoom Nawaz and the PM’s younger daughter Asma Nawaz, ARY News reported on Saturday.

As for Mrs Kulsoom Nawaz, the report says that the first lady has been a part of the family business and her assets increased at an alarming rate while Ms. Asma Nawaz too owned assets worth Rs 1.47million in year 1991/1992 and grew 21.7 times in the year 1992/93.

Here are the details

About Kulsoom Nawaz

The JIT report says Mrs Kulsoom Nawaz has been part of the family business and had been filing return since year 1984-85 . She owned assets worth Rs 747,231 as per return of wealth in the year 1985/86.

Analysis of returns of Mrs. Kulsoom Nawaz reveal that the total assets of Mrs. Kulsoom increased 17.5 times from Rs 1.64 million in year 1991-92 to Rs 28.62 million in year 1992-93 against the reported income of Rs 279, 400 only.

 

About Ms. Asma Nawaz

The JIT report says that “it cannot be ascertained from where assets worth Rs 1.47 million in year 1991/92 have been acquired” by Ms. Asma Nawaz Sharif in her name as declared by the PM in his Return of Wealth Tax, adding that “Prima facie, it seemed an attempt to hide assets and move money”.

The report further says that the assets owned by Ms. Asma Nawaz were worth Rs 1.47 million in year 1991/92; grew 21.7 times in the year 1992/93 to Rs 31.55 million “without any visible source”.

“Similarly, in the year 2000/01, Respondent No.1 (PM Nawaz Sharif), transferred assets worth Rs 30.586 million in her name for which sources/origin of assets were not declared by herself or her father,” reads the report.

The Panama papers case against members of Sharif family was lodged on  November 3 and the Supreme Court held 35 hearings before concluding the proceedings on February 23.

On April 20, the court announced its verdict and declared that there was “insufficient evidence” to remove him from office but ordered the setting up of a Joint Investigation Team (JIT) to probe the graft allegations against his family.

A six-member JIT was set up in May which also probed a number of serving and former officials in connection with the case.

The team submitted its fourth and final report to the Supreme Court on July 10 and it recommended the apex court to file a reference against the prime minister and his two sons under NAB Ordinance.

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