Showing posts with label Nawaz Shaif. Show all posts
Showing posts with label Nawaz Shaif. Show all posts

Tuesday, January 19, 2021

British Forensic Audit: Nawaz Sharif Family Owns Assets Worth $820.8 Million

Forensic audit of Nawaz Sharif family's assets has put its value at $820.8 Million, according to Broadsheet Award ordered by arbitrator Sir Anthony Evans. It was disclosed in documents released by Broadsheet LLC and Pakistan government. The forensic audit was conducted by Stroz Friedberg audit firm based in the United Kingdom. It was hired by Facebook to conduct forensic audit of Cambridge Analytica, the analytics firm used by US President Donald Trump during the 2016 election.

Broadsheet Arbitration Award 


Broadsheet LLC, incorporated in the Isle of Mann, was hired by Pakistan National Accountability Bureau (Bureau) in Year 2000 to uncover overseas assets hidden by over 200 Pakistanis including former Prime Minister Nawaz Sharif and his family. Pakistan was forced to go into arbitration for breach of contract with the firm.  Here are the key excerpts of the final award dated December 17, 2018:

"Stroz Friedberg was instructed to carry out a ‘forensic audit’ (or ‘inventory’) of the (Pakistan) JIT Report. This consisted of identifying potentially recoverable assets of the Sharif Family that were referred to in it and ascribing a valuation to each. This resulted in a list of 76 items of property in three overseas jurisdictions, namely, Saudi Arabia, the UAE and the United Kingdom, as well as in Pakistan, with total values that were corrected in the Revised SF Report to take account of Mr. Bezant’s comments on it. The revised total was US$820.8 million. The third instruction was “to apply the 20% rate due Broadsheet as outlined in the ARA” – a mechanical application of the 20% rate provided four in the ARA clause 4 – which resulted in a total ‘Loss of Revenue’ for Broadsheet of US$164.2 million. The fourth was to establish a ‘borrowing rate of interest’ for each of the 76 items of loss and to apply it from what they considered was the appropriate date. The interest calculation increased the total of ‘Broadsheet’s Entitlement’ to US$304.6 million". 

"The 2017/8 proceedings, however, in the Supreme Court of Pakistan, including the JIT Investigation and Report, have produced a very different situation where (subject to pending appeals) there is an authoritative listing of personal and family assets totalling (as corrected) US$820 million, both in Pakistan and abroad, and where certain real property in the United Kingdom valued at US$13 million (“the Avenfield flats”) has been forfeited to the Pakistan State as having been acquired with corrupt assets. These call for separate consideration in this Award".


"As stated above, the total value of assets both in Pakistan and overseas listed by the JIT is agreed by the expert witnesses as US$820 million. Whilst accepting that this figure must be discounted to take account of many factors, not least the costs of recovery etc., Claimant’s representatives have put it forward as what might be called the gross amount of possible recoveries by NAB for the purpose of calculating Broadsheet’s potential entitlement to 20 per cent, under the ARA Clause 4". 

The forensic-audited $820.8 million estimate of the Sharif family is probably conservative. It only encompasses what the investigators have been able to uncover. There could be more assets still hidden. 

Related Links:

Monday, October 12, 2020

Gallup Survey Showed 75% of Pakistanis Welcomed 1999 Coup

On October 12, 1999, Pakistani military toppled democratically elected Prime Minister Mian Mohammad Nawaz Sharif. This action followed the Prime Minister's sudden decision to sack Army Chief General Pervez Musharraf and the Prime Minister's simultaneous orders to deny landing permission to the Pakistan International Airlines Boeing 777-200 that was bringing the Army Chief back to Karachi from Colombo, Sri Lanka. Polls conducted immediately after the coup showed broad public support for it. 

October 1999 Gallup Survey:

A Gallup poll conducted immediately after the coup showed that 75% of respondents supported the military takeover, while less than 10% supported restoring Mr. Nawaz Sharif's government. 

