ISLAMABAD: Prime Minister Nawaz Sharif furthered his industrial units from one to 30 during his political career as Punjab finance minister to become the prime minister for the third time, documents available with Online reveal.
In his address to the nation, the prime minister talked about the industrial empire owned by the Sharif family and payment of taxes worth millions of rupees but the documents contradict the claim as he and his family have shown a negligible income and value of assets while paying taxes which was is in few thousands rupees.
According to the official documents available with Online, the Sharif family showed its income about Rs7,623 in 1970-71, assets about Rs7,194 and paid zero tax.
As per the prime miniter, , when he retained Ittefaq Foundry in 1979 it was almost bankrupt while official documents show that when Gen (retd) Ziaul Haq returned the Ittefaq Foundary to the Sharif family in June 1979, loans of about Rs83.4 million against the group were written-off by the military regime.
According to Nawaz, in 1989 the PPP government did not allow Jonathan ship to offload their imported goods for one year and the Ittefaq Foundry had to face a financial loss of Rs500 million. However, the Sharif family showed a total income of Rs938,311 and total asset of Rs242,915 in 1988-89.
According to the documents, in 1992-93 a total income about Rs43727 and assets worth Rs311,573 was declared by the Sharif family while family paid only Rs6,170 in income tax.
Similarly, in the year 1993-94, Sharif family declared its total income at Rs 282,504 and value of assets at Rs181,491 while only tax Rs104,22 was paid by the family.
In mid 90s about four luxury flats were purchased by the Sharif family in Avenfield House Park London through offshore companies namely Nelson and Nescol the documents reveal.
According to official record of 1984-85, when Nawaz was provincial finance minister, he had one industrial unit and in 1985, when he became Punjab Chief Minister, the number of industrial units jumped to nine. In 1991-93, when, he became the prime minister for the first time, these industrial units jumped from nine to 30. Acording to the documents, nawaz used political powers to stela pakistani resources and Ittefaq Industries grew from its original single foundary into 30 businesses producing steel, sugar, paper and textiles with a combine revenues of $4000 million, according to documents which quote a book titled "Capitalism's Achilles Heel: Dirty Money and How to Renew the Free Market System".
According to the documents, Nawaz misused his official powers from provincial finance minister to the premiership and availed heavy loans for his 19 industrial units from public and private financial institutions. The total volume of loans which Sharif family had to pay by 1993 was approximately over Rs6,146 million.