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Panama Papers

Panama Papers are one of the biggest leaks in the human history. International Consortium of Investigative Journalists (ICIJ) released. The panama papers consists of over 11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities.The documents, some of which dated back to the 1970s, belonged to the Panamanian law firm and corporate service provider Mossack Fonseca, were leaked in 2015 by an anonymous source.

The documents contain personal financial information about wealthy individuals and public officials that had previously been kept private. While offshore business entities are legal, reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.

The case was brought to court by Pakistan Tehreek-e-Insaf leader Imran Khan alleging money laundering, corruption, and contradictory statements by Nawaz Sharif, the incumbent Prime Minister of Pakistan, after the Panama Papers leak uncovered links between Sharif’s family and eight offshore companies.

Power plays: who could be next PM after Nawaz?

ISLAMABAD: Pakistan's Prime Minister Nawaz Sharif was Friday ousted from the top office by the Supreme Court, but as the head of the ruling Pakistan Muslim League-Nawaz (PML-N) party he will be able to nominate his successor. Sharif's chosen candidate will be put to a vote in the National Assembly -- a rubber stamp affair as the PML-N holds a strong majority in the house. His daughter Maryam Nawaz is commonly touted as his political heir, but she does not currently hold elected office so cannot be a candidate this time…

‘InshaAllah Pakistan’s next PM will complete its 5-year term’, says Jemima

LONDON: Imran Khan’s ex-wife Jemima Goldsmith has appeared to be pleased with Pakistan Supreme Court’s verdict disqualifying her former husband’s rival Nawaz Sharif as prime minister. In a series of tweets, Jemima said no civilian Pakistani PM has ever completed its five-year term, but she adds: “InshaAllah the next one will.” No civilian PM of Pakistan has ever completed a full 5 yr term. Inshallah the next one will. https://t.co/OpSlp7y4W4 — Jemima Goldsmith (@Jemima_Khan) July 28, 2017 Rephrasing a popular…

Nawaz Sharif quits as PM after Supreme Court verdict in Panamagate case

ISLAMABAD: A five-judge Supreme Court bench has disqualified Prime Minister Nawaz Sharif in a unanimous verdict in the Panamagate case, thus cutting short his third stint in power. Soon after the SC judgement, the PM House issued a terse statement saying that Nawaz Sharif, despite having reservations on the SC’s verdict, has stepped down from his post as the premier. Sharif served as prime minister twice in the 1990s before he himself was ousted in a 1999 coup leading to a decade of exile. He won a third term as prime…

Panamagate: PM holds last-minute consultation with close aides

ISLAMABAD: Prime Minister Nawaz sharif is holding last-minute consultation with federal ministers and his close aides ahead of much-awaited Panamagate case verdict of the Supreme Court today. The Apex Court is going to announce today its verdict in the Panama case related to the his family’s alleged offshore wealth as well as money laundering while staying in power. A Joint Investigation Team (JIT), set up by the Supreme Court to investigate corruption allegations that surfaced following the Panamagate scandal, spent…

Nisar reversed decision to resign after meeting ‘some friends’: Interior Ministry

ISLAMABAD: Interior Minister Chaudhry Nisar Ali Khan, in his much-awaited press conference today, said he had decided to resign from his ministry and National Assembly membership after Panamagate verdict is announced. Moments after Nisar's presser, Interior Ministry spokesperson issued a statement clarifying that the minister had not decided to resign. "He had made up his mind for 'extreme decision' by yesterday (July 26) evening, but he decided against it after meeting some close friends. Hence media should take the…

Panama Papers JIT dissolved as six members back to routine job

ISLAMABAD: Following the submission of Panama Papers Joint Investigation Team (JIT)’s report on July 10, the six-members probing team has been dissolved after completion of the Panamagate investigation with regard to money trail for Sharif family’s offshore properties. All members of the probing team have been reported back to their parent departments. The six-member investigation team was constituted on May 5 under the supervision of Supreme Court after handpicking six senior government officers to probe the Prime…

PML-N shortlists names for replacement of Nawaz Sharif: sources

ISLAMABAD: Amid the political turmoil in wake of Panama Papers case, Pakistan Muslim League-Nawaz (PML-N) is mulling over names for replacement of Prime Minister (PM) Nawaz Sharif in case he gets disqualified. Since the ruling party has announced to accede to the Supreme Court’s orders, the PML-N leadership has reached a decision that the party will evade a confrontation with legal and constitutional bodies if the top court’s judgment comes against the premier and in that condition Nawaz Sharif will be replaced by one of…

Nawaz Sharif to be re-elected as PM in 2018 elections: Abid Sher

ISLAMABAD: Minister of State for Water and Power, Abid Sher Ali on Friday expressed confidence that Nawaz Sharif would be re-elected as the Prime Minister in the general elections of 2018. “General public had given mandate to Nawaz Sharif in 2013 and they would again repose confidence in him in 2018 elections on performance basis,” he said while talking to media persons outside the Supreme Court. Under the able leadership of Prime Minister Nawaz Sharif, he claimed, Pakistan was developing and progressing day by day.…

SC likely to announce Panamagate verdict within 10 days: Fawad Chaudhry

ISLAMABAD: As the Supreme Court on Friday reserved its verdict after wrapping up fifth and final hearing of the ‘Panamagate’ case, Pakistan Tehreek-e-Insaf (PTI)’s spokesperson Fawad Chaudhry vehemently asserted that the day has its historic importance as the top court concluded the high-profile case. “Supreme Court will likely announce its final verdict within ten days,” Chaudhry said. Appearing optimistic, he anticipated that the apex court will give a judgment upholding the accountability as what he said: “The…

‘Panamagate’: Supreme Court ends hearing in corruption charges against PM, reserves decision

ISLAMABAD: Amid the speculations revolving around either Prime Minister (PM) Nawaz Sharif gets disqualified or emerged stronger with regard to the Supreme Court’s possible judgment, the top court on Friday reserved its verdict after wrapping up fifth and final hearing of the 'Panama Papers' case.  The date for announcement of the verdict will be released later. The court heard arguments from both the sides - government counsel and the opposition disputing prime minister's claims in the case - and concluded its hearing…