Money trail: Qatari prince writes back to JIT


Islamabad June 5 (TNS): Qatari Prince Hamad Bin Jasim Bin Jaber Al Thani, who had been sent a questionnaire by the Joint Investigation Team (JIT) probe the Panama Papers case, has sent back a highly confidential reply in a sealed envelope via Pakistani embassy in Doha.

According to sources, the Ministry of Foreign Affairs handed over the letter to the JIT, which is expected to present its fortnightly report to the Supreme Court’s Panama case implementation bench today.

The letter was in a sealed envelope and nobody was sure what the exact contents of the letter.

Earlier, the JIT wrote to the Qatari prince asking him to answers regarding his previous letter, which was presented by the Sharif family in the Supreme Court during the hearing of the Panama Papers case, and his family’s business ventures with the Sharif family.

Previously, the Qatari prince in his two letters claimed that his family had business links with the Sharif family.

During the hearing of the Panama Leaks case, the Sharif family had produced a second letter from the Qatari prince to establish the money trail of London flats.

In his letter to the apex court, Qatari Prince Al Thani claimed that PM Nawaz’s father, Mian Muhammad Sharif, made an investment of approximately 12 million dirhams in the Al-Thani family’s real estate business.

“The investment was made by way of provision of cash which was common practice in the Gulf region at the time of the investment. It was also, given the longstanding relationship between my father and Sharif, a customary way for them to do business between themselves,” it said.

“At the end of 2005, after receiving all accruals and other distributions made over the term of the investment, it was agreed that an amount of approx $8,000,000 was due to Sharif. The amount due to him was settled in 2006,” the letter explained, “by way of the delivery to Hussain Nawaz Sharif’s representative of bearer shares of Nescoll Ltd and Nielsen Enterprises Ltd, which had been kept during that time in Qatar.”

The letter carries transaction details and auditor’s reports regarding the Gulf Steel Mills in Dubai and the Azizia Steel Mills in Jeddah.

A statement, submitted in the apex court by the premier’s counsel Salman Akram Raja, further stated that an amount of $8 million which was due to Mian Sharif in 2005, was settled “by the way of delivery of bearer shares of Nescol Ltd and Neilson Enterprises Ltd to a representative of PM Nawaz’s son Hussain Nawaz in 2006”.

In the earlier letter, the Qatari prince stated that his father had longstanding business relations with PM Nawaz’s father which were coordinated through the prince’s eldest brother. “As per my understanding at that time an aggregate sum of around 12 million dirhams was contributed by Mian Sharif, originating from the sale of the business in Dubai, UAE,” it said.