The sons and daughter of Pakistan Prime Minister Nawaz Sharif, Hussain and Hasan Nawaz Sharif, and Mariam Safdar, set up at least four offshore companies in British Virgin Islands (BVI).
These companies owned at least six upmarket properties overlooking London’s famous Hyde Park.
Thousands of Mossack Fonseca (MF) documents reviewed by The Indian Express and subsequent enquiries reveal that the Sharif family mortgaged four of these properties to the Deutsche Bank (Suisse) SA for a loan of GBP 7 million and the Bank of Scotland part financed the purchase of two other apartments.
Controversy has long engulfed Pakistan Prime Minister Nawaz Sharif’s family, including three of his four children – Mariam, Hasan and Hussain – over their riches from a network of businesses that include steel, sugar and paper mills and extensive international property holdings. At various times, depending on the political party in power, the Sharifs – one of Pakistan’s richest families – have been accused of corruption, ownership of illegal assets, tax avoidance and money laundering. Mariam, Hussain and their father have been detained on such charges, exiled to Saudi Arabia and also acquitted. When allegations first surfaced in 2000, a family member called them “completely wrong,” and declared: “This is a very religious family.” Hasan, who moved to London over 16 years ago, and Hussain have been running family businesses from abroad. Mariam reportedly is being groomed to take over leadership of her father’s political party.
Three children of former and current Pakistan’s Prime Minister Nawaz Sharif – Mariam, Hasan and Hussain– were owners or had the right to authorize transactions for several companies. Daughter Mariam Safdar was the owner of British Virgin Islands-based firms Nielsen Enterprises Limited and Nescoll Limited, incorporated in 1994 and 1993. Sharif’s first term as prime minister ended in 1993. The companies owned “a UK property each for use by the family” of the companies’ owners. Hussain and Mariam signed a document dated June 2007 that was part of a series of transactions in which Deutsche Bank Geneva lent up to $13.8 million to Nescoll, Nielsen and another company, with their London properties as collateral.In July 2014, the two companies were transferred to another agent. Mossack Fonseca knew that Mariam Safdar was Nawaz Sharif’s daughter, a “Politically Exposed Person,” and committed to checking her activities twice a year beginning in July 2012. Hasan Nawaz Sharif was the sole director of Hangon Property Holdings Limited incorporated in the British Virgin Islands in February 2007, which acquired Liberia-based firm Cascon Holdings Establishment Limited for about $11.2 million in August 2007. Mossack Fonseca resigned as agent for Hangon because Hasan Nawaz Sharif was a “Politically Exposed Person.”
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