Pakistanis Own $150 billion worth assets in the UAE

$150 billion

Pakistanis own $150 billion worth assets in UAE as revealed in a report by chartered accountancy firm A.F. Ferguson. The report was presented in the Supreme Court.

The Supreme Court was told on Monday that Pakistanis own around $150 billion worth of properties and assets in the UAE alone.

The report was submitted in Supreme Court with regard to a case in the Court on the properties abroad of Pakistani nationals. The firm said that the data revealed must be ‘handled with care’.

Chief Justice Mian Saqib Nisar asked, “Such a massive amount is still parked abroad despite the amnesty scheme?.”

State Bank of Pakistan (SBP) Governor Tariq Bajwa said, “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. But if they deny that, then we can take the help of the UAE government and ask them to take action in accordance with benami properties law.”

SBP governor informed that the assistance of different agencies has been taken including the Federal Investigation Agency, the National Accountability Bureau, and others.

Chief justice was not impressed by how things were progressing.

Shabbar Zaidi, the audit firm’s chief revealed in the court that the money transferred abroad is being done through “Havala and banking routes”.

About the banking channels used he said,  “Funds are moved abroad by showing it as agricultural income.”

SBP governor said, “Only a sum of $10,000 is permitted to be taken outside of Pakistan.”

Attorney General Mansoor Ali Khan guaranteed the court that the new government is “serious about bringing back the money”.

Read also: UAE opens a new visa office in Karachi

Attorney general said, “A task force has been formed under the PM’s stewardship. The govt wants the apex court to provide guidance in this regard.”

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