Why not ask 100 biggies to explain assets?

ISLAMABAD: Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Tuesday said the apex court wanted to assist the government in bringing back the money taken out of the country and parked in foreign bank accounts.

The chief justice made these remarks while heading a three-member bench hearing a suo motu case of foreign bank accounts held by Pakistanis. The chief justice observed that the court will not rush the case, as it wanted to see how the capital taken abroad could be brought back.

Justice Umar Ata Bandyal remarked that the money was taken out through the illegal channels and brought back legally, adding that dollars were bought from the open market and everything was ‘purified’.

Justice Ijazul Ahsan observed that if money changers were given a decent percentage, they could arrange the foreign exchange. Governor State Bank of Pakistan Tariq Bajwa informed the court that the National Accountability Bureau (NAB) had requested countries for assistance and it will take time to verify the foreign assets of Pakistanis.

Bajwa further said a law was needed to strictly control the operations of foreign currency exchange companies. The chief justice remarked that chartered accountants will not aid the court in getting back the money.

“We will not run away from Pakistan. We intend to leave a country for our children where they can be happy and satisfied,” Chief Justice Nisar observed. The chief justice observed that the court could call the richest 100 Pakistanis and ask them to provide details of their assets.

The chief justice further observed that the court was accused of exceeding its jurisdiction. He said the apex court did not want not create fear that will have an adverse impact on the economy. The Supreme Court took suo motu notice of money deposited in the foreign bank accounts and the foreign assets held by the Pakistani citizens.