The document summarizes key events in the Panama Papers case in Pakistan. It discusses: 1) The filing of petitions by PTI and others seeking PM Sharif's disqualification. 2) Ongoing Supreme Court hearings over several months where both sides presented arguments and evidence. 3) The formation of a Joint Investigation Team that submitted a report requesting corruption references against Sharif and family. 4) The Supreme Court's final verdict in July 2017 that disqualified Nawaz Sharif from office and ordered corruption references filed against him.

2. Presented To:
Sir Haseeb Sarwar
Presented By:
H.Sana Butt

3. What is Panama?
What are Panama Papers?
What is Offshore company?
Is Offshore company are
illegal?
What is Shell company?
What is Tax heaven?

4. ICIJ
PanamaGate Case in
Pakistan
Supreme court decision
Panama effects on
Pakistani politics

7. sss

8. A Company which is established
outside the country is called Off
shore company.
Off shore
Company

10. A shells are corporations that exist only on papers, having no
physical appearance, no one employ and produce nothing.
They are frequently used to shield identities and to hide
money.
Shell Company

11. A shell company can often be identified by
a number of red flag indicators including:
No phone
number
No e-mail
address
No
physical
address
No
company
logo
No contact
person
No federal
identifica-
ion
number

12. • Mossack Fonseca is a Panamanian law firm known for helping clients
set up offshore accounts. Their clients include criminals and members
of various Mafia groups, in addition to government officials.
• The firm is Panamanian but runs a worldwide operation. Its website
boasts of a global network with 600 people working in 42 countries. It
has franchises around the world, where separately owned affiliates
sign up new customers and have exclusive rights to use its brand.

13. • Mossack Fonseca operates in tax havens and off-shore companies
Including Switzerland, Cyprus and the British Virgin Islands, and in
the British crown dependencies Guernsey, Jersey and the Isle of Man.

14. • The International Consortium of Investigative Journalists (ICIJ)
is a Washington-based international network launched in 1997 by
the Center for Public Integrity which includes more than 200
investigative journalists in over 70 countries who work together on
"issues such as "cross-border crime, corruption, and the accountability
of power."

15. • Panama (Country in Central
America )
• Panama City (Capital of
Panama )
Panama is a country in central
America situated in between South
and North.

16. PanamaGate Case in Pakistan

17. Seeking PM S disqualification, PTI files
petition with SC (August 29,2016)
The PTI filed a petition with SC Seeking
disqualification of PM Sharif from his
office as well as from the NA. The petition
was filed by PTI’s counsel Naeem Bukhari
on behalf of party’s chairman Imran Khan.
It was filed against 10 respondents,
including Nawaz Sharif, his daughter,
sons and government institutions.

18. SC accepts petitions(Oct 20,2016)
The SC started
accepting petitions
filed by the PTI,
JWP, JI and others
to begin the
proceedings..
Almost a week
later, the SC
formed a five-
judge larger bench
to hear petitions
regarding
Panamagate.
Earlier, a three-
member bench
accepted petitions
filed by the PTI
and Sheikh Rashid
asking for the
prime minister’s
disqualification.

19. Sharif children submit replies to SC (Nov7,2016)
The counsel for PM Sharif, Salman Aslam
Butt, informed the SC bench that Hassan
Nawaz had been running a business lawfully
for 22 years and Hussain for 16 years. He
added that Maryam Nawaz was not dependent
on her father. Denying allegations levelled in
the petitions, Maryam said she was not the
beneficial owner of Nielson and Nescoll, but
only a trustee.

20. PTI submits evidence, PML-N lawyer presents
Qatari letter(Nov14,2016)
The SC questioned the quality of the evidence presented by the PTI and
deplored that their 680-page submission had almost nothing to do with
the Sharif’s family London properties.
The Sharif children’s newly engaged counsel, Mohammad Akram
Sheikh ,presented the court with an attested letter from a former
Qatari Prime Minister, Hamad Bin Jassim Bin Jaber Al Thani, with
yet another explanation for the London flats.
The SC was not pleased to hear another explanation for how the
Sharif family paid for its properties and said that both sides were
doing their best to ensure that the court would eventually have to
form a commission to decide the Panamagate case.

21. CJ Jamali’s retirement halts proceedings
( Dec 9,2016)
Proceedings in the case ended on
Dec 9,2016, as CJ Zaheer Jamali
was scheduled to retire .
The SC said that arguments from both
sides would start afresh when hearings
resumed in January. A five-judge bench
headed by Justice Asif Khosa had been
constituted by the SC to resume the
hearing from Jan 4.

22. New bench resumes hearing (Jan 4, 2017)
The case hearing resumed when the five-judge
bench, headed by Justice Asif Saeed Khosa was
informed about the details of the offices held by
PM Sharif during his political career. PTI’s
counsel Naeem Bukhari sought the court’s
permission to refer to a number of interviews of
the PM, his spouse and children to highlight
that every one took a different stand regarding
ownership of the London properties.

23. Burden of proof becomes a sticking point (Jan
13, 2017)
Members of the SC bench hearing the PanamaGate case expressed divergent
opinions over which side shouldered the burden of proof. While Justice Asif
Saeed Khosa- who heads the bench placed the burden of proof on Prime Minister
Sharif’s family. Justice Azmat and Justice Ijaz differed. On Jan 12, 2017, the
prime minister’s counsel was quizzed about a money trail for the London flats.

