PM Nawaz Sharif Investment in Mill Increases Six-Fold in a Year

With total worth of assets owned by Prime Minister Nawaz Sharif crossing the mark of Rs2 billion for the first time, his investment in a sugar mill has registered a six-fold increase within a year, according to the statement of assets and liabilities submitted by him to the parliament.

Nawaz Sharif

His statement for financial year 2014-15 showed that total value of assets in his own name and that of his wife had jumped to Rs2.36bn from Rs1.71bn last year. While the value of his shares in Hudaibiya engineering company, Hudaibiya paper mills, Muhammad Bakhsh textile mills and Ramzan spinning mills remained the same, his investment in the Chaudhry sugar mills saw a phenomenal increase of 600 per cent, reaching Rs120 million this year as compared to Rs20m last year. This year he received foreign remittances worth Rs238.9m from his son Hussain Nawaz. He had received remittances of Rs197.5m last year from his son, the statement said. Mr Sharif owns four vehicles, including a 2010 Land Cruiser whose market value has been mentioned as Rs10m in two consecutive annual statements. The vehicle was gifted to the prime minister. According to his statement, Pakistan Tehreek-i-Insaf chief Imran Khan owns 14 properties across Pakistan, including a gifted residence in Bani Gala, Islamabad, which is spread over 300 kanals.

He inherited nine of the properties while the rest were purchased for paltry sums at an unspecified time, according to the statement. Mr Khan has chosen not to mention the market value of his properties. His apartment in Islamabad’s diplomatic enclave cost him Rs1.17m and he bought agriculture land in Mian Channu, measuring 530 kanals, for Rs50,000. Another piece of agriculture land measuring over 243 kanals was purchased by him for Rs4.2m and a plot at Mora Noor, Islamabad, measuring about seven kanals, cost him just over Rs5m. He has foreign currency accounts, with 440,480 dollars, 44,347 pounds and 3,362 euros deposited in them. He has two local currency accounts as well, with less than Rs500,000 deposited in them. But he has Rs16.86m in cash. In what appears to be a clear case of clash of interests, Water and Power Minister Khawaja Muhammad Asif owns thousands of shares in K-Electric, according to his statement. He also owns a three-bed apartment in the East Tower, near the Convention Centre, Islamabad, whose present value has been mentioned in the statement as Rs15m.

The yet-to-be-built apartment is located on a plot sold years ago under a deal currently being probed by the National Accountability Bureau. The land had been sold for Rs4.8bn with the amount recoverable in 20 years. The minister who also holds the defence portfolio owns two houses in DHA, Lahore, one of them in his spouse’s name. The value of both the houses mortgaged with banks has been put at Rs140m. He has five plots in Sialkot, in his wife’s name. The minister is in the rice export business and has secured Rs175m in loans for the Tariq Mir and Company. Railways Minister Khawaja Saad Rafiq owns a two-kanal house in DHA, bought for Rs46.8m, according to his statement. He owns 20 kanals in the Lahore cantonment area which he purchased for Rs8.5m. He has Rs11.24m in cash and prize bonds and owns two cars including a 2014 Honda Civic. He owes Rs40m to his first cousin. Federal Minister for States and Frontier Regions retired Lt Gen Abdul Qadir Baloch owns 170 acres of agriculture land that he bought for Rs65.9m, according to his statement. The land has a market value of Rs200m.

His son Jahanzaib Qadir is in the copper, coal and iron mining business. The minister holds 10 per cent shares in Gulf Minerals (Pvt) Limited and Delta Resources (mineral company). Dr Farooq Sattar of the MQM and his wife have total assets of Rs2.93m. He has an inherited property worth Rs630,000 and his wife has an apartment worth Rs800,000. He has a 2005 model car, gold worth Rs75,000 and Rs778,322 in banks. The total wealth of former prime minister Mir Zafarullah Khan Jamali is Rs6.17m.

He has jewellery worth Rs40,000 only, Rs2.08m cash or in banks and has no car. Mahmood Khan Achakzai’s family have annual earning of up to Rs20m from the agriculture property they own. His wife has 30 tolas in gold ornaments. He has no vehicle but has three prohibited and one non-prohibited-bore weapons. Despite coming from a modest and urban background, Sheikh Rasheed Ahmed has weapons worth Rs630,000. He has a car worth Rs1.86m and properties worth Rs22.42m. Maulana Fazlur Rehman of the JUI-F has no car but owns three houses worth Rs4.07m in Dera Ismail Khan. He has cash, gold and household items worth around Rs2m.