Maryam’s net wealth in 2012 was Rs173 million

Her tax return does not show offshore companies, London flats

ISLAMABAD: Maryam Nawaz’s tax return for the year 2012 does not talk of any offshore company or London flats, which according to the Panama Papers she owned the same year.

The Panama Papers as shared by the ICIJ in its report showed Maryam Nawaz as the “Beneficial Owner” of the two offshore companies — Nielson and Nescoll. These documents are dated 22nd June, 2012.

However, in her tax returns that she filed with the Federal Board of Revenue for the year 2012, there is no mention of either these offshore companies or the London flats.Prime Minister Nawaz Sharif, as well as Capt Safdar, in their replies to the apex court in the Panama Papers case also stated that Maryam does not own any offshore company. The PM in his statement instead said that his daughter neither is and nor ever was the beneficial owner of the Nescoll, Nielson and Coomber.

Against the Panama Papers report that Maryam is a “beneficial owner” of the offshore companies, Husain Nawaz stated in a TV interview several months back that he was the beneficial owner of the offshore companies while his sister is the trustee.

In her wealth statement for the 2012 tax year, she showed her net wealth worth Rs173 million (Rs172,963,168), which does not include any foreign property or offshore company. As against the 2011 tax year, Maryam Nawaz showed an increase of her wealth by Rs70 million in 2012.

According to her tax documents, during the tax year 2012, she got a gift of Rs51 million from her father Mian Nawaz Sharif besides getting a loan of Rs29 million from her brother Hassan Nawaz.

Her investments during the same year included 5,401,455 shares of Chaudhry Sugar Mills Ltd (Rs9m); 270,000 shares of Ramzan Sugar Mills Ltd (Rs2.7m); 164,000 shares of Hamza Spining Mills Ltd (Rs1.6m); 482,100 shares of Muhammad Buksh Textile Mills Ltd (Rs4.8m); 424,200 shares of Hudaybiya Paper Mills Ltd (Rs4.2m); 12,270 shares of Hudabiya Engineering Company (Pvt) Ltd. (Rs1.2m) and 700,000 shares of Shamim Sugar Mills Ltd (Rs70m).

Maryam Nawaz in 2012 owned agriculture property of 43 Kanal, 09 Marla Land at Mouza Sultankey, 67 Kanal 05 Marla at Mouza Mall worth Rs32m and 140 Kanal 03 Marala Land at Mouza Sultankey worth Rs42m. Her return did not show any non-agriculture property.

She, however, declared to have a BMW vehicle worth Rs28m. She had three bank accounts with total Rs1.8m balance. Maryam declared Rs0.2m worth jewellery and Rs2.7m cash in hand. Though not explained in the tax papers, she showed Rs19m as profit on the BMW. Her net assets worth was Rs102m as on 30th June, 2011. A year later on 30th June 2012, her wealth increased to Rs 173m. Her personal expenditures during the year 2012 were Rs3.5m.