Allegation against Sharifs

EDITORIAL:THE FRONTIER POST

Interior Minister Rahman Malik has definitely added to an already hot political temperature that rose after the Supreme Court verdict in a contempt of court case against Prime Minister Syed Yusuf Raza Gilani on April 27 and the PML-N, seeking the premier to step down, threatening a long march to force the prime minister to resign. The interior minister threw the bombshell when he accused the Sharif family on Saturday of 'robbing' 31 banks, development finance institutions and non-bank financial institutions of over Rs6 billion to build "their industrial empire". The allegations came a day after Nawaz Sharif asked prime minister to relinquish his office after the SC verdict. He threatened to use all options to send the government packing if the demand was not met. Rahman Malik hurriedly called a news conference at his office to level the allegation that the Sharif family had used coercive tactics against banks and other financial institutions to arrange the "staggering sum for their 19 industrial units". With a pile of files lying in front of him, the minister claimed he was dishing out the "first installment of the corruption of Nawaz Sharif and Shahbaz Sharif and more evidence in other fraud cases will soon be made public". He said that he had in his possession all documentary evidence and threatened to file a reference with the National Accountability Bureau (NAB) next week. He suggested the NAB as well as the Supreme Court to take notice of what he called fraudulent extraction of money by the Sharifs. He alleged that the Rs6 billion default had forced Nawaz Sharif to join hands with former president Farooq Ahmed Leghari to dislodge the Benazir government. The deal had been finalised between the two during investigations into the Mehran Bank scam as both were beneficiaries, the interior minister claimed. He alleged that Mr Leghari had sold his "barren land in Dera Ghazi Khan for billions of rupees". The minister accused the Sharif family of defaulting on payment of $32 million for paper manufacturing machinery leased from a British-based firm, Altowfeek Company, in Feb 1995. The amount was paid after the High Court of Justice, Queen's bench division, ordered the British authorities to charge four properties owned by the Sharif family in Britain. He alleged that the Sharif family was involved in money laundering and had deposits in 10 banks in Switzerland. The PML-N hit back to repudiate Rahman Malik's allegations saying they were a bunch of lies. In a statement to media, Senator Pervaiz Rashid leveled the counter allegation that the rule of People's Party was a story of loot and plunder, bringing forth a fresh scam every other day. The PML-N lawmaker, however, did not present any evidence that his leaders were not involved in the money laundering scandal; he rather confined his statement to tit for tat rhetoric that charged the PPP leadership in the same coin. The interior minister's allegations are not new but date back to the period when Nawaz Sharif took over as prime minister for the second time. Mr Sharif also surrendered four of his family industries, including the Ittefaq Foundry, and the matter went to the Lahore High Court to recover his bank loans amounting to more than Rs6 billion. The LHC appointed a commission to evaluate the worth of the industries and it reported that all the machinery was removed from the industries soon after the offer was made. The commission valued the value of the land and said it was not more than Rs2 billion in worth. Later, more shareholders of the Ittefaq Group of Industries approached the LHC that Sharifs were not entitled to offer their share in the group and that they were not responsible for loan obtained by Mr Nawaz Sharif. The issue saw a lengthy litigation which has not yet ended decades after the Sharifs offered the property to adjust bank loans against the outstanding bank loans. Even otherwise, the PML-N chief has not so far clarified his position and given no evidence to repudiate allegations. The very fact that Nawaz Sharif surrendered four units of his family's industries and the LHC underwent a lengthy process of litigation which is yet to see the final disposal of the case, is a major evidence that he faltered in repayment of loans. The issue needs an in-depth as it would be in the interest of the Sharifs themselves to offer them for a probe to vindicate themselves.