Sharif family CFO Usman admits money-laundering: NAB

LAHORE: The National Accountability Bureau has claimed that Chief Financial Officer of the Sharif Group of Companies Muhammad Usman has confessed during the investigation that he acted on directions of Salman Shahbaz so that new businesses could be established.

It was claimed by the NAB Lahore in an accountability court where the accused was presented for extension in his physical remand. The NAB stated that Usman started working for the Sharif family in 2005 at the Ramzan Sugar Mills. In 2006, the Nawaz family acquired Hudaibiya Engineering from the Shahbaz family and in 2007, the Shahbaz family made more companies, including the Sharif Feed Mill, to expand their businesses.

CFO during the investigation informed that foreign remittances and loans were the sources of funding for establishment of new companies. The NAB claimed that the CFO has informed that the bank accounts of Shahbaz Sharif’s wife Nusrat Shahbaz and his sons were used for foreign remittances and loans. When asked about money laundering, Usman said that as an employee, he acted upon directions of Salman Shahbaz.

The NAB claimed that Usman has informed that on the directions of Salman, the Waqar Trading Company made fake foreign remittances of Rs 600 million. This is the same amount as was confessed by Mushtaq Cheeni. The NAB stated that further Investigations into the Benami accounts, sources of funds and foreign currency from the accused are under process.