Tag: assets

  • Did you know Usman Buzdar is a crorepati?

    Did you know Usman Buzdar is a crorepati?

    After both the upper and lower houses of the parliament, details of assets and liabilities of Punjab Assembly members have also been released by the Election Commission of Pakistan (ECP), according to which, Chief Minister (CM) Usman Buzdar is a millionaire or crorepati with his 10 immovable properties alone amounting to Rs35 million (Rs3.5 crores).

    According to details, while some members of the provincial assembly also own offshore properties, others run businesses besides owning agricultural lands.

    It has also emerged that CM Buzdar, on top of his 10 immovable properties, also has a 14-kanal bungalow in Taunsa Sharif and four kanals in Dera Ghazi Khan. His spouse, on the other hand, owns three pieces of land, whereas Buzdar himself also owns agricultural land in Multan and Dera Ghazi Khan besides three tractors, two vehicles and Rs7.7 million (Rs77 lacs) in his bank account.

    Punjab Assembly Speaker Chaudhry Pervez Elahi owns three properties worth Rs69.4 million (6.94 crores). He also has shares in three properties and owns a house each in both Lahore and Islamabad. The former CM also has shares in the Zahoor Palace Gujarat, has Rs9.9 million (Rs99 lacs) capital in a flour mill and Rs13.5 million (Rs1.35 crores) unsecured debt.

    On top of this, he has Rs12.7 million in his bank account while his wife has assets worth Rs93.1 million in her name, including jewelry worth Rs2.1 million.

    The assets of Hamza Shehbaz, who is the leader of the opposition in the Punjab Assembly, are worth Rs414 million (Rs41.4 crores). He owns Rs30 million (Rs3 crores) of agricultural land given by his brother Suleman Shehbaz, and has invested Rs130 million (Rs13 crores) in the country.

    Hamza also has Rs10 million (Rs1 crore) in his bank account.

    Provincial Minister Aleem Khan and his wife have properties worth Rs159.2 million (Rs15.9 crores). His daughter and wife have assets worth Rs7.8 million (Rs78 lacs) in England and the United Arab Emirates (UAE), and stock shares worth Rs117.7 million (Rs11.77 crores).

    Aleem also has an unsecured loan of Rs1.21 billion and owns three luxury cars worth Rs32.1 million (Rs3.21 crores) in addition to 65 tolas of gold. He also has Rs10 million (Rs1 crore) cash and Rs139.1 million (Rs13.91 crores) in his bank account.

    Punjab Minister Fayazul Hasan Chohan owns two properties worth Rs8.5 million (Rs85 lacs) while he and his spouse have a total of Rs7.9 million (Rs79 lacs) in their bank account.

    Provincial Minister Raja Basharat owns more than Rs29.3 million (Rs2.93 crores) assets, while Provincial Minister Raja Rashid Hafeez owns more than Rs111 million (Rs11.1 crores) assets.

    The documents also state that Ejaz Khan of the ruling Pakistan Tehreek-e-Insaf (PTI) has total assets of only Rs274,000 (Rs0.27 million) and no car or jewelry or businesses at home or abroad. The lawmaker with the least assets and liabilities is Sajida Yousuf, who has only Rs217 in her bank account. She has no car, no jewelry and no property at home or abroad.

  • Billionaire Taj Afridi richest senator; PML-N’s Zafarul Haq has Rs50,000 in bank accounts, no properties

    Senator Taj Muhammad Afridi is the richest member of the Senate with assets worth Rs1.22 billion, as the Election Commission of Pakistan (ECP) issues details of assets owned by the members of the Senate in 2019-20.

    According to details, Taj Muhammad Afridi owns assets worth Rs1.22 billion which also included over Rs160 million worth assets abroad.

    Senate Chairman Sadiq Sanjrani owned assets worth Rs106.3 million which included properties in Pakistan worth over Rs50 million, besides owning four vehicles. Deputy Chairman Saleem Mandviwalla owns assets worth Rs67.7 million.

    According to details of the assets owned by members of the treasury benches, Federal Minister Azam Swati owns assets worth over Rs810 million, followed by Farogh Naseem, who possesses assets worth Rs400 million.

    Information Minister Shibli Faraz has assets up to Rs46.7 million, Leader of the House in Senate Shehzad Waseem owns assets worth over Rs200 million while his wife also possesses assets worth Rs170 million. Senator Faisal Javed holds assets worth Rs10 million, whereas Muzafar Hussain Shah of the Pakistan Muslim League-Nawaz (PML-F) owns assets worth Rs30 million.

    Pakistan Muslim League-Nawaz (PML-N) Senator Chaudhry Tanveer owns agricultural land of Rs36.7 million, non-agricultural land of Rs47.4 million, besides having Rs37.9 million in bank accounts and furniture worth Rs2.5 million.

