SC informed of assets worth USD 150 bn owned by Pakistanis in UAE

Pakistan's Supreme Court was on Monday informed that Pakistanis own properties and assets worth a whopping USD 150 billion in the United Arab Emirates.

A report compiled by chartered accountancy firm A F Ferguson was submitted by Federal Investigation Agency (FIA) in the court during the hearing of a case pertaining to the properties of Pakistanis in foreign countries.

Chief Justice of Pakistan Mian Saqib Nisar expressed surprise over the massive amount still parked abroad despite the amnesty scheme by the previous government which allowed declaration of the undocumented assets by paying a meager 5 percent tax.

State Bank of Pakistan (SBP) Governor Tariq Bajwa told the court about a separate list of 225 Pakistani nationals who have properties in London.

Notices have been issued to the 125 people who have assets in the UAE, Bajwa was quoted as saying in a local media report.

He said measures were being taken to recover the funds held abroad with the help of FIA, the National Accountability Bureau (NAB) and other agencies.

Expressing dissatisfaction on the progress of the case, the chief justice asked the attorney general Mansoor Ali Khan about the measures being taken by the new government to bring the money stashed abroad.

Khan assured the court that the new government was serious and a task force has been constituted under Prime Minister Imran Khan to address the issues.

Noting that most of the amount was "looted", Justice Umar Ata Bandial inquired why the authorities had not taken stern action against the individuals, The Express Tribune reported.

"These individuals should be penalized for hiding the money," he said while addressing Chairman FBR Mohammad Jahanzeib Khan, the report said.

Later, the court adjourned the hearing till September 5 after the attorney general said that he will meet the prime minister to discuss the measures and inform the court.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)