Thursday, May 30

Panama Case JIT receives Hudaibya Papers Mills record from SECP



The Panama Papers Joint Investigation Team has intensified it’s investigations into the case and has now received the Hudaibya Papers Mills case record from the Securities and Exchange Commission of Pakistan (SECP).

Abid Hussain, SECP’s executive director and head of the department of corporate supervision department submitted the Hudaibya Paper Mills records to the JIT that has almost completed half of its work.

The paper mills case echoed during the proceedings of the apex court last year. It basically relates to the confessional statement of Ishaq Dar who admitted to laundering Rs1.2 billion and opening fake bank accounts at the behest of the Sharif family.

Dar, a close confidante of Sharif family, later retracted his confessional statement claiming that it was taken under duress.

SECP had provided the investigation team with the annual returns, financial reports of the Hudaibya Paper Mills, details of its authorised and paid-up capital each year, and details of shareholders as well as owners and directors.

They said the SECP had also provided original reports of audited accounts of each fiscal year, reports on the financial health of the paper mills, details of taxes deposited with the exchequer and details of various transactions.

The JIT had earlier obtained from the National Accountability Bureau (NAB) investigation reports, certified copies of the Hudaibya Paper Mills case and attested order sheets of the accountability court as well as copies of proceedings of the Lahore High Court (LHC).