EDITION: US | UK | Canada
Thecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video NewsThecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video News
Sign In|Sign Up
 
 
Bridging The Gap
Former PM Shaukat Aziz, ex-NICL chief Ayaz Khan Niazi named in Paradise Papers
  Sunday 05 November, 2017
Former PM Shaukat Aziz, ex-NICL chief Ayaz Khan Niazi named in Paradise Papers

At least two Pakistanis have been named in the Paradise papers – former prime minister Shaukat Aziz and former National Insurance Corporation Limited (NICL) chairperson Ayaz Khan Niazi.

Aziz is linked with Antarctic Trust, which was set up by the former premier and includes his wife, children, and granddaughter as beneficiaries.

Aziz had set up the trust in the US state of Delaware before becoming finance minister in 1999. He was working for financial giant Citibank at the time.

The trust was not declared at any point during his time as finance minister or prime minister.

Also, in a 2012 internal memo, the law firm’s compliance officer noted that Aziz had been accused by the opposition of false declaration of assets, corruption and misappropriation of funds. Three years later, in a database of high-risk clients, Appleby noted that a Pakistani court had issued three arrest warrants against Aziz in relation to the killing of Akbar Bugti. In September 2015, Antarctic Trust was closed and the related file removed from one of Appleby’s internal databases.

According to ICIJ, Aziz’s lawyers have said that he was not legally required to declare the trust to Pakistani authorities. They added that the same applies to his wife and children. The lawyers added that Aziz paid all applicable US taxes.

The purpose of the account was “to ensure that if he were to die, his assets would pass efficiently to his family.”

Ayaz Khan Niazi has connections with a trust and three offshore companies in the British Virgin Islands (BVI) – Andalusian Discretionary Trust, Andalusian Establishment Limited, Andalusian Enterprises Limited and Andalusian Holdings Limited, respectively.

The three companies were set up in 2010 when Niazi was NICL chairperson.

Niazi’s brothers Hussain Khan Niazi and Muhammad Ali Khan Niazi were shown as beneficial owners, whereas Ayaz, his father Abdul Razaq Khan, and mother Fauzia Razzaq acted as directors.

Pakistani journalist Umar Cheema, who helped research the papers, said on a private TV channel that numerous oil and gas sector companies and businesspersons also appear in the leaked documents, though he did not name them.

Bookmark and Share
 
Post Your Comments:
Name :
*
City / State:
*
Email address:
*
Type your comments:
*
Enter Security Code:   


 Your Comments

 ,New York  Date:Sunday 12 November, 2017

 ,New York  Date:Sunday 12 November, 2017

 ,New York  Date:Sunday 12 November, 2017

 Latest News »
 
  Democrats want sanctuary for t...
  Nikki Haley, top Trump aide, w...
  Donald Trump, who accuses inte...
  President Donald Trump calls f...
  Donald Trump tells aides he li...
  Salman Khan and crew wows the ...
  President Trump takes swipe at...
  President Trump's July Fourth:...
  Following criticism, President...
  Navy’s planned shipbuilding sp...
  Confusion reigns in wake of Tr...
  The handshake, denuclearizatio...
  Trump to leave G-7 summit earl...
  Can Trump really do that? The ...
  Trump imposes steel, aluminum ...
  American freed from Venezuela ...
  Trump again changes tone on No...
  CIA Director Gina Haspel sworn...
  President Trump promises actio...
  What does Trump's Iran move me...
 

Current Conditions:
Sunny

Forecast:
Wed - Partly Cloudy. High: 68Low: 52
Thu - Sunny. High: 54Low: 45
Fri - Partly Cloudy. High: 61Low: 41
Sat - Rain. High: 65Low: 55
Sun - Partly Cloudy. High: 54Low: 46

Full Forecast at Yahoo! Weather



Washington, DC

  ©2010 The Capital Post. All rights reserved.