AGL 38.10 Decreased By ▼ -0.21 (-0.55%)
AIRLINK 138.02 Decreased By ▼ -3.38 (-2.39%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.91 Increased By ▲ 0.04 (1.03%)
DCL 7.56 No Change ▼ 0.00 (0%)
DFML 47.50 Increased By ▲ 0.10 (0.21%)
DGKC 79.15 Decreased By ▼ -0.60 (-0.75%)
FCCL 27.37 Decreased By ▼ -0.07 (-0.26%)
FFBL 54.40 Decreased By ▼ -0.45 (-0.82%)
FFL 8.70 Increased By ▲ 0.10 (1.16%)
HUBC 113.50 Decreased By ▼ -0.01 (-0.01%)
HUMNL 11.25 Increased By ▲ 0.05 (0.45%)
KEL 4.06 Increased By ▲ 0.07 (1.75%)
KOSM 8.21 Decreased By ▼ -0.33 (-3.86%)
MLCF 34.90 Decreased By ▼ -0.10 (-0.29%)
NBP 65.61 Increased By ▲ 1.81 (2.84%)
OGDC 168.70 Decreased By ▼ -0.70 (-0.41%)
PAEL 25.20 Increased By ▲ 0.02 (0.08%)
PIBTL 5.87 Decreased By ▼ -0.02 (-0.34%)
PPL 125.35 Decreased By ▼ -0.40 (-0.32%)
PRL 24.85 Increased By ▲ 0.06 (0.24%)
PTC 13.55 Increased By ▲ 0.29 (2.19%)
SEARL 58.00 Increased By ▲ 0.55 (0.96%)
TELE 7.12 No Change ▼ 0.00 (0%)
TOMCL 34.98 Decreased By ▼ -0.02 (-0.06%)
TPLP 7.44 Decreased By ▼ -0.01 (-0.13%)
TREET 14.34 Increased By ▲ 0.02 (0.14%)
TRG 46.40 Decreased By ▼ -0.14 (-0.3%)
UNITY 26.00 Decreased By ▼ -0.18 (-0.69%)
WTL 1.20 No Change ▼ 0.00 (0%)
BR100 9,081 Decreased By -10.5 (-0.11%)
BR30 27,358 Decreased By -20.5 (-0.07%)
KSE100 85,701 Increased By 32.1 (0.04%)
KSE30 27,159 Decreased By -57.6 (-0.21%)

EDITORIAL: It is said that Prime Minister Imran Khan wants prompt action against the wrongdoers (the 700 Pakistanis named in the Pandora Papers). He has, therefore, set up a high-powered three-member cell to investigate if any irregularity had been committed by 700 Pakistanis, including cabinet ministers, politicians, retired generals and owners of media houses. According to the investigation mandate, the National Accountability Bureau (NAB) will handle the cases of cabinet members; the cases of tax evasion and money laundering will be referred to NAB, FIA (Federal Investigation Agency), FBR (Federal Board of Revenue) and Pemra (Pakistan Electronic Media Regulatory Authority) and federal information ministry. Law Minister Farogh Naseem will look after all the legal matters of the cell. “We welcome the Pandora Papers exposing the ill-gotten wealth of elites, accumulated through tax evasion and corruption and laundered out to financial havens,” the prime minister tweeted as he ordered the formation of an investigation cell. Given the fact that among the 700 named persons there are three federal cabinet ministers and others who are members of his party, it is certainly a huge challenge for the prime minister. This challenge became more arduous after opposition parties rejected his plan to have the cases investigated by ‘prime minister’s cell’. The opposition says the cell is only an eye-wash. Their demand is that the prime minister’s approach to the Pandora Papers must be identical to the one that he adopted in relation to the case of the then prime minister Nawaz Sharif following the emergence of the Panama Papers. While JUI (F) leader Maulana Fazlur Rehman claims that the majority of “thieves” named in the leaked papers belongs to the cabinet of Imran Khan, Jamaat-e-Islami chief has demanded prime minister expel the Pandora-tainted ministers from the Cabinet.

The basic question is whether or not the persons named in the Pandora Papers are really guilty of committing the offences attributed to them or their actions were within the parameters of the law. Their responses largely suggest that they had done nothing illegal. Establishing a company abroad, including in any so-called safe haven, is no crime per se. It becomes a crime when the transfer of funds involved is transferred through illegal channels. Likewise, it becomes a crime only if the taxes were not paid on the transferred money which was invested in the cursed safe havens or such funds were proceeds of crime. Given the apparent enormity of the investigation task, the cell will certainly take time to complete it in a judicious and transparent manner. It is, however, needless to say that the presumption of innocence is a legal principle that every person accused of any crime is considered innocent until proven guilty.

Copyright Business Recorder, 2021

Comments

Comments are closed.