LAHORE - The wealth of Mian Sharif multiplied by more than 4 times during 1992/93 from Rs 7.53 million to Rs 32.15 million when his son Nawaz Sharif was ruling the country, but sources were not available to determine the inflow of this income whereas there was no drastic decline in his assets during the timeframe of nationalisation as claimed by Prime Minister Nawaz Sharif.

This was revealed in the final report of the joint investigation team (JIT) probing the ruling family’s offshore business dealings. The JIT, in its report submitted to the Supreme Court, has also documented the assets of the late Mian Sharif, observing that his assets had not matched his known sources of income.

“The wealth of Mian Sharif multiplied by 4.3 times during 1992/93 from Rs 7.53 million to Rs 32.15 million. However, sources and details were not available to determine the inflow of this income,” the report claimed.

The report said: “Mian Nawaz Sharif claimed that his father owned assets in millions of rupees in the 1970’s before the industry was nationalised; the tax returns of Mian Sharif present a picture to the contrary as the assets held by Mian Muhammad Sharif had been around Rs 1 million since 1969-70.”

Analysing the tax returns record of Mian Sharif, the JIT report observed that his wealth started to increase in late 80’s and early 90’s.  The final report published in Volume XI-A has claimed that complete record of returns of the late Mian Sharif was not furnished by FBR. As for assessment years 1971-72 and 1974-75 and 1978-79, returns of wealth tax were not filed by him. More so, income tax returns for assessment years 1969/70—1993/94 were not filed. Wealth statements for the assessment years 1969/70—1999/2000 were not filed by him too.

According to the record, late Mian Sharif had been filing tax returns/wealth statements since the year 1969-70.

The report added: “Although Mian Sharif remained involved in the family business which evidently flourished considerably, he did not file IT returns for a major period of time. Moreover, analysis of his companies’ profile, reflecting his source of income, is not commensurate with the increase in his assets. A sharp increase in assets is seen in the year 1992-93.”

The JIT report stated that having analysed his economic growth and available source of income, it can be ascertained that Mian Sharif possessed, prima facie, assets disproportionate and beyond known sources at the time.

‘Maryam evaded tax, concealed assets’: Maryam Nawaz, the daughter of the prime minister, has been found involved in tax evasion and concealment of assets by the JIT which observed that her assets grew by 21 times in a single year during 1992-93 from Rs 1.47 million to Rs 30.5 million without any declared income when his father Nawaz Sharif was the prime minister of Pakistan.

The report of the JIT concluded the accumulation of assets of Maryam Nawaz showed a drastic hike in early 90’s with no declared source of income. Not only the assets were observed to be accumulated without any declared source of income, but also she loaned millions of rupees without any substantial evidence on source of income.

The report stated: “Respondent No. 6 (Maryam Nawaz) started filing returns from year 1991-92. Complete record of her tax returns/wealth statements were not furnished by FBR as for assessment years 1991/92, 1992/93, 1995/96, 1998/99, 1999/2000 & 2004/05—2008/09, wealth statements were not filed by Respondent No 6, more so, income tax returns for 1991/92 & 2004/05—2008/09 were not filed.”

According to the report, Maryam has been part of the family business since she was a student and possessed assets worth Rs 1.47 million since 1991-92 and started filing returns of wealth tax. It is significant to note that she owned assets worth millions with no visible source of income, the report added.

The report stated: “As per the details of the assets reflected in her wealth tax returns, Maryam Safdar held 424,400 shares in Hudaibiya Paper Mills since 1993/94 till date. She was also director of the company during 1996/98.

As per financial records of Ittefaq Sugar Mills Limited with SECP, Maryam Safdar owned 55,000 shares (worth Rs 550,000) in 2001-2003 and 2010-2013, however, she did not declare these shares in the wealth statement for the assessment said years.

As per financial records of Chaudhry Sugar Mills Limited with SECP, Maryam Safdar owned 12.401,455 million shares in 2010, but she declared only 5.401,455 million shares in wealth statement for the assessment year 2009-10, which amounts to concealment of assets and tax evasion.

The report further said Maryam owned a BMW car which was gifted to her by the UAE royal family. The value of the car was declared as Rs 3.5 million in tax year 2009-10; the same car was declared to be sold for Rs 19.66 million in 2011-12. Such price escalation is abnormal.

Moreover, Muhammad Safdar in his return of personal assets submitted to ECP in 2008 declared worth of the same car as Rs 6 million.

In the return of personal assets filed with ECP, Muhammad Safdar declared ownership of the same BMW in 2013-16 whereas Maryam Safdar declared that she sold the car for Rs 28.164 million in 2011-12.