ISLAMABAD: The written reports of Husain, Hassan and Maryam Nawaz were submitted in the court in compliance to hearing of Panama gate case.

The legal representative of the Sharif family, Salman Aslam Butt, presented the facts in defense. He stated that Hassan Nawaz has been running business lawfully for the last 22 years while Hussian for the last 16 years. Both Hassan and Hussain have rejected allegations of corruption hurled against them by the Pakistan Tehrik-e-Insaf (PTI) Chairman Imran Khan.

The PM’s counsel added that until 2011 Maryam Nawaz was dependent on her father, and that she does not hold any offshore company, and is a trustee of Nielsen and Nescoll Ltd. During the courts hearing, the government sought two weeks to submit records of required documents when Justice Arif Saeed Khosa asked Salman Butt to ‘’satisfy’’ the court that money was sent abroad through legal means. The court ordered the PM family’s legal representative to submit evidence within seven days, stating that the court intends to reach conclusion regarding the case. The court has decided to defer the proceedings by adjourning the case till November 15, while directing orders for all parties to submit evidences.

The apex court had last week ordered the PM's counsel to submit the replies of the remaining respondents: Maryam, Hassan and Hussain Nawaz early morning on Monday (today) as Prime Minister Nawaz Sharif, Finance Minister Ishaq Dar and retired Capt Mohammad Safdar, son-in-law of Mr Sharif, had already submitted their replies.

The Supreme court had also asked all parties to present proposals on how to regulate its proceedings, so that it could pass a binding order on Monday regarding the appointment of a one-man commission, to be headed by a judge of the Supreme Court. The court also directed the parties to submit their respective terms of reference (ToR) positively by Thursday. However, the bench reiterated that it would not be bound by the ToR submitted by any party.

Initially and up till now, the Prime Minister Nawaz Sharif has formally denied being the beneficial owner of any offshore entity.

In a 15-page reply, the prime minister submitted his stance regarding the ownership or legal beneficiary of any offshore properties or any other entities, including the four flats in Avenfield House, Park Lane, London. The PM stated that his name never appeared in the Panama Papers, nor have any accusations been made against him in any leaks. Adding that he was a regular tax payer who filed returns as well as wealth statement whereby PM’s and his spouse’s entire income, assets and liabilities were duly declared in the tax returns and wealth tax statements in the nomination forms for the 2013 elections. Finance Minister Ishaq Dar and retired Capt Mohammad Safdar also submitted their replies, asking that the petitions be dismissed.

On Thursday, Capt Safdar filed ToRs suggesting that the proposed commission should examine the information relative to involvement of Pakistani citizens, persons of Pakistani origin and legal entities in offshore companies in Panama or any other and determine if any law in force for the time being had been infringed, if so, fix responsibility for such infringement.

Capt Safdar stated that technical details covering the whole case should be taken into account in absence of legal propulsion due to non-existence of relevant law. He said that it must be determined if the provisions of laws relating to income tax, wealth tax, foreign exchange, companies and elections in force at the relevant time have been infringed with regard to properties held by offshore companies, source of income utilized to purchase properties, tax payable or paid on the income and details of the sellers of the properties.

The proposed commission, the ToR said, should examine information relating to written-off bank loans, including the report on such loans of a commission earlier set up by the Supreme Court, as well as other cases of loans written off after the period covered by the commission by former or present holders of the public office.

The PTI ToR referred to case when Maryam Nawaz became beneficial owner of two companies, Messrs Nescoll Ltd and Messrs Nielson Ltd (British Virgin Island) were set up and that who were original recorded beneficial owners of these companies.  PTI ToRs suggest that Commission should query, investigate and establish that at what price Flat No 17,  Flat No 17-A, Flat 16 and 16-A were purchased and how was the amount transferred out of Pakistan or from any other country and what was the source of this foreign exchange transaction.  The ToR asked about the status of different references in NAB and outstanding liabilities of the Sharif Group of Companies borrowed from 31 banks and DFIs. The ToR further asked regarding the Azizia Steel Mills in Jeddah which was allegedly sold in June 2005 for $17m. Whether the prime minister upon his return to Pakistan declared his share in any tax returned ?

PTI pointed out that the PM had asserted that since Ittefaq Foundry had been nationalised in 1972 when his father, Mian Muhammad Sharif, went to Dubai to set up a steel mill which was later  sold in April 1980 for $9m. It also wanted to know about the amount of income tax paid by Nawaz Sharif from tax year 1981-82 till July 23, 1996. The ToRs queried that if the foreign exchange had not been transferred out of Pakistan, what was the source of funds for setting up the mill and to whom it was sold and what was the share of the prime minister from it. Was any wealth tax paid on this amount? The ToR also asked about the remittance from Hussain Nawaz.