Fawad notes Hudaibiya Paper Mills case bigger fraud than Panama Papers case

Fawad notes Hudaibiya Paper Mills case bigger fraud than Panama Papers case.

Information Minister Chaudhary Fawad Hussain sees Hudaibiya Paper Mills case as the story of fraud of about Rs 1242 million, bigger in volume than Panama Papers case.

Fawad notes Hudaibiya Paper Mills case bigger fraud than Panama Papers

He mentioned in bigger in volume than the Panama Paper leaks scandal.

In a series of tweet on Tuesday, he said the Hudaibiya Paper Mills case began in 2000.

Then, NAB officials filed a reference against the Hudaibiya Papers Mills Private Limited.

He said Nawaz Sharif’s sons Hassan and Hussain Nawaz, Shahbaz Sharif and his political heir Hamza Shahbaz are the main characters of this case.

Furthermore, he said that Former Finance Minister Ishaq Dar opened fake foreign currency accounts to help Sharif family in this fraud.

The Minister said Ishaq Dar became approver in the case.

Moreover, Fawad said Dar also recorded a detailed statement with the authorities concerned.

But later, he retracted from his statement saying it was extracted under duress.

Scrutiny of the record of Hudaibiya Papers Mills

Fawad Hussain Chaudhary said scrutiny of the record of Hudaibiya Papers Mills revealed to the NAB investigators Islamabad that during 1996-97 and 1997-98, a sum of 30.499 million and 612.273 million rupees shown as share deposit money.

This huge influx of money in a company whose share capital was only 95.7 million rupees and which was carrying losses to the tune of 809.834 million, raised serious doubt amongst the investigators.

As a result, the NAB ordered investigation of the matter under NAB ordinance 1999

Fawad Chaudhary said that during the investigation, it came to the fore that the management of the mills, comprising Muhammad Sharif, Shamim Akhtar, Nawaz Sharif, Shahbaz Sharif, Abbas Sharif, Maryam Safdar, Sabiha Abbas, Hussain Nawaz and Hamza Shahbaz, is in possession of huge illegal proceeds.

Protection of Economic Reform Act 1992

Moreover, it held that the accused failed to explain source of the acquisition of the funds.

Chaudhary Fawad said that under the cover of the provisions of the Protection of Economic Reform Act 1992, these people frequently opened different fictitious foreign currency accounts and deposited huge amounts in these accounts.

He said when the scandal of fake accounts were exposed, they decided to deposit the money directly into the accounts of Hudaibiya Paper Mills.

He said the decision of a fresh investigation has been taken as some new facts in the case has come to the fore.

Fawad further said it is the demand of justice that institutions play their role as Pakistan’s future depends on the rule of law.

GTV