Panama case money trail

1936: Mian Mohammad Sharif set up a steel mill, Ittefaq Foundry, which had a branch in East Pakistan too.

1979: The mill in Lahore was denationalised after being nationalised

1973: Mian Mohammad Sharif set up Gulf Steel Mills in Dubai with the help of government and bank loan. It was sold in 1980.

1990: Mian Sharif distributed assets among seven families. Steels mills remained the only joint asset; sugar, textile, other mills were distributed.

1990-93: Sharif family set up Hudaibiya Papers Mill, Chaudhry Sugar Mills, Hudaibiya Engineering, Mehran Ramzan Textile Mills, a hospital and educational institutes.

1994-96: Ittefaq Foundries, Ittefaq Brothers, Brothers Steel Mills were again closed down in PPP’s tenure. Loans of Rs5.76 billion were paid after selling these mills.

1999: Gen (retd) Pervez Musharraf declared coup. He had Sharif family sent in exile to Saudi Arabia, confiscated all of their business documents, which were never returned.

2001: Hasan Nawaz started real estate business in London.

2001: Mian Mohammad Sharif sets up Al-Azizia Steel Mills in Makkah.

2006: The mills were bought by Al-Taufiq Group.

2004: Mian Mohammad Sharif passed away on October 29.

Mian Mohammad Sharif had told Hussain Nawaz in his lifetime that he had used 12 million dirhams received from mills in a Dubai investment with Prince Jassim bin Jaber Al Thani of Qatar. Tariq Shafi, a cousin of Premier Nawaz Sharif, is a witness to this. Mian Mohammad Sharif told Sheikh Jassim that Hussain Nawaz is the heir to this amount.

2001-2003: Mian Sharif received $5.4 million from Al-Thani family for investment in Azizia steel mills. Azizia steel mills were sold in 63mn Saudi riyal in 2006.

2005: At the end of the year, Sheikh Hamad bin Jassim bin Jaber Al-Thani offered Hussain Nawaz to settle long-term deposit issue.

Co-incidentally, Al-Thani family, apart from the $3.257mn, would pay high-return rate according to London inter-bank offer rate after 1980.

Al-Thani family’s representative told Hussain Nawaz that $8mn have been paid to Al-Taufiq company in 2000 for investment fund. Apart from that, Al-Thani family owed Hussain Nawaz $8mn.

It was later agreed shares in Al-Thani family’s two offshore companies, Nelsen and Nescol, will be given in exchange of this amount of $8mm.

Nelson and Nescol own Park Lane apartments located in London. The flat numbers are: Flat 16, 16A, 17, 17A, A-one Field House, flats 118-127.

2006: Transaction of the companies was completed in January, 2006, by representatives of the parties in London.

Hussain Nawaz made his sister Maryam Nawaz his representative for overseeing matters of the two companies. Minerva Trust was established for this reason.

Hussain Nawaz gave this power to Maryam so that in the event anything untoward happens to him, Maryam may decide inheritance between Hussain’s two wives and seven children.

Two trust deeds were created and agreed upon between Hussain Nawaz and Maryam Nawaz on February 2 and 4, 2006, in Jeddah and London, respectively.

2007: Hussain Nawaz set up another steel business in Jeddah, through which he sent money to his father as well, so that Nawaz Sharif could focus on his political activities.

Hasan, Hussain Nawaz were residing in Mayfair apartments during their studies, but the apartments weren’t owned by Sharif family then.

Maryam Nawaz was right in saying that she has no offshore property.

Hasan, Hussain Nawaz presenting the money trail rejected allegations of tax theft, hiding assets or money laundering.

Both sons of Prime Minister Nawaz Sharif submitted complete money trail of London flats and their business in the Supreme Court.

The documents submitted in the apex court included details of their Dubai factory, Azizia Steel Mills in Saudi Arabia, Mian Sharif's investment settlement with Al-Thani family, Hudaibiya Paper Mills audit report, loan acquired for Al-Taufiq Trust, taking over control of Nescol and Nelson companies.

The second letter by the Qatari prince and an affidavit by Tariq Shafi was also made part of the money trail.