Dubai leaks: Report reveals properties of Zardari, Musharraf among 17000 Pakistanis in global financial hub – WION

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A just-released report on Tuesday (May 14), has exposed how Dubai’s real estate market is used to stash ill-gotten money from around the world. The report, titled ‘How Dirty Money Finds a Home in Dubai Real Estate,’ was put together by journalists from 74 different organisations in 58 countries after an investigation spanning for over six months and takes into account real estate assets up to the spring of 2022.

The report, compiled after analysis of property data collected from  the Dubai Land Department and publicly owned utility companies, highlights the significant involvement of Pakistanis, with former President Pervez Musharraf and current President Asif Ali Zardari among those named as property owners.


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Indian owners top the list while Pakistanis rank as the second-largest nationality owning properties in Dubai, with their collective holdings valued at $11 billion. 17,000 Pakistanis own 23,000 properties in the region, indicating the scale of their presence.

The report specifically identifies properties linked to Asif Zardari’s family and one property associated with Pervez Musharraf. 

Additionally, it names individuals such as Roshan Hussain, Hussain Zahoor, and Obaid Khanani, the latter having been sanctioned by the US in 2016 for his alleged involvement in money laundering activities, as reported by The Dawn, one of the publications that participated in the investigation.

“If we have the data you are talking about, as well as the information on residence status, we will make sure those who are eligible to pay tax in Pakistan on rental income or capital value are doing so,” Malik Amjed Zubair Tiwana, chairman of the Federal Board of Revenue (FBR) told Dawn.

“It may be a sensitive matter, and perhaps the law will have to change, but with political will we will go all out against tax evaders. The government is prepared for this,” he added.

Further implicating Pakistani figures, the report references Faisal Vawda, wife of Mohsin Naqvi, Hussain Nawaz, and Sharjeel Memon, alongside multiple members of the Sindh and Balochistan assemblies. Moreover, over a dozen bureaucrats, a diplomat, and police chiefs are named in the list. 

What does the law say?

People who live in Pakistan for more than 183 days a year must value their assets abroad based on the current exchange rate. If these assets are worth more than Rs100 million, they have to pay a one per cent tax on them. This law is being questioned in high courts and the Supreme Court.

But if you’re a Pakistani living abroad, you only have to pay taxes on the money you make in Pakistan. You don’t need to tell the government about any assets you have overseas.

It is to be noted that just a mere mention in the data is not evidence in itself of financial crime or tax fraud, said the Dawn report.

“In fact, several of those approached by Dawn for comment on their properties said they were declared to the tax authorities,” it said.

The report said the number of residential properties owned by foreigners put Indians first, at 35,000 properties and 29,700 owners. The total value of these properties is estimated at $17 billion that same year, said the report.

The investigation was carried out by the Organised Crime and Corruption Reporting Project (OCCRP),

(With inputs from agencies)

author

Sneha Swaminathan

Sneha takes interest in everything that has political ramifications. Big time foodie and a tribal art fanatic. She graduated from Lady Shri Ram College, Delhi Uni

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