The Pandora Papers were released on October 3 by the International Consortium of Investigative Journalists (ICIJ) with the help of 600 journalists from across the world
The Pandora Papers are being investigated by the Prime Minister's Inspection Commission.
ISLAMABAD: The Prime Minister's Inspection Commission has formally launched an investigation into the Pandora Papers, almost two months after, in the first phase, the commission sent a questionnaire to nearly 50 offshore holders, seeking information about the companies or properties they own.
The Pandora Papers were released on October 3 by the
International Consortium of Investigative Journalists (ICIJ) with the help of
600 journalists from across the world.
According to The News International, a Pakistani consortium
partner, over 700 Pakistanis hold offshore firms in various tax havens.
The Pandora Papers revealed that several members of Prime
Minister Imran Khan's cabinet or close family members, retired civilian and
military officials and their families, and the country's wealthiest business
families secretly own or have owned a slew of offshore companies and trusts
worth millions of dollars.
Imran Khan, Prime Minister of Pakistan, hailed the
revelation of the Pandora Papers and stated that investigations will be
launched against people who stored millions of dollars in offshore accounts.
Many political figures, on the other hand, have expressed their dissatisfaction with the pace of the Pandora Papers investigations. Unlike the Panama Papers, when a clear policy was formed to examine offshore holdings, the government has yet to take a coordinated approach to the Pandora Papers investigation.
On the orders of the Supreme Court of Pakistan, the government formed a Joint Investigation Team (JIT) comprised of professionals from several government ministries to probe the Panama Papers under one roof.
The opposition parties have often said that the passion and efforts shown
during the Panama Papers inquiry are absent during the Pandora Papers probe.
The Prime Minister Inspection Commission called the two Pakistani journalists who were part of the ICIJ's Pandora Papers and conducted a meeting with them three weeks following the release of the Pandora Papers. The members of the panel urged the media to give information regarding 700 Pakistanis listed in the Pandora Papers at this meeting.
However, the panel was advised that they could not break the ICIJ standards unless they were dealing with a subject of public interest.
The commission assured the journalists that government agencies such as the Federal Board of Revenue (FBR) and Pakistan's Securities and Exchange Commission (SEC) will help the Pandora Papers probe committee. Meanwhile, the SECP addressed the owners of the offshore businesses on its own initiative.
The FBR spokeswoman, on the other hand, stated that they were
collaborating with the commission to help them.
This scribe also reached out to several of the people identified in the Pandora Papers, who verified that they had received the letters from the Prime Minister's Inspection Commission. A former military official verified that he had received the letter and that he had previously responded.
Another merchant acknowledged that he had received the questionnaire from the commission. The commission has issued the owners of offshore entities a questionnaire including seven questions via official mail.
The offshore holders were asked if they were aware that
their names appeared in the Pandora Papers as offshore trust- entity holders,
if they hold any public office, if any of their close relative(s) holds any
public office, and if they could provide the names of the companies-trusts-entities,
names of all shareholders, names of directors/trustees, and details of foreign
assets linked to the offshore company or trusts and entities.
According to sources at the inspection commission, the questionnaire was issued to over 50 offshore holders whose names and addresses were disclosed by the ICIJ and The News International. Some of them have already responded, and the commission is looking into the matter.
According to
the source, the commission has uncovered more than 30 names in the recently
published ICIJ material and is deliberating on different perspectives.