In order to probe the Panama paper issue, the federal government and the opposition have jointly decided to form a 12 member inquiry commission for the purpose of reviewing and drafting the Terms of Reference (ToR’s). While addressing the media through joint press conference with the opposition; the Information Minister Pervaiz Rasheed spoke regarding the developments on the case: ‘"Government will name six legislators while the opposition will name another six to form the parliamentary committee, a motion will be passed on Thursday in the assembly to legalise the committee's status.’’

In accordance with the suggestion of Prime Minister’s points while his address to the Parliament; progress has been made on the factor of indulging the members of both houses of parliament after consultation between the two sides, where Pervaiz Rasheed stated that the matter will be decided today. The focus of the committee will be to carve measures for investigation into the Panama issue allegations along with consideration of ways to develop a system that will aim at probing those who are compliant to be associated with receiving kick backs, illegal write offs.

Hasan Nawaz Sharif is described as “the sole director of Hangon Property Holdings Limited incorporated in the British Virgin Islands in February 2007, which acquired Liberia-based firm Cascon Holdings Establishment Limited for about $11.2 million in August 2007”.

The findings of the International Consortium of Investigative Journalists reveals the offshore holdings of Prime Minister’s family. The daughter of PM Nawaz Sharif, Maryam, has been described “the owner of British Virgin Islands-based firms Nielsen Enterprises Limited and Nescoll Limited, incorporated in 1994 and 1993”. The document obtained suggests on evidential basis that the Saroor Palace located in Jeddah was under the ownership of Maryam Nawaz- as of record listed in June 2012 citing her as the ‘beneficial owner.’ It was revealed in the document that Hussain and Maryam had signed a document dated June 2007 that depicts a money trail of 13.8 million form Deutsche Bank to Nescoll, Nielsen that was traced to the London properties. In addition, the matter concludes with the two companies being transferred to an another agent in July 2014.