Pakistanis own assets worth USD 150 billion in UAE, say report

Sep 05, 2018, 09:54 IST | Agencies

Pakistan's Chief Justice Mian Saqib Nisar expressed his dismay over the headway the case has made, saying that individuals hiding assets in foreign countries are entitled to money laundering trials

Pakistanis own assets worth USD 150 billion in UAE, say report
The report was released by a chartered accountancy firm. Pic/AFP

The Pakistan Supreme Court was on Monday informed that Pakistan nationals hold assets and properties worth over USD 150 billion in the United Arab Emirates. A report by AF Ferguson, a chartered accountancy firm, was presented in the court in connection with a case on the offshore accounts and properties of Pakistan nationals.

The governor of the State Bank of Pakistan, Tariq Bajwa underlined the steps taken in order to recover the funds. "Notices have been issued to the 125 people who have assets in the UAE. If they write on affidavits that they do have assets outside of Pakistan, we will interrogate and tax them," said Bajwa.

Pakistan's Chief Justice Mian Saqib Nisar expressed his dismay over the headway the case has made, saying that individuals hiding assets in foreign countries are entitled to money laundering trials.

125
No. of people issued notices over assets in UAE

Arif Alvi elected new Pak president
Pakistani lawmakers elected a nominee from Prime Minister Imran Khan's party to the office of president on Tuesday, further cementing its hold on power. Arif Alvi will replace President Mamnoon Hussain, who completes his five-year term on September 9.

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