While cash-strapped Pakistan struggles with a severe economic crisis, an explosive report called the “Dubai Leaks”, was released on Tuesday, disclosing names of prominent Pakistan elites. The list comprises politicians, military personnel, and bureaucrats involved in Dubai’s real estate market to hide the illicit wealth. The shocking report also exposes how the city has opened its doors to hundreds of people accused of criminality around the globe. Notable Pakistani figures such as President Asif Ali Zardari, Interior Minister Hassan Nawaz Sharif, and the spouse of Mohsin Naqvi, among others, collectively own properties in Dubai worth a staggering 12.5 billion US dollars.
Investigated by journalists from 74 organizations across 58 countries over six months, the report titled “How Dirty Money Finds a Home in Dubai Real Estate,” unveils a network of Pakistan nationals owning a whopping 23,000 properties in Dubai, whereas the poor population in Pakistan continues to struggle to even buy essentials like atta and rice. Leaving the cash-strapped country behind with a bowl, Pakistanis rank as the second-largest group of property owners in Dubai, holding assets worth $11 billion.
Additionally, lawmakers from Sindh and Balochistan assemblies also feature prominently in this list, while many other former leaders such as General Pervez Musharraf and Prime Minister Shaukat Aziz, along with retired generals, are implicated in the list.
The report, “Dubai Leaks”, revealed that these properties range from studio apartments to luxurious six-bedroom villas situated in prime locations like Dubai Marina, Emirates Hills, and Palm Jumeirah. This widespread ownership of foreign assets raises concerns about the economic impact on Pakistan and the lavish lifestyles maintained by its elite, starkly contrasting with the struggles of ordinary citizens.
The startling report highlights discrepancies in the property declarations made by the politicians during their elections. For instance, Interior Minister Mohsin Naqvi’s wife owning a villa in Dubai was not disclosed in his Senate election nomination papers. It also highlights that persons guilty of omitting crimes, such as the Altaf Khanani network- sanctioned for money laundering, own properties in Dubai, making the city a safe haven for criminals.
Pertinently, while the Federal Board of Revenue of Pakistan (FBR) viewed the revelation as a crucial step towards tackling tax evasion, the United Arab Emirates, on the other hand, stated that there is an ongoing hunt for global criminals, and the country is working closely with international partners to interrupt and prevent all forms of illegal finance.
The leaked data, which comes at a crucial phase of the economic crisis, showcases how the elites of Pakistan are maintaining high-profile lives, whereas the majority of the population has to beg even for essentials. In this regard, cash-strapped Pakistan will now privatize all state-owned enterprises, including the loss-making Pakistan International Airlines, announced PM Shehbaz Sharif on Tuesday. The announcement to privatize state-run enterprise comes a day after Pakistan initiated negotiations with the International Monetary Fund for another new long-term Extended Fund Facility.
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