Pakistan Tehreek-e-Insaaf (PTI) leader Jehangir Tareen has admitted to having an offshore company registered in the name of his four children.
The PTI leader in an interview with the local newspaper ‘The News” made the revelation and said “I do not own any offshore company in my name,” Tareen said adding, “All my children are grown up and independent, so the ownership of UK’s foreign property and offshore company linked with it could not be declared under my name.”
Tareen further added that “If same is not done through offshore companies being managed through a trust, a big money has to be paid in form of taxes to the UK government and the property has to be surrendered to the UK authorities because the laws regarding inheritance are different there,” Tareen explained.
Tareen said that his four children had property in UK and he had sent money outside the Pakistan through legal banking channels. He provided The News two documents regarding transfer of money from Pakistan to UK. One document shows that Jehangir Tareen sent 200,000 pound on September 18, 2014 through HBL Corporate Center Lahore to his son, Ali Khan Tareen. The other document, however, shows that Tareen sent 250,000 pound on May 25, 2011 through the same channel to a company ‘Shiny View Limited.’ However, Tareen didn’t disclose exact location of property in UK and the name of offshore company in the name of his four children saying he could not recall name and that he would have to check.
Tareen said that an investment of Rs132,494,948 each for his son, Ali Khan Tareen, daughter Mehar Khan Tareen, daughter Seher Khan Tareen and daughter Maryam Khan Tareen was shown in their return for the tax year 2015 as ‘share in trust.’ The total amount shown for all the four children stands at Rs529,979,792. Tareen said that this entire amount (Rs529.97 million) was sent abroad through legal channel. He said he would provide evidence of money transfer and other details later.
