Companies linked to Panama Leaks scandal: NA body briefed about government's strategy

Federal Minister for Economic Affairs Hammad Azhar on Wednesday told the National Assembly's Standing Committee on Government Assurances that the federal government initiated action against 242 companies linked to the Panama Leaks scandal, out of which 90 companies have declared their assets in the Amnesty Scheme and these companies, therefore, cannot be proceeded against.
The committee met in the chair of MNA Amir Dogar. Briefing the committee, the minister said the Pakistan Tehreek-e-Insaf (PTI) government, soon after assuming power, launched action against those 242 companies that were linked to the Panama Leaks scandal but their cases were said to be time-barred.
The government sought details about these companies from the countries where these companies were registered in the light of an Organisation for Economic Cooperation and Development (OECD) agreement from the respective countries, he said. According to the information received from these countries, 46 companies are those that have no assets or their assets are redundant. As many as 100 companies are those that have declared their assets in the federal government's Amnesty Scheme and they cannot be proceeded against as per law, he said.
The remaining 96 countries are those about which no information has been received from the host countries, the minister said. "We have contacted OECD headquarters in Paris and asked them to honor the agreement that binds them to share with us the information about Panama Leaks linked companies. We are seriously and sincerely pursuing the matter," he said adding that the government is determined to take this matter to its logical conclusion.
The Panama Leaks scandal rocked the world in April 2016. It was disclosed in this scandal that scores of influential personalities across the globe were possessing undeclared or secretive offshore companies in Panama, a country regarded as a global tax haven. Pakistan's former prime minister Nawaz Sharif was disqualified by the Supreme Court of Pakistan from holding any public office, for possessing offshore companies in its landmark judgment in the Panama Leaks corruption case delivered on July 25, 2017.