    Mushahidullah Khan possesses plots worth Rs7.5 million, shares of Rs65,000 in stocks and jewellery worth Rs0.8 million. He also owns Rs3.1 million in bank accounts.

    Senator Abdul Qayyum owns assets including land worth Rs86.4 million. Senator Pervaiz Rasheed does not own any assets in the country and abroad and only has Rs3.3 million in bank accounts. Senator Raja Zafarul Haq showed only Rs50,000 in the bank accounts without having any property in his name.

    PPP Senator Rehman Malik owns foreign assets worth 1.3 million pounds while his wife also possesses 50 tolas of jewellery worth Rs2.7 million.

    Mustafa Nawaz Khokhar owns immovable properties worth Rs120 million, besides having shares of Rs5 million in stocks, vehicles worth up to Rs38.4 million and Rs23.4 million in bank accounts.

    Raza Rabbani revealed assets worth millions of rupees including Rs15.3 million investments in the business, Rs6.2 million worth gifted property, besides owning millions in bank accounts. He also paid an income tax of Rs1.5 million.

    Jamaat-e-Islami (JI) Senator Sirajul Haq is amongst the poorest Senators as he has inherited 12 kanals of land, investments of Rs361,000 in a business and Rs600,000 in bank accounts.

    Senator Talha Mahmood of the JUI-F owns Rs90 million in bank accounts, vehicles worth Rs44.8 million, besides properties worth Rs160 million. He also has investments of Rs27 million and further had other assets worth Rs33 million.

    Abdul Ghafoor Haideri of Jamiat Ulema-e-Islam-Fazl (JUI-F) has revealed assets worth over Rs6.3 million.

  • ‘Band karo isay’: Twitterati suspect more than a technical fault on Shahzeb Khanzada’s Thursday show

    ‘Band karo isay’: Twitterati suspect more than a technical fault on Shahzeb Khanzada’s Thursday show

    With Lieutenant General (r) Asim Bajwa’s call dropping during his appearance on Geo News show ‘Aaj Shahzaeb Khanzada Kay Sath’ as he rebutted the news report linking his family’s businesses to his military career, Twitterati, owing to some background chatter, are suspecting more than just a technical fault.

    As per the details, Bajwa on Thursday issued a detailed press release rubbishing claims made regarding the assets of his family members by journalist Ahmad Noorani.

    The press release was followed by Bajwa appearing on multiple current affairs shows later in the day to further clarify the situation.

    In an on-air telephonic conversation with Shahzeb Khanzada, Bajwa reiterated his statements aimed at rubbishing the claims made in the story that he has called “malicious propaganda”.

    As the interview continued, the phone call dropped amid questions posed by Khanzada.

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    But Twitterati suspected there was more to the dropped call than an alleged technical fault as they pointed out some background chatter.

    The former military officer, however, returned after a commercial break and responded to the question.

    What do you think of the interview? Let The Current know in the comments below

  • CPEC Authority chief Lt Gen (r) Asim Bajwa rubbishes report on family’s assets, resigns as Imran’s aide

    CPEC Authority chief Lt Gen (r) Asim Bajwa rubbishes report on family’s assets, resigns as Imran’s aide

    Lieutenant General (r) Asim Saleem Bajwa has categorically rebutted all corruption allegations levelled against him and resigned from the post of special assistant to prime minister on information and broadcasting, however, he will continue to remain the chairman of China-Pakistan Economic Corridor (CPEC) Authority.

    Defending the businesses and enterprises owned by his brothers in countries abroad, he said that shameless allegations were levelled against him to tarnish his image.

    Lt Gen Bajwa, in rejoinder to a story published on an “unknown website”, lamented that the allegations were “false and incorrect”. He insisted that on the date of filing of his declaration, i.e. June 22, 2020, his spouse was no longer an investor or shareholder in any business of his brothers.

    “My wife had disinvested all her interests as at 01.06.2020 in any entity abroad and such fact has been duly documented in the official records in the USA. It may be pointed out that the company registered in the SECP [Securities and Exchange Commission of Pakistan] in Pakistan was Liaison Office of the companies in the USA,” he maintained.

    About the investments abroad, Lt Gen Bajwa said that since 2002 till June 1, 2020 his wife had only invested $19,492 in his brothers’ companies. He said that all investments came from his savings over the last 18 years, and no regulations of the State Bank of Pakistan (SBP) have been broken.

    Concerning the alleged investment of businesses in the pizza chain Papa John’s in the US and DQ, UAE, Lt Gen Bajwa said that facts and figures were fully documented.

    He insisted that Bajco Global Management, LLC did not have any ownership interest in any Papa John’s in the USA, DQ, UAE or any real estate.

