Nawaz received Rs886m from Hussain in four years

ISLAMABAD: Amidst the Panama Papers row, Prime Minister Muhammad Nawaz Sharif has witnessed a manifold increase in his remittances he has been receiving from his son Hussain Nawaz Sharif since 2013. But he observed a slight reduction in his annual assets of Rs1.84 billion, a decrease of over Rs120 million during this period.

Nawaz Sharif received remittances worth over Rs886 million from Hussain Nawaz in the past four years, reveal his statements submitted to the Joint Investigation Agency (JIT), also exclusively made available with The News. 

He received Rs235 million from his son in 2016-17, which is over Rs20 million more than the previous year when he received Rs215 million from his son Hussain Nawaz in 2015-16, reveal the documents.

The premier previously received remittances from his son, worth Rs239 million and Rs197. 5 million in 2014 and 2013, respectively.

The value of his annual assets in 2015-16 was Rs1.96 billion, which reduced to Rs1.84 billion in ongoing financial year 2016-16, reveal the latest assets statements of Nawaz Sharif.  Before this, the declared value of his assets crossed Rs2 billion in 2014-15.

Surprisingly, Sharif’s Rs166 million assets swelled to Rs261.6 million in 2012 and then to Rs1.82 billion in 2013, making him a declared billionaire while he has no property abroad.

Now, a special team formed by the JIT is assessing the scale of remittances being sent by Hussain Nawaz to his father.  The investigators are following directions of the apex court where Justice Ijaz-ul-Hassan asked Sharif’s counsel that "we [judges] want to know the source of the amount [remittances/donations], where such a big amount is coming from."

The exclusive documents revealed that the PM received gifts worth Rs235 million from Hussain Nawaz. He sent this amount to his father through drafts/remittances through the Standard Charted Bank having US$ account as well as in Pak rupees. 

The PM showed inherited/gifted agriculture land in Mouza Badokisani, Mall Raiwind and Sultankay Lahore. It measured 1,654 kanals having an estimated value of Rs992 million. He also owned agri land measuring 102 kanals worth Rs87812500 in Sheikhupura. 

The document continued to reveal that his wife Kulsoom Nawaz owns a bungalow worth Rs100000000 in Murree and a house priced Rs100324495 at Changla Gali, Abottabad.

The PM also owns business named Abbas and Company whose assets’ value is Rs10,000. He also owns a property at 135 Upper Mall Lahore having worth of Rs250000000 in addition to an under construction building worth Rs4000000 at Jati Umra Raiwind Road Lahore.  A precious House at Changla Gali of his wife witnessed a significance rise of Rs20, 003, 665 in its value in 2016. 

Assets brought and remitted from outside Pakistan: Bank drafts/remittances (from son Hussain Nawaz). Sharif owns furniture and other fitting articles worth Rs7000000 at house while he has animals/birds whose value was estimated Rs5000000 at home. 

Nawaz has net amount of Rs15.7 million in his eight accounts while his wife has Rs8.1 million in cash in three different accounts in Pakistan Rupees.

The PM also owns shares worth Rs12 million as investments in Hudabiya Eng Com Pvt Ltd, Muhammad Buksh Textile Mills Ltd and Hamza Spinning Mills Ltd. 

His wife has shares worth Rs1.6 million in Kulsoom Textile Mills Ltd, Bakhsh Textile Mills, Hamza Spinning Ltd, Debentures, National Investment Unit Trust, ICP Certificates and National Saving Schemes. 

She has also secured loans worth Rs2.8 million with Farooq Barkat and Mrs Shamim Begum. The PM has also unsecured loans worth Rs84485 at Abbas and Company. He has five luxury vehicles worth Rs13 million accordingly. His wife also owns jewelry worth Rs1.5 million.