Pakistan SC to announce Panama case verdict

According to a supplementary cause list issued on Thursday evening, the apex court will announce its verdict at 11:30 am. A six-member joint investigation team (JIT) set up by the Supreme Court to investigate charges of corruption and money laundering against the 67-year-old Sharif, and his family, had submitted its report to the court on July 10. The apex court concluded hearing the case on July 21, but has reserved its verdict. 

The leak of 11 million documents held by the Panama-based law firm Mossack Fonseca identified links between many political and business leaders around the world and offshore companies and accounts. Among them was the Pakistani prime minister’s family. The leaks revealed that three of Pakistani Prime Minister Nawaz Sharif’s children owned offshore companies and assets not shown on his family’s wealth statement. Following this, the Pakistani SC ordered an investigation into their affairs by a joint team of civil and military investigation agencies. 

The companies identified so far include three British Virgin Islands-based companies Nescoll Ltd, Nielsen Enterprises Ltd and Hangon Property Holdings Ltd, incorporated in 1993, 1994 and 2007 respectively. These companies have been used to channel funds to acquire foreign assets, including some apartments along Park Lane in London’s Mayfair area. The insinuation that the companies were meant to hide or launder ill-gotten wealth or to avoid taxes called his credentials into question.

A few days back, media reports from Islamabad said that Nawaz Sharif’s younger brother and Punjab province Chief Minister Shehbaz Sharif is expected to replace him if he is disqualified by the Supreme Court for alleged corruption and money laundering in the sensitive Panama Papers case Since Shehbaz is not a member of the National Assembly -- the lower house of the Parliament -- he cannot succeed immediately and would have to contest elections.

Therefore, Defence Minister Khawaja Asif would become the interim prime minister for 45 days till Shehbaz gets elected in by-polls.