Gallup Pakistan Survey Report October 13, 1999. Source: Bilal Gilani

Benazir Bhutto's Reaction:

It was not just the ordinary Pakistanis who welcomed the coup that toppled Prime Minister Nawaz Sharif's government. Here's how Pakistan's first woman prime minister late Benazir Bhutto reacted to it in 1999:

"Here, a coup has taken place against an unpopular despot (Nawaz Sharif) who was hounding the press, the judiciary, the opposition, the foreign investors. And when he decided to divide the army, the last institution left, the army reacted. Without going into the justifications of who is worse and the frying pan or the fire, I would like to say 'let's move forward'. This is a very dangerous period for a country which has physical bankruptcy and I would like to urge the western community to stay away from Nawaz Sharif, he is not liked by the Pakistani people"

Public Opinion Surveys:

There were frequent public opinion surveys conducted by multiple professional pollsters in Pakistan in the decade that followed the 1999 coup. One such credible survey was done regularly by Pew Global Research.  It showed that the majority of the people believed the country was headed in the right direction in Musharraf years. It also showed that people's satisfaction with Pakistan's direction has been in rapid decline. It fell sharply during the governments headed by the Pakistan People's Party. 

Source: Pew Research in Pakistan


Another survey conducted by Gallup Pakistan  in August 2013 showed that 59% of Pakistanis have a positive view of President Muaharraf (31%  say they hold a favorable opinion of him and another 28% say he was satisfactory). 34% had an unfavorable opinion of the former ruler. 

Pakistani Military's Popularity:

Multiple polls conducted over many years in Pakistan have consistently shown that the overwhelming majority of Pakistanis have high confidence in the Pakistani military. This is in sharp contrast to significantly lower levels of confidence they have shown in the country's politicians and bureaucrats. These results appear to reflect the Pakistanis' fear of chaos...the chaos which has hurt them more than any other threat since the country's inception in 1947. Indian Congress leader Mani Shankar Aiyar has described this situation in the following words: "Despite numerous dire forecasts of imminently proving to be a "failed state" Pakistan has survived, bouncing back every now and then as a recognizable democracy with a popularly elected civilian government, the military in the wings but politics very much centre-stage .....the Government of Pakistan remaining in charge, and the military stepping in to rescue the nation from chaos every time Pakistan appeared on the knife's edge". Pakistanis are not alone in their fear of chaos. Chinese, too, fear chaos. "In Chinese political culture, the biggest fear is of chaos", writes Singaporean diplomat Kishore Mahbubani in his recent book entitled "Has China Won".   

PILDAT Survey 2015


A 2015 poll conducted by Pakistan Institute of Legislative Development (PILDAT) found that 75% of respondents trust the country's military, a much higher percentage than any other institution. Only 36% have confidence in Pakistan's political parties.  


Gallup Poll Findings in Pakistan. Source: Gallup International

Here's a 2014 snapshot of how Pakistanis see various other institutions, according to Gallup International: 

1. Institutions - Less than one-third of Pakistanis have confidence in the national government, local police, and honesty of elections, and the ratings for those institutions have declined over the last six years. Pakistan's military is the one institution that has retained the confidence of an overwhelming majority (roughly 80%) of people in the country. 

2. Corruption - Eighty-one percent of Pakistanis see their government as rife with corruption. This is an increase of 13 percentage points over the last six years. 

3. Leadership - Approximately one in three Pakistanis approve of the leaders in the city or area where they live. Their approval of national leaders is lower - approximately one in five Pakistanis approve of them.

Why is Pakistani Military Popular?

The popularity of the military among Pakistanis' appears to reflect their fear of chaos. Pakistani military has helped the nation defy the most dire predictions of Pakistan's demise. Political, military, religious, ethnic, sectarian, secular, conservative and liberal forces are constantly pushing and pulling to destabilize it but Pakistan remains resilient with its strong nationalism that has evolved after 1971. 

A recent example is Pakistan Army's efforts to defend the state by its anti-terror operations Zarb e Azb and Radd ul Fasad that dramatically reduced the level of violence and significantly improved security in the country. It resulted in increased confidence of businesses, investors and consumers in the economy.  Another recent example is the military's active role in Pakistan's success against  pandemic caused by the deadly coronavirus. 

Terror Stats in Pakistan. Source: satp.org



Here's how India's ex cabinet minister Mani Shankar Aiyar has described Pakistani military's role in defending national integrity:  

"Despite numerous dire forecasts of imminently proving to be a "failed state" Pakistan has survived, bouncing back every now and then as a recognizable democracy with a popularly elected civilian government, the military in the wings but politics very much centre-stage, linguistic and regional groups pulling and pushing, sectarian factions murdering each other, but the Government of Pakistan remaining in charge, and the military stepping in to rescue the nation from chaos every time Pakistan appeared on the knife's edge." 

