Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
    Squid Game Season 3
    Videos

    Squid Game Season 3: Final Trailer Unveils Epic Plot

    June 14, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: NA: PM Nawaz’s business history fails to impress as opposition stages walkout
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Nawaz Sharif
PhotoNews Pakistan > Top News > NA: PM Nawaz’s business history fails to impress as opposition stages walkout
Top News

NA: PM Nawaz’s business history fails to impress as opposition stages walkout

Web Desk
By Web Desk Published May 17, 2016 6 Min Read
Share
SHARE

Prime Minister Nawaz Sharif, in his much-awaited speech before the National Assembly on the Panama leaks issue, again spoke about the history of his family businesses, arguing that his father had left him enough money to buy properties in London.

His 30-minute address to a packed lower house, however, did not impress the opposition, which walked out in unison, instead of responding to the prime minister’s claim that his family had made its businesses profitable, even under adverse circumstances.

This dismayed the government no end, as it was expecting the opposition to react to the prime minister’s speech on the floor of the house.

Even an offer to constitute a joint parliamentary committee for the reformulation of the terms of reference (ToR) for the proposed judicial commission couldn’t win over opposition parties, who preferred to speak outside parliament rather than inside it.


‘Silent treatment’ takes govt by surprise; Dar seeks meeting with opposition to discuss ToR


The PM presented documentary evidence of taxes worth Rs10 billion, which his family had paid over the past 23 years, and details of the sale of two steel mills; one in the UAE which was sold in 1980 for 33.37 million dirhams, and another in Saudi Arabia, whose sale netted his family $17m in 2005.

He said this money was used to buy properties in London, but didn’t touch specifically on the offshore companies said to be owned by his two sons and daughter.

“Not even a single penny was transferred abroad for the purchase of these properties,” he announced with aplomb.

“My two sons have been living and doing business abroad,” he said. But whether or not it was a deliberate omission, the prime minister didn’t refer to the business concerns of his daughter, Maryam Nawaz, who is the beneficial owner of two offshore companies as per the ICIJ reports.

Leader of the Opposition Syed Khursheed Shah, however, saw matters differently.

Instead of responding to the seven questions posed by the combined opposition, “the PM’s speech has raised 70 more queries”.

In a short response, Mr Shah said, “I don’t want to waste the time of the august house by challenging whatever the prime minister has said, but the issue is that he hasn’t responded to our questions.”

During the retelling of his family’s business history, the PM referred to the nationalisation of Sharif family industries in 1972, and the Musharraf-led witch-hunt of the late 1990s. He also took swipes at the PTI leadership.

“Ittefaq Foundry had an annual turnover of Rs40.5m when it was nationalised in the early 70s. This was the time when one US dollar was worth four rupees and CSP officers received a monthly salary of Rs500 per month.”

Now, he said, the time had come for those who are living in palatial houses and riding in helicopters on a daily basis to explain their sources of income, the prime minister said, an obvious reference to the PTI chairman.

The prime minister also reminded Mr Khan how he, as Punjab chief minister, had allotted land, free of cost, to certain charity organisations and trusts to set up hospitals, another obvious swipe at Imran Khan.

But the opposition’s silent treatment flabbergasted the treasury benches, and even Finance Minister Ishaq Dar sounded as if he felt cheated.

From his remarks, it appeared that Mr Dar had assured the prime minister that by submitting evidence of his tax records and offering for the constitution of a joint parliamentary committee, the opposition would be satiated.

In his short but impassioned speech, Mr Dar said that the government had been listening to the opposition over the Panamagate throughout, but “I really don’t know what else they want”.

Requesting the speaker to arrange a meeting between himself and the opposition, the minister said, “let a committee be formed, which can decide the exact nature of the instrument, which the two sides can agree for the investigation. But by staging a walkout, [it seems the] opposition parties want to drag out the issue.”

Let the two sides sit together and work on the ToR, and if need be, an ordinance can also be promulgated, he added.

Responding to the opposition outside parliament, senior government ministers including Khawaja Mohammad Asif and Pervaiz Rasheed said that besides offering to form a parliamentary committee, the prime minister had also proposed legislation to effectively check the issue of kickbacks, commissions and money laundering for all times to come.

TAGGED:Nawaz Sharif
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

New iPhone 17 Series

iPhone 17 to Boast Larger 6.3-Inch 120Hz Display, Tipster Reveals

MI6’s New Chief Blaise Metreweli

New MI6 Chief’s Grandfather Was Nazi Spy ‘The Butcher,’ Reports Reveal

Sri Lanka Bangladesh Test 2025

Sri Lanka Crushes Bangladesh by Innings and 78 Runs in Colombo Test

Iran state funeral 2025

Iran Holds State Funeral for 60 Killed in Israel Conflict

Diddy trial daughters 2025

Diddy’s Daughters Break Down as Sex Trafficking Trial Nears Verdict

Post Archives

More Popular from Photonews

Elio Pixar box office 2025
Tech

Elio Marks Pixar’s Lowest Box Office Opening as How to Train Your Dragon Soars

3 Min Read
Imran Khan bail May 9
Punjab

Lahore High Court Denies Imran Khan Bail in Eight May 9 Cases

3 Min Read
iPhone 17 Pro Max 2025
Tech

iPhone 17 Pro Max Set to Launch in September 2025 with Major Upgrades

3 Min Read
Top NewsWorld

Zohran Mamdani Faces Surge in Anti-Muslim Hate After NYC Mayoral Primary Win

On June 27, 2025, advocates reported a surge in anti-Muslim online attacks targeting Zohran Mamdani, the…

June 27, 2025
Entertainment

Justin Bieber’s Instagram Post Sparks Selena Gomez Drama and Fan Backlash

On June 20, 2025, Justin Bieber ignited a social media firestorm by reposting a video on…

June 25, 2025
Sindh

K-Electric Restores Power in North Karachi

On June 26, 2025, K-Electric (KE), Karachi’s primary power utility, announced the restoration of electricity in…

June 26, 2025
Pakistan

‘I think, Minus Imran Khan has Happened’, Aleema Khan Amid KP Budget Controversy

Aleema Khan, sister of incarcerated former Prime Minister Imran Khan, responded to claims that the Pakistan…

June 25, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?