LAHORE: The Joint Investigation Team in its report on Panama Leaks raised questions on the establishment of the Al-Azizia Steel Mill as Prime Minister Nawaz Sharif’s son Hussain Nawaz failed to produce the important documents.
JIT report said that Hussain Nawaz did not produce the memorandum, bank loan documents and financial settlements.
During the hearings Hussain Nawaz repeatedly maintained this argument that he spent few hundred thousand dollars in the establishment of steel mill but despite repeated questioning by the JIT he did not reveal the exact amount.
Husain Nawaz recorded this statement in JIT that $0.65 million were spent for purchase of land and overall $6 million were spent.
According to Hussain Nawaz for the establishment of mill $0.65 million dollars were received from Qatari adjustment and one unnamed Saudi friend gave $8 million for the purpose. He did not give any details of these transactions.
According to the JIT report, there is a difference of $4.55 million between money acquired for and spent on the establishment of the Al-Azizia Steel Mills. “If the unspecified amount of hundreds of thousands dollars for cost of land is included then this gap would further increase,” it says.
According to JIT, during 2010 to 2015 Hussain Nawaz’s Hill Metals company earned profit of 9,9 77,882 dollars and 4,0 42,603 dollars were sent to Nawaz Shairf during this tenure who received 8,913,301 dollars in terms of gifts from Hill Metals and Husain Nawaz which is equals to 88 per cent profit of Hill Metals Establishment.
Husain Nawaz also made remittances of around Rs69.228 million to his sister from HME in 2008 and 2009.