‘Shaukat Aziz didn’t profit financially by serving Pakistan’

ISLAMABAD:  Former prime minister Shaukat Aziz explained on Monday he did not profit financially by his service to Pakistan. 

His lawyer Warren Whitaker, in the light of recent information that has been released about the estate plan of Mr. Shaukat Aziz as part of the “Paradise Papers”, has explained on Mr Aziz’s behalf the following: —

“Before entering into public service in Pakistan, Mr. Aziz had a 30-year career as a
banker with Citibank. All of his personal savings were acquired during this time. He paid all required taxes and made all required disclosures on his earnings and savings.

“Prior to going to Pakistan to serve as finance minister, Mr. Aziz did estate planning for the benefit of his family. He gave his assets to an irrevocable trust in the United States for the benefit of his wife and children, so that he was no longer the owner of the assets. This is a standard and entirely legal estate plan that is routinely used by US executives.

“No funds were added to the trust after Mr. Aziz became an official of the Pakistani government. He did not profit financially by his service to Pakistan. Mr. Aziz has always maintained the highest ethical standards.

“He has paid all taxes and filed all reports to the US and to any other country when he was required to do so. Mr. Aziz cooperated fully with the ICIJ and answered a number of detailed questions you asked regarding his estate plan.”