pakistan
Sunday Oct 03 2021
By
Web Desk

Shaukat Tarin clarifies role in establishment of offshore companies

By
Web Desk

Just ahead of an international exposé on offshore companies held by powerful individuals across the world, including Pakistani politicians, Minister for Finance Shaukat Tarin on Sunday clarified his role in the opening of certain offshore companies.

He said the offshore companies were opened when Tariq Fawad Malik, who worked for the UAE's Tariq bin Laden company, had obtained formal permission to invest in Silk Bank, of which he was a major stakeholder.

Tarin clarified that no bank account of the companies was opened and no transaction took place. Later, when minds were changed regarding investment, the companies were closed, between 2014 and 2015, he said.

He added that Tariq bin Laden is a major Saudi investor, while Tariq Fawad Malik worked for Tariq bin Laden's company in the UAE.

In this regard, Malik — a key figure in the Broadsheet case — said that in 2014, he was associated with a Middle Eastern company that wanted to invest in Tarin's bank. 

He said that his company, wishing to invest in the bank, also held negotiations with the State Bank of Pakistan. 

Malik's remarks come in the backdrop of reports that he manages four offshore companies — Hamra Inc, Moonhen Inc, Seafax Inc, and Triperna Inc., — which are allegedly owned by Tarin along with three of his family members. These companies are said to have been registered in 2014 in Seychelles, Isle of Man.

The world's largest research on the financial secrets held by high-profile individuals, the Pandora Papers, is complete and set to release tonight.

The Pandora Papers contain 11.9 million documents and the investigation involved more than 600 reporters from 150 media outlets in 117 countries, making it an even bigger exposé than Panama Papers.

From Pakistan, Omar Cheema and Fakhar Durrani of The News participated in the research, which took two years to complete.

It may be recalled that the Panama Papers released in 2016 included the names of 444 Pakistanis.