Panama probe: JIT finds disparities in Sharif family income

The JIT that investigated the Sharif family's business dealings has recommended that the National Accountability Bureau open a reference against Sharif and his family after the probe panel found "glaring disparities" between their known sources of income and their actual wealth, the Dawn reported.

The JIT report suggests that a reference should be filed against Prime Minister Sharif and his sons Hassan Nawaz and Hussain Nawaz, as well as daughter Maryam Nawaz, under Section 9 of the National Accountability Bureau (NAB) ordinance 1999, the daily said.

The JIT has found that the assets of all four respondents have been found to be more than the sources of their income in the probe completed today.

"Significant gap/disparity amongst the known and declared sources of income and the wealth accumulated by the Respondent No. 1, 6, 7 and 8 have been observed," the JIT observed in its concluding remarks.

The report said the financial structure and health of companies in Pakistan having linkage to Sharif family also do no substantiate their wealth.

JIT chief Wajid Zia presented the report along with evidence to a three-member special bench of the Supreme Court comprising Justice Ejaz Afzal, Justice Azmat Saeed and Justice Ijazul Ahsan.

The six-member Joint Investigation Team (JIT) was set up in May by the Supreme Court with the mandate to probe the Sharif family for allegedly failing to provide the trail of money used to buy properties in London in 1990s.

The JIT has also probed several serving and former officials in connection with the case.

The six-member JIT included Federal Investigation Agency’s (FIA) Additional Director General Wajid Zia, Military Intelligence’s Brig Kamran Khurshid, National Accountability Bureau’s (NAB) Director Irfan Naeem Mangi, State Bank of Pakistan's Amer Aziz, Securities and Exchange Commission of Pakistan’s (SECP) Executive Director Bilal Rasool and InterServices Intelligence’s Brig Muhammad Nauman Saeed.

Last year, the Panama Papers revealed that three of Prime Minister Sharif's children owned offshore companies and assets not shown on his family's wealth statement. The assets in question include four expensive flats in Park Lane, London.

The top court took up the case in October last year on petitions filed by Pakistan Tehreek-e-Insaf, Awami Muslim League and Jamaat-e-Islami and reserved the verdict in February after conducting hearings on a daily basis.