Prominent Pakistani figures have acknowledged ownership of properties in Dubai following the release of the Dubai Leaks 2024, a Dubai Leaks exposing real estate holdings in the Emirate. This new information comes on the heels of the Panama Papers in 2016, which sparked international discussions on offshore tax havens.
Among those listed are President Asif Ali Zardari’s three children, former Prime Minister Nawaz Sharif’s son Hussain Nawaz Sharif, Interior Minister Mohsin Naqvi’s wife, Sindh provincial minister Sharjeel Memon and family members, Senator Faisal Vawda, Pakistan Tehreek-e-Insaf lawmaker Sher Afzal Marwat, and half a dozen lawmakers from the Sindh and Balochistan assemblies.
The list also includes late former dictator Pervez Musharraf, former prime minister Shaukat Aziz, former army chief Qamar Javed Bajwa’s son, and more than a dozen retired army generals as well as a police chief, an ambassador, and a scientist, all of whom owned properties either directly or through their spouses and children.
Who’s Named in the Dubai Leaks?
The leaks include a significant number of Pakistani individuals, including:
- President Asif Ali Zardari’s children (including two members of the National Assembly)
- Former Prime Minister Nawaz Sharif’s son
- Interior Minister Mohsin Naqvi’s wife
- Sindh provincial minister Sharjeel Memon and family
- Senator Faisal Vawda
- Lawmakers from Sindh and Balochistan assemblies
- Retired military officials, including former army chief Qamar Javed Bajwa’s son
Politicians Defend Property Ownership
Several Pakistani politicians have responded to the leaks, claiming their Dubai properties have been declared with the appropriate authorities.
- Defense Minister Khawaja Muhammad Asif dismissed the leaks, stating the named individuals were already known to own property abroad.
- Interior Minister Mohsin Naqvi confirmed his wife’s Dubai property was declared in tax returns and to the Election Commission.
- PTI MNA Sher Afzal Marwat similarly asserted his Dubai apartment was declared with Pakistani tax and election authorities.
- President Zardari’s Pakistan Peoples Party also maintains their leaders’ properties are duly declared in tax filings.
The Dubai Leaks raise questions about transparency in Pakistani politics and potential links between wealth and political power. While some named individuals have defended their holdings, the leaks reignite discussions on offshore investments and potential conflicts of interest.
The Dubai Leaks 2024 report highlights the significant wealth held by Pakistan’s elite in Dubai, with properties ranging from studio apartments to lavish six-bedroom villas owned by political, military, and business figures across premium locations like Dubai Marina, Emirates Hills, and Palm Jumeirah.
The data obtained by C4ADS and shared with media outlets worldwide does not inherently indicate financial crimes but offers a detailed snapshot of Pakistani investments in Dubai properties during a specific period. The report has sparked concerns about tax evasion and the lack of transparency in the financial dealings of Pakistan’s elite.
The Federal Board of Revenue (FBR) of Pakistan views this revelation as a crucial step toward tackling tax evasion, stating that if they have the data and information on residence status, they will ensure those who are eligible to pay tax in Pakistan on rental income or capital value are doing so.
The Dubai Leaks 2024 report underscores the challenges faced by Pakistan in bringing undeclared assets into the tax net, with Dubai authorities reluctant to share information on Pakistani citizens owning assets in the emirate. The investigation highlights the need for greater transparency and cooperation between governments to combat financial crimes and money laundering.