Story of Sharif family as narrated by Nawaz Sharif

Says his family bought London flats after selling mills in Jeddah, Dubai; family paid Rs10 bn taxes; not a single penny taken out of Pakistan

ISLAMABAD: Giving details and documentary record of his family business, which started around 80 years ago, Prime Minister Muhammad Nawaz Sharif said on the floor of the National Assembly on Monday that members of his family had purchased flats in London with the money collected from the Jeddah Steel Mills and a Dubai factory. “The Dubai factory, which was set up by my father in 1980, was later sold for $33 million whereas the Jeddah Steel Mills was also later sold in June, 2005 for $17 million,” he said adding the London flats were purchased from the proceeds of these two factories.

“My father established the Ittefaq Foundry in 1936 which was nationalised in 1972 when it had an annual turnover of over Rs40 million,” Nawaz Sharif said mentioning at that time the rate of gold per tola was Rs155 and the US dollar was selling at Rs4.

He said when his family got back the Ittefaq Foundry, it had suffered losses of Rs60 million a year and the foundry was reduced to scrap. “My father worked hard and in a short span, took the to Rs600 million,” he said.

Nawaz Sharif said business of his family was subjected to minute scrutiny and accountability in the past but no corruption was ever proved in any court. He said that business institutions of his family took loans and paid them back saying that during last 23 years, his family paid different taxes to the tune of Rs10 billion.

The prime minister pointed out that his family was the only one in the country which gained less and lost more.  ”Our family did not transfer any money abroad from Pakistan,” he said.

He told the House that no charity institution linked to Ittefaq Group got government land or financial grant. Without naming Shaukat Khanam Hospital, the prime minister said that free of cost land was provided to a charity hospital and tax exemptions were given for purchase of machinery for the institute.