Just how much does Nawaz Sharif own, according to himself?

nawaz sharif

Some of Pakistan’s most prominent politicians have found themselves in the limelight for all the wrong reasons this past year, with corruption accusations against prominent names flying thick and heavy from power brokers and aspirants alike.

As demands for the questioning and indictment of political personalities gain momentum, one among those accused has already paid a heavy price: former prime minister Nawaz Sharif has already been disqualified from holding public office in a landmark judgement handed down by the Supreme Court in the Panama Papers case for not declaring his assets as required in his election nomination papers.

Along with the judgement, Justice Ejaz Afzal Khan, one of the principal judges who authored the final judgement in the case, also ordered the National Accountability Bureau (NAB) to open a host of corruption references against Sharif’s family.

Sharif and his family have so far played hide-and-seek with the accountability courts, however, giving the family matriarch’s illness as a reason to explain why they have so far been unable to appear collectively for their indictment in the references.

In light of the Sharifs’ impending formal indictment, Dawn.com looked at an Election Commission of Pakistan (ECP) form submitted by Nawaz Sharif to account for his assets.

As per the accounts submitted and subsequently published in The Gazette of Pakistan on February 9 2017, Nawaz Sharif, formerly of the NA-120 constituency, holds a total of over Rs1.75 billion(Rs1,772,968,919) in various asset classes.

His holdings consist of a combined 1,654 kanals of agricultural land in Lahore worth Rs992.5 million. These lands were priced at Rs74.5 million at the time he inherited the lands, the declaration states.

Sharif also owns 14 kanals of agricultural land in Sheikhpura, which had cost him Rs36,675 at the time of purchase. It is currently valued at Rs17.8 million. He also holds Rs70 million worth of inherited agricultural land, also in Sheikhpura.

Sharif’s wife, Kalsoom Nawaz, also owns a house in Murree worth Rs100 million and one in Abbotabad valued at Rs100.3 million.

Under “assets brought or remitted from outside Pakistan” the former prime minister has declared Rs233.3 million (around $2.2 million) in a US dollar account and a little over Rs1.2 million in a Pakistani rupee account with the Standard Chartered bank, which receives bank drafts and remittances from son Hussain Nawaz.

In the investments section, Sharif declares his shares in:

  • Hudabiya Eng. Co (Pvt) Ltd — 22,213 shares worth a little over Rs2.2 million

  • Hudaibiya Paper Mills Ltd — 343,425 shares worth a little over Rs3.4 million

  • Muhammad Buksh Textile Mills Ltd — 467,950 shares worth a little under Rs4.7 million

  • Hamza Spinning Mills Ltd — 157,950 shares worth a little under Rs1.6 million

And his wife’s shares in:

  • Kalsoom Textile Mills Ltd — 5000 shares worth Rs50,000

  • Muhammad Buksh Textile Mills Ltd —102,100 worth a little over Rs1 million

  • Hamza Spinning Mills Ltd — 48,100 worth a little under Rs500,000

Kulsoom has also secured loans with Mr Farooq Barkat and Mrs Shamim Begum worth a total of Rs2.75 million, while her jewellery has been valued Rs1.5 million.

Sharif has also declared five vehicles in his statement:

  • 2010 Toyota Land Cruiser (gifted) valued at Rs8.5 million

  • 1973 Mercedes valued at Rs500,000

  • 1991 Mercedes valued at Rs2.7 million

  • 2011 Tractor valued at Rs500,000

  • 2015 Tractor valued at Rs1 million

While the former prime minister’s wife declares Rs550,854 as cash in hand, Sharif lists over Rs3.5 million for himself. He also lists Rs7 million in “Furniture, Fittings and articles”, and Rs5 million worth of “Animals / Birds”.

In the “cash at bank” section, Sharif lists a cumulative total of just over Rs12 million spread across eight bank accounts, in four banks, with a little over Rs4.7 million in Bank Alfalah representing the largest account.

Meanwhile, Mrs Nawaz lists just under Rs7.5 million in three accounts at three banks, the largest of is represented by a little over Rs.7.4 million at Standard Chartered.

Source: Dawn

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