ISLAMABAD - Imran Khan, while accepting owning an offshore company, said that it was completely dormant except for the formality of filing of the statutory annual returns.

The PTI chairman on Tuesday filed para-wise comments on the petition of Pakistan Muslim League-Nawaz Hanif Abbasi.

The reply said that Imran Khan purchased an apartment in London with Great Britain Pound (GBP) 117,000 in 1983, with the money he earned outside Pakistan.

The reply stated that the sale of the apartment in London was completed on March 14 2003 and not in 2006.

Since the purchase of property in the UK is undertaken through solicitors, who advised the PTI chief that the apartment in London be placed in the name of judicial entity, while he be it beneficial owner, as he had paid its entire price.

Consequently, Niazi Services Limited (NSL), an offshore company, was incorporated its only asset was the apartment in London.

The reply said that once the only asset of the NSL was sold Imran Khan had no direct or indirect substantive or even nominal interest in the NSL to declare anywhere and more so when the issued share capital was never held by or in the name of Imran Khan personally.

“Upon the sale and disposal of the London flat, NSL became a dormant company,” the reply states.

It further said that the existence of the NSL was announced by Imran Khan himself but not on account of Panama Leaks.

It said that the PTI chief had duly disclosed his beneficial ownership of the apartment in London to the tax authorities and also paid tax at the time of such disclosure.

It was never Imran’s stance that mere formation of an offshore company was an offence, but whether the assets under an offshore company were the outcome of money laundering, corruption, loot or plunder of the wealth of the country, which belong to the people of Pakistan.

The reply clarified that the petitioner’s allegations of non-declaration of offshore company or its intentional, wilful concealment was totally misconceived.

The reply maintained that it was a matter of record that the subject investment in the Islamabad property was duly and fully disclosed to the FBR by Imran in his wealth statement in 2014 and updated figures were duly disclosed in subsequent tax year.

It also mentioned that the Islamabad property was also disclosed to the Election Commission of Pakistan in his statement of assets on June 30, 2016.

The PTI chief denied acquiring funds from prohibited sources to fund the political activities of his party.

The reply also mentioned that Imran neither instructed nor encouraged any member or sympathiser to destroy any state property.

He believed that protesting peacefully and non-violently was the fundamental right of every citizen.