Monday, July 24, 2017

Pakistan - Imran fails to submit complete money trail

PTI chief tells Supreme Court English counties he had been playing for since 1971 do not maintain records older than 20 years.
Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Saturday informed the Supreme Court that he does not have any record of the schedule of payments with English counties he had played for.
In a reply submitted to the apex court, PTI chief said that English counties he had played for did not maintain records older than 20 years so he could not furnish those salary details. However, by 1980 he was the highest paid overseas player in the UK, read the statement.
"Respondent No 1 (Imran Khan) does not have any record of the exact schedule of employment for himself, however, as an example Mushtaq Ahmed's contract is attached, it indicates what another lesser known cricketer was paid (later) along with all the perks," the reply submitted by Advocate Naeem stated. Imran Khan was responding to the Supreme Court's queries over a petition seeking his disqualification over alleged non-disclosure of assets, ownership of offshore companies and receipt of foreign funds for the party.
The PTI chief, who was the main petitioner against Prime Minister Nawaz Sharif seeking his disqualification on the basis of assets beyond his source of income, has been stating that whatever he earned was from the county cricket abroad.
A three-judge bench headed by Chief Justice Mian Saqib Nisar is hearing the petition of Pakistan Muslim League-Nawaz (PML-N) leader Hanif Abbasi, wherein he requested the top court to disqualify Imran Khan from being the member of National Assembly.
The PTI chief informed the apex court that he had started earning money abroad when he started playing cricked during his days as a student at University of Oxford, England. Then he was selected as a cricket player for Pakistan and Worcestershire in 1971, while he also played for Sussex County from 1977 to 1988. He claimed that all the payments made to him were income tax deducted at source. Imran stated that he also played for the Kerry Packer series, a cricket competition between 1977 and 1979, for $25,000 per year. Besides his earning, there were also the airfare, boarding, lodging costs and prize money.
Khan submitted that he played in Australia for New South Wales between 1984 and 1985, earning Australian Dollar 50,000.
In 1984, he mortgaged a one-bedroom apartment in London through Royal Trust in the name of Niazi Services Limited. The apartment was purchased for £117,500 on mortgage on 20 years and initial down payment of £61,000 to Royal Trust. He made the payment from his savings and earnings he received while playing for Sussex Country Cricket and the Kerry Packer series.
"These redemption amounts (GB Pounds 55,000) were mostly from the earnings from his (Khan) benefit year with Sussex while interest payments were made from the Australian Dollar 50,000 (equal to 25, 000 GB Pounds) received while playing for New South Wales in Australia in winter in the year 1984 - 1985 and from his salary income during the 68 months of the mortgage," the reply explained.
Khan said he managed to pay off the mortgage well before its due date as he had a benefit year in 1987 when he earned £190,000 and his savings. The PTI chief informed the court that he had to spend his days outside Pakistan to fulfil his commitment to Sussex Country Cricket and to participate in other international cricketing events between 1977 and 1988. Khan said as he was a 'non-resident', Pakistan's income tax laws did not apply to him.
The reply maintained that there could be no money laundering involved at any time, adding that Khan had been self-sufficient with all his financial obligations outside of Pakistan throughout his overseas career.

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