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".
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$820 million is a conservative estimate. ONLY NAWAZ SHARIF is worth abt $1.5 B
His family’s must be abt $4-5 Billion. But honestly all is Pakistan’s Public Money
Khursheed: "$820 million is a conservative estimate. ONLY NAWAZ SHARIF is worth abt $1.5 B"
I too think $820.8 million is a conservative estimate based on what Stroz Friedberg auditors could confirm. There's probably more hidden that has yet to be uncovered. Firms like Mossack Fonseca specialize in hiding assets for major money launderers.
I just wonder how these looters planned to loot. They must have contacted some super thieves to learn about money laundering tricks and then took turns to loot in a systematic way.
The receiving country would be more than happy to welcome the looted money and they didn’t have any extradition policy with corrupt countries so they can advantage of the looted money.
What a super plan!
Shahid: "The receiving country would be more than happy to welcome the looted money and they didn’t have any extradition policy with corrupt countries so they can advantage of the looted money."
British government knows about it but refuses to act against the likes of Nawaz Sharif. British Crime Agency has listed Pakistan among the top three biggest sources of money laundered in the UK.
#Pakistan PM #ShehbazSharif Calls Himself A "Majnoo" In Court. #FIA found 28 benami accounts, allegedly of Shehbaz family, through which an amount of Pakistan Rupee 14 billion ($75 million) was laundered from 2008 to 2018 Via 17,000 transactions. https://www.ndtv.com/world-news/pakistan-pm-shehbaz-sharif-calls-himself-a-majnoo-in-court-heres-why-3017169 via @ndtv
Lahore: Pakistan Prime Minister Shehbaz Sharif testified today in a special court hearing in the Pakistan Rupee 16 billion money laundering case against him that he had refused to take any salary when he was the Chief Minister of Pakistan's Punjab province, and called himself a "majnoo" for doing so.
Shehbaz Sharif and his sons - Hamza and Suleman - were charged by Pakistan's Federal Investigation Agency or FIA in November 2020 under various sections of the Prevention of Corruption Act and Anti-Money Laundering Act.
Hamza Sharif is currently the Chief Minister of Pakistan's Punjab province, while Suleman Sharif is residing in the UK.
The FIA investigation has detected 28 benami accounts, allegedly of the Shehbaz family, through which an amount of Pakistan Rupee 14 billion (USD 75 million) was laundered from 2008 to 2018.
The FIA examined the money trail of 17,000 credit transactions.
The amount was kept in "hidden accounts" and given to Shehbaz Sharif in his personal capacity, according to the charges.
"I have not taken anything from the government in 12.5 years, and in this case, I am accused of laundering ₹ 2.5 million," Shehbaz Sharif said during the hearing.
"God has made me the Prime Minister of this country. I am a majnoo (fool) and I did not take my legal right, my salary and benefits," Pakistan's Dawn newspaper quoted him as saying.
He recalled that the secretary had sent a note to him for sugar exports during his tenure as Chief Minister of Punjab province, when he had set an export limit and rejected the notes, the report said.
Shehbaz Sharif first became Chief Minister of Punjab province in 1997 when his brother Nawaz Sharif was the Prime Minister of Pakistan.
Following General Pervez Musharraf's coup in 1999 toppling the Nawaz Sharif government, Shehbaz Sharif along with the family spent eight years in exile in Saudi Arabia before returning to Pakistan in 2007.
He became Pakistan's Punjab Chief Minister for the second term in 2008 and he grabbed the same slot for the third time in 2013.
"My family lost PKR 2 billion because of my decision. I am telling you the reality. When my son's ethanol production plant was being set up, I still decided to impose a duty on ethanol. My family lost PKR 800 million annually because of that decision. The previous government withdrew that notification stating that it was injustice with the sugar mills," he claimed.
The Prime Minister's counsel argued that the laundering case was "politically motivated" and "based on mala fide intentions" by the erstwhile government headed by Imran Khan.
During the previous hearing on May 21, the special court had issued arrest warrants against Suleman Sharif, in the case after extending the interim bails of Shehbaz Sharif and Hamza Sharif till May 28.
From CBS 60 Minutes on "Londongrad" aired June 19, 2022:
For years, Britain actively courted Russian billionaires, ignoring reports that some of their wealth was suspect. Today, there's so much Russian cash in Britain, the capital has been nicknamed "Londongrad." British Intelligence has warned that oligarchs' money is propping up Putin's regime – and helping to fund the war in Ukraine. As we first reported in April, the U.K. is under pressure to show its Western allies it can stop the flood of corrupt money.
Dominic Grieve: Money has been flowing into the United Kingdom — absolutely no doubt about this — which often has had what I can only describe as a tainted source. But then Russia is a mafia state.
Dominic Grieve is a former conservative member of Parliament, who served as attorney general and chaired Britain's intelligence committee. His 2019 report on Russian interference in U.K. politics, found Britain was awash in Russian oligarchs' money — much of it from untraceable sources.
This is Belgravia. These neighborhoods around Eaton Square are some of the most expensive on Earth. Once the exclusive preserve of dukes and barons, now…
Oliver Bullough: There was a general feeling that if the money was coming here and paying taxes that was building schools and building roads and building hospitals, then we didn't care where it came from.
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