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UK tax authorities probe fast growing assets of Sharifs
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February 04, 2011
The British tax authorities have decided to investigate the fast growing assets of Hussain Nawaz, son of PML-N head, Mian Nawaz Sharif. According to sources, the British tax authorities would also be investigating as to how the credit ratings of Hussain’s companies had improved despite their continuous reported losses.
Hussain Nawaz is reported to be holding many real estate companies in London. The proposed investigations were prompted by the submission of audit reports of Flagship Investments Ltd, Q Holding Ltd, and Queen Pet Ltd, to British tax authorities.
Sources say the declared assets of Hussain Nawaz in London also include Gloucester Palace London, and Dew Street London Estate worth UKL 1.5 million; while estates located in Park Lane and Gain Street, London, amount to more than UKL 3 million.
Sources have disclosed that despite possessing millions of pounds worth of assets in London, the tax returns submitted to British tax authorities by Hussain Nawaz have (yet) indicated losses.
The British tax authorities would also investigate the authenticity of submitted assets, earning sources of these assets, including the possibility of transferring of these massive amounts through the Hundi system (‘private transfers’) to various countries.
According to a chartered public accountant, money laundering, submitting false tax returns, and tax evasions were serious crimes in Britain, and if the private companies failed to satisfy the tax authorities, it would be a major crime carrying such heavy penalties like confiscation of property and accounts, besides 15 to 20 years of imprisonment.
These development bring forth one of the major scandals related to PML-N, which is led by the Sharif Dynasty. Sharif Group is one of the largest of industrial conglomerates in Pakistan. Established in 1939 by (late) Mr. Muhammad Sharif, an ace entrepreneur of sub-continent and father of Sharif brothers, it comprises prosperous and mega industrial units like Ramzan Sugar Mills, Sharif Feed Mills (Pvt) Ltd, Sharif Dairy Farms (Pvt) Ltd, Sharif Poultry Farms (Pvt) Ltd, Ramzan Sugarcane Development Farms, Sharif Agro Farms etc.
It is indeed a severe negation of justice and meritocracy that elements posing, claiming and declaring themselves as ultimate champions of patriotism and democracy should hide their tax assets/assets, while giving others a 45-day deadline to put things in order. They do nothing except for making tall claims and declarations of leading long marches to end corruption, nepotism and irregularities that already plague the Nation. It only leaves masses still waiting for a Godot. The duality and hypocrisy of corrupt elements like these should be constantly exposed.
And, where that leaves the poor, hapless and already strangled masses? Between the devil and the deep blue sea? It seems that these elements have learnt nothing from the past experiences, and despite being given a fair and powerful chance to rule an entire province, they are forced to admit that they have not been able to deliver this time! So why cling to power anymore? Are they just power vultures, waiting hungrily in shadows to pounce upon the echelons of power? Only it might not be easy this time to take a free ride anymore.
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