Pakistanis are not alone in their fear of chaos as being their biggest enemy. Chinese too fear chaos, as described by former Singaporean diplomat Kishore Mahbubani in his recent book "Has China Won":

"In Chinese political culture, the biggest fear is of chaos. The Chinese have a word for it: luàn. Given these many long periods of suffering from chaos—including one as recent as the century of humiliation from the Opium War of 1842 to the creation of the People’s Republic of China in 1949—when the Chinese people are given a choice between strong central control and the chaos of political competition, they have a reflexive tendency to choose strong central control". 

Summary: 

Pakistani military remains the most popular institution in the country, according to multiple polls conducted over several decades. In October 1999, the military coup against Prime Minister Nawaz Sharif was widely welcomed in Pakistan. A Gallup poll conducted immediately after the coup showed that 75% of the people supported the military action. Only 10% of the respondents in the poll supported restoring Prime Minister Nawaz Sharif's government. These results appear to reflect the Pakistanis' fear of chaos...the chaos which has hurt them more than any other threat since the country's inception in 1947.  Indian Congress leader Mani Shankar Aiyar has described this situation in the following words: "Despite numerous dire forecasts of imminently proving to be a "failed state" Pakistan has survived, bouncing back every now and then as a recognizable democracy with a popularly elected civilian government, the military in the wings but politics very much centre-stage .....the Government of Pakistan remaining in charge, and the military stepping in to rescue the nation from chaos every time Pakistan appeared on the knife's edge". Pakistanis are not alone in their fear of chaos. Chinese, too, fear chaos. "In Chinese political culture, the biggest fear is of chaos", writes Singaporean diplomat Kishore Mahbubani in his recent book entitled "Has China Won". 





Saturday, September 22, 2018

Modi-Imran Acrimony; IHC Order to Release Nawaz Sharif

Pakistan's new prime minister Mr. Imran Khan extended his hand of friendship to India that led to a mutual agreement for the two countries to meet on the sidelines of the upcoming annual UN General Assembly meeting. However, the foreign minister level meeting was canceled by India a couple of days later with a nasty message from Indian foreign ministry to Prime Minister Imran Khan alleging that he has shown his "true face" and exposed his "evil agenda". Prime Minister Imran Khan responded with an equally nasty tweet talking of "small men occupying big offices" that do not have the vision to see the larger picture" without naming Prime Minister Modi.

Why did it go from the hopeful meeting to saber rattling between the two South Asian neighbors? Did the Modi government cave in to pressure from within his Hindu Nationalist base? Have India's leaders whipped up so much anti-Pakistan hysteria that they have made it extremely difficult to talk peace and friendship with the western neighbor? Has the talk of "chhappan inch ki chhati" (56 inch chest) and "boli nahi goli" (bullets, not talks) radicalized Mr. Modi's base and left little room to maneuver for his government on its Pakistan policy?

Islamabad High Court suspended the sentences of Pakistan's former Prime Minister Nawaz Sharif, his daughter and son-in-law and ordered their release while Prime Minister Imran Khan was in Saudi Arabia on a state visit. Did this release happen under a deal involving the Saudi Royal Family? Or is it a mere coincidence?

Azad Labon Kay Saath host Faraz Darvesh discusses these questions with Misbah Azam, Sabahat Ashraf and Riaz Haq (www.riazhaq.com)

https://youtu.be/CjG2qCp17VQ




Related Links:

Haq's Musings

South Asia Investor Review

India-Pakistan Conventional Military Balance

Who's India's Real Enemy? China? Pakistan?

America's "We're the Good Guys" Narrative

700,000 Indian Soldiers vs 10 Million Kashmiris

US and China Vying For Influence in Pakistan

Pakistan-China-Russia Vs India-Japan-US

Pakistan Rising or Failing: Reality vs Perception

Pakistan Disappears by 2015

MQM-RAW Link

Riaz Haq Youtube Channel

Saturday, June 17, 2017

India-Pakistan Champions Final; Panama JIT; Trump Under Investigation

What is so special about India-Pakistan final in Champions Trophy at the Oval in London? How did 8th ranked Pakistan succeed in making it to the final after the team in green was written off at the early stages of the tournament? Why is it likely to be one of the most watched televised sports events in the world? Will there be corruption and payoffs to influence the outcome? Who is most likely to win? Is it an opportunity for India-Pakistan cricket diplomacy?

