Wait ends as JIT submits report today

ISLAMABAD: The wait comes to an end as the Joint Investigation Team, probing the Sharifs money matters, will submit its final report to the Supreme Court of Pakistan on Monday amid serious apprehensions of the ruling PML-N and growing expectations of Imran Khan-led Pakistan Tehrik-e-Insaf.

The Sharifs and the Leaguers fear a negative report for the ruling family, which for the PTI will be great news. However, neither the government nor the opposition has any clue as to what the JIT will really recommend. Even the media could not get any hint of what the report contains.

The apex court would also consider the FIA report on alleged record tampering by the Security Exchange Commission of Pakistan. Security outside the Supreme Court building was declared on high alert by the government. 

Though marred by controversy after controversy, the JIT was tasked with an extremely difficult job of finding answers to thirteen complex questions relating to the Sharifs wealth within a period of just sixty days. 

This is too little a time to find an alleged crime involving cases of money laundering, tax matters, corruption, offshore companies. The challenge becomes harder if the alleged crime has more than one jurisdictions. In this case, there were five jurisdictions including the UK, the UAE, Saudi Arabia, Qatar and Pakistan.

In this situation even if the JIT comes up with one single startling evidence, proving any of the allegations against Sharifs well beyond what has been said and alleged against them in the past, will be a great achievement for the team. However, it looks difficult because of less time given to the JIT.

The JIT spent most of its time re-investigating money laundering matters pertaining to Hudaibiya case. The same set of persons, who were tried in the Hudaibiya case in the past, were interviewed again. Did the JIT get any evidence to connect Nawaz Sharif with Hudaibiya, is not known.

Regarding Sharifs London flats, Hussain Nawaz said that the properties belonged to him. The challenge for the JIT was to find a connection of Nawaz Sharif with these London properties or to find some evidence to prove that these properties were owned by the ruling family since 1992-93.

There is a likelihood that the JIT may raise serious questions about the alleged wrongs of Sharifs. Though it is unlikely, it will be an extraordinary job done by the JIT if it succeeds in obtaining any direct evidenceagainst Prime Minister Nawaz Sharif.

Hussain Nawaz may be reflected negatively in the report for failing to prove his money trail vis a vis London properties. The JIT could not interview the Qatari prince as it got itself entangled into legal question of extending the jurisdiction of Pakistani laws and its courts to Qatari prince. This lapse on part of the JIT is already exploited by the PML-N, which has announced not to accept the report in the absence of Qatari prince’s interview by the Team.

The Supreme Court in its April 20th verdict had ordered the formation of a JIT to investigate 13 basic questions, majority of which were either linked to the late Mian Sharif or offshore jurisdictions where secrecy laws are extremely strict.

According to a story done by The News earlier, the first seven questions are linked to the business matter relating to late Mian Sharif and the next two to offshore companies, while the last four concerning the businesses of Hassan Nawaz.

From questions 1 to 7 relate to how did Gulf Steel Mills came into being; what led to its sale; what happened to its liabilities; where did its sale proceeds end up; how did they reach Jeddah, Qatar and the UK; whether the respondents No 7 (Hussain Nawaz) and 8 (Hassan Nawaz) in view of their tender ages had the means in the early nineties to possess and purchase the flats; whether the sudden appearance of the letters of Hamad bin Jassim bin Jaber Al-Thani is a myth or a reality.

Questions 8 and 9 talks about how bearer shares crystallized into the flats and who, in fact, is the real and beneficial owner of M/s Nielsen Enterprises Limited and Nescoll Limited. Questions 10 to 13 ask how did Hill Metal Establishment come into existence; where did the money for Flagship Investment Limited and other companies set up/taken over by respondent No 8 come from; where did the Working Capital for such companies come from; and where do the huge sums running into millions gifted by respondent No 7 to respondent No 1 (Nawaz Sharif).

Although, the last four questions pertain to the businesses of Hassan Nawaz and Hussain Nawaz and they can provide sufficient information to JIT but still some part of these questions will be linked to late Mian Sharif, making complete disclosures impossible. For all good or bad reasons, the Panama case has entered a street with a dead end.