How and What to Investigate in Panama Leaks

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There is almost total agreement among all politicians and the people of Pakistan, even Nawaz Sharif himself, that the Panama Leaks must be investigated. The question is How to investigate and What to investigate.

How to Investigate?

  1. A non-controversial body needs to be established that handles the entire process, we have called this a Commission. My 8 points why Chief Justice of the Supreme Court should head this Commission can be read here in detail: http://www.na250.com/my_8_points_why_chief_justice_of_supreme_court_should_head_jc
  2. Some agencies that have the capacity to investigate need to work under the commission on this issue. There are specifically four such departments/agencies and they are NAB, State Bank of Pakistan, FIA, FBR. 
  3. The Commission must have adequate resources to carry out its work and to hire an international audit company of repute that can do forensic audit and unearth the money trail.

 

What to Investigate?

  1. The reason for setting up of offshore shell companies, and offshore bank accounts by businessmen, politicians and others in their own name or in the name of their siblings, parents or children;
  2. Besides Panama Leaks to also unearth money deposited in other offshore tax havens including Swiss Bank accounts (in the latter case it has already accepted in parliament to be at least $200 Billion).
  3. Whether it was done in a legitimate manner and not in violation of the laws of Pakistan;
  4. Whether the wealth that was deposited or invested in these offshore shell companies or banks was accumulated through lawful means and not through kickbacks, commissions, over/under invoicing, tax evasion or other forms of corruption;
  5. Whether tax was paid on this money.
  6. Whether money was taken out of Pakistan in a legitimate manner after obtaining necessary statuary permissions from the relevant authorities, and in observance of the law;
  7. Whether this wealth was reported in the person's wealth and tax returns, and in the ECP forms in case of parliamentarians.

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  • My question is about shareef bros loan pay back last year, in 2013-14 their tax return shows the assets amounting to RS. 3.2 billion, but next year in 2015 they pay the loan of 5 billion without any change in assets, can you check how this majic happened.