    READ: ‘Who is this Mr Bajwa you are talking about?’ NAB DG on alleged assets of Lt Gen (r) Asim Bajwa’s family

    “The author further makes a false claim that Bajco owns 99 companies. The author has listed many companies multiple times on his list. There is a total of 27 active companies in the US and two in the UAE,” he said.

    “For eighteen years, the actual out of pocket cash investment into the said businesses by my brothers and wife has been about US$73,950/-. It is further pointed out that out of US $73,950/-, my wife’s contribution, as stated aforesaid, is US$19,492/-. Thus, the total out of pocket cash contribution of my five brothers, for eighteen years, has been US$54,458/-,” Lt Gen Bajwa added.

    He added that the cash contributions of $54,458 by his five brothers were fully accounted for and traceable to their sources. He further said that apart from his five brothers and his wife, the businesses have at least 50 other investors. He maintained that any further investments were a result of profits generated from the business, while also mentioning the various qualifications of his five brothers as a source of income.

    “One question that may be underscored is whether three persons who have worked in the US up to the positions of a Vice President in a US Bank, a Controller in a restaurant operating company, and as an operating partner of a restaurant; and two persons having worked as doctors, would not be able to save US$54,458/-,” argued Lt Gen Bajwa.

    Responding to the allegations made about businesses of his children, he said that the company Scion Builders and Estates (Pvt.) Ltd owned by his sons and registered in the SECP had never done any business and same is dormant since inception. He said the same about other businesses owned by his sons, namely Advance Marketing (Pvt.) Ltd, Scion Natura LLC, and Mochi Cordwainers.

    READ: ‘Lt Gen (r) Asim Bajwa to issue clarification on report linking military career to family’s businesses’

    Regarding an allegation about a house owned by his son’s Scion Management Group LLC, he asserted that the house was only 31,000 and had been bought by his sons through their independent resources in “cheap foreclosure proceedings”.

    “Baseless allegations have been levelled that a business entity of my two brothers by the name of Silkline Enterprises (Pvt.) Ltd has been formed to acquire CPEC contracts. It may be stated that this company has never acquired any CPEC contract. This company is in Rahim Yar Khan and has only provided labour/human resources to industries in Rahim Yar Khan region,” he added.

    He said that one of his sons owns a house in the USA but it has been acquired through a mortgage in the manner that 80 per cent of loan/mortgage remains unpaid.

    “This again is a small time-house. All my sons are above 18 years and none are my dependents. Masha’Allah their ages are 33, 32 and 27 years respectively. It shall be noted that my sons completed their business degrees from reputable universities in the United States and have had well-paying jobs,” concluded the retired general.

    On August 27, a website known as Fact Focus published a story, claiming that Lt Gen Bajwa’s family had set up 99 companies in four countries, including a pizza franchise with 133 restaurants.

    The website further claimed that Lt Gen (r) Bajwa’s wife was a “shareholder” in at least 86 companies. Of them, 71 were set up in the US, seven in the UAE and four in Canada.

    The rebuttal followed the statement of Federal Minister for Information and Broadcasting Shibli Faraz, who had earlier this week said that Bajwa will soon be issuing a clarification on the news report.

    Bajwa had earlier called the report a “malicious propaganda story”.

    The story had been called an attack on CPEC by the ruling Pakistan Tehreek-e-Insaf (PTI).

  • Nawaz’s assets jumped from Rs2.7 million to Rs1.8 billion in 20 years of politics: report

    Nawaz’s assets jumped from Rs2.7 million to Rs1.8 billion in 20 years of politics: report

    Ousted prime minister (PM) Nawaz Sharif’s assets jumped from Rs2.7 million to Rs1.82 billion in twenty years of his political career from 1993 to 2013, media reports have revealed.

    As per the details, Nawaz owned assets worth Rs 261.6 million in 2012, but that saw a six-fold increase and reached Rs 1.82 billion in 2013 — the first year of his third stint as the country’s chief executive, making him a declared billionaire for the first time.

    His assets in 2014 crossed the Rs2 billion-mark, but in 2015 declined slightly to Rs1.96 billion. Earlier in 2011, he owned assets worth Rs166m.

    According to the statements of assets of lawmakers, released by the Election Commission of Pakistan (ECP) in 2017, the value of his assets further declined to Rs1.72 billion in the year that ended on June 30, 2016.

    The former premier, however, only owned assets worth Rs2.7 million by the year 1993, media reports said.

    Citing the details submitted to the National Accountability Bureau (NAB) by the Federal Board of Revenue (FBR) in the assets beyond known sources of income and money laundering cases against the Sharif family, a private media outlet claimed that Nawaz’s total assets in 1986 stood at a bit over Rs0.13 million.

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    The assets kept on increasing over the years, the report said, adding that Nawaz’s assets rose by only Rs23,319 in 1986. “According to FBR records, the same swelled by Rs98,588 in 1987.”

    These assets also included those owned by his children, the report claimed.