What does the history-making appearance of Prime Minister Nawaz Sharif before joint investigating team (JIT) to investigate corruption mean? Is it good or bad for accountability and democracy in Pakistan? What are the various likely outcomes of the Panama Leaks case now before the Supreme Court of Pakistan?

Why is President Donald Trump being investigated by Special Counsel Robert Muller for the obstruction of justice in FBI Director Comey's firing? Why are Vice President Mike Pence, Trump son-in-law and White House aide Jerrold Kushner and others hiring their own lawyers? Are they too caught up in the investigation?

Viewpoint From Overseas host Faraz Darvesh discusses these questions with Misbah Azam and Riaz Haq (www.riazhaq.com)

https://youtu.be/oIWYCWXvsT0





Related Links:

Haq's Musings

India-Pakistan Cricket Diplomacy

Pakistan Cricket Board

London's British Pakistani Mayor Sadiq Khan

Panama Leaks Corruption Investigation in Pakistan

FBI Director Comey's Firing

Trump Appointments

Talk4Pak Youtube Channel


Thursday, July 7, 2016

Top Risk Consultancy Sees Continuing Political Stability in Pakistan

Prime Minister Nawaz Sharif will survive Opposition's political challenges emanating from the Panama Leaks corruption allegations, according to an analysis by Eurasia Group, an international political risk consultancy that bills itself as "the world's largest political risk consultancy".

Eurasia Group's clients range from financial institutions to multinational corporations and government agencies. It has offices in New York City, Washington, D.C., London, Tokyo, São Paulo, and San Francisco.

Coming on the heels of the Eurasia Group report is the International Monetary Fund (IMF) upward revision of Pakistan's GDP forecast to 5% for the current fiscal year 2016-17.  Pakistan's ETF (PAK) is up about 15% this year, reflecting MSCI’s recent announcement that it will add the country to the MSCI Emerging Market index, according to Barron's, Wall Street Journal's sister publication.

In Eurasia Group's analysis of Pakistan, its South Asia specialist Christopher Cannell has written as follows:

 “Prime Minister Nawaz Sharif of the ruling Pakistan Muslim League – Nawaz party (PML-N) will remain in London until … the end of the month of Ramazan, recovering from heart surgery even as he faces fresh corruption allegations stemming from the Panama Papers. Yet while the mounting allegations will weaken Sharif’s political position at a time when he was not present to defend himself, he will continue to lead the PML-N and early elections are highly unlikely. …"

"The PML-N is likely to win the 2018 election with a reduced mandate … The contest to replace him will be complicated by corruption allegations against many main contenders within the PML-N, sparking worsening political instability after the election … Sharif’s … approval rating has experienced a non-negligible drop from 75% in October 2015 to 54% in June 2016, the only poll conducted after the leaks. However, Sharif’s political standing is grounded on the PML-N’s strength in parliament, the tacit support of the Army, and the $46 billion China Pakistan Economic Corridor – a set of infrastructure projects critical to Pakistan’s future economic performance—negotiated by Sharif and his PML-N. The PML-N remains the largest party in the lower house, and would not pass a motion of no-confidence in the PM, and it retains control of its Punjab heartland, the most populous area of Pakistan. …" 

Expectation of political stability is drawing increasing foreign investment to Pakistan. Two multinational giants acquired 2 Pakistani companies in just the last week alone as part of their growth strategy to establish presence in Pakistan.

Dutch dairy giant FrieslandCampina acquired 51 % of Karachi-based Engro Foods Limited, the second largest dairy producer in Pakistan. In the same week, Turkey's Arcelik announced purchase of Dawlance, Pakistan's market-leading home appliance maker.  Both cited opportunity for double-digit growth in the emerging market as the main reason for their acquisitions.

Smart money is starting to flow into Pakistan again as the world recognizes the country's new political stability and its tremendous economic potential as a growing emerging market.  Investors and businesses are looking to profit from expanding Pakistani economy backed by growing middle class consumption and rising Chinese investments in energy and infrastructure.

Related Links:

Haq's Musings

China's Haier Expands Manufacturing in Pakistan

Japanese Multinationals Rank Pakistan Among Top Growth Markets

Chinese FDI in Pakistan For CPEC Projects

Pakistan Included in MSCI Emerging Market Index

Pakistan's Middle Class Grows to 55% of Population

China-Pakistan Industrial Corridor (CPEC)

Pakistan Launches $8.2 Billion Rail Upgrade Project