24. Sharif family’s flats purchased in 1990s, BBC
report reveals (Jan 13, 2017)
Properties owned by the Sharif family in
London’s upscale Park Lane neighborhood
were purchased in the 1990s and there has
been no change of ownership since then,
BBC Urdu reported.
German newspaper Sudduetshce Zeitung
on Jan 23 tweeted documents to ‘help
Pakistanis to form their opinion on the role
of Prime Minister Sharif’s daughter in the
PanamaGate case.
On Jan 26, a second letter was floated by
Hussain Nawaz’s counsel, ‘clarifying’
Sharif’s investment in Gulf steel Mills.

25. PTI’s presents ‘new evidence’ (Feb 15, 2017)
The bench postponed day-to-day proceedings after Justice Saeed
had to be refused to the Rawalpindi Institute of Cardiology
following chest pains on Jan 31.
The prime minister’s counsel argued that the petitioners had failed
to link Mr. Sharif to any wrongdoing.
Since no serious charge could be established against the prime
minister except general allegations, there was no possibility of
holding his children accountable for the allegations leveled by the
petitioners.

26. Consider Qatari letters void, Imran asks Sc
(Feb 18, 2017)
Imran khan submitted an affidavit to the SC, asking it to ignore the
two Qatari letters produced by the Sharif family evidence of their
stance in the case.
On Feb 22, the Attorney General of Pakistan told the bench that the
case record in the Hudaibya reference had been examined and that the
company had obtained loans through foreign currency accounts.
At this, Justice Saeed expressed the bench’s frustration by saying that
the lawyers were issuing different statements each time which was
confusing the bench.

27. PanamaGate hearings conclude; Judgment awaited (Feb 23, 2017)
After both the defense and prosecution completed their arguments, the apex
court said it would reserve its verdict on the PanamaGate case and issue a
detailed judgment.
“We will decide this case only by the law…such that people will say 20 years
down the line that this judgment was made the book,”
said Justice Khosa.
Panama Case Verdict announced (April 20, 2017)
• Supreme court’s larger bench announces the much-awaited verdict of
Panama Leaks Case against the ruling Sharif Family.
• According to the judgment, the premier would not be disqualified and a JIT
(Joint Investigation Team) would be formed to probe money trail of Sharif
Family. Prime Minister Nawaz Sharif along with Hassan and Hussain
Nawaz would appear before the JIT.

28. Joint Investigation Team
Members
• Under the ruling of the Supreme Court a three-member special
implementation bench supervised the JIT, headed by Justice Ejaz Afzal Khan
and including Justice Sheikh Azmat Saeed and Justice Ijazul Ahsan.
• The JIT was formally constituted by the Supreme Court's implementation
bench on 6 May 2017. It comprised six members, with the head from FIA:

29. Name Organization Post
Wajid Zia Federal Investigation Agency
Additional Director General
(Immigration)
Ameer Aziz State Bank of Pakistan Managing Director (NIBAF)
Bilal Rasool
Securities and Exchange
Commission of Pakistan
Executive Director
Irfan Naeem Mangi
National Accountability
Bureau
Director General
(NAB, Baluchistan)
Brigadier (r) Nauman
Saeed
Inter-Services Intelligence Director (Internal Security)
Brigadier Kamran

30. Joint Investigation Team
Authority and functioning
• The JIT members were given the authority to engage and associate local and/or
foreign experts to facilitate the investigation of Sharif family's offshore assets. The
team also received all powers granted by laws relating to investigation, including
those available in the Code of Criminal Procedure, 1898, National Accountability
Bureau Ordinance, 1999 and the Federal Investigation Agency Act, 1975. The
directive also stated that the JIT was acting at the direction of the Supreme Court,
and all executive authorities in Pakistan must assist and cooperate with the team.
• The JIT headquarters was in the Federal Judicial Academy, Islamabad, with a
working budget of Rs. 20 million. The team was required to submit reports to the
Supreme Court fortnightly and to complete its investigations within 60 days of
formation

31. Scope of investigation
• The scope of the JIT's investigation included the following ten points, as
outlined by the Special Bench of the Supreme Court:
How did Gulf Steel come into being?
• What led to its sale?
• What happened to its liabilities?
• Where did its sale proceeds end up?
• How did they reach Jeddah, Qatar, and the UK?
Whether respondent numbers 7 and 8 (Hussain and Hassan Nawaz Sharif),
in view of their tender ages, had the means in the early nineties to possess
and purchase the London flats?

32. Whether the sudden appearance of al-Thani's letter is a myth or reality?
How bearer shares crystallized into the flats?
Who, in fact, is the real and beneficial owner of Nescoll Limited and Nielsen
Enterprises.
How did Hill Metals Establishment come into existence?
Where did the money for Flagship Investment Limited and other companies set
up/taken over by respondent number 8 (Hassan Nawaz Sharif) come from?
• Where did the working capital for such companies come from?
Where do the large sums, running into millions, gifted by respondent number 7
(Hussain Nawaz Sharif) to respondent number 1 (Nawaz Sharif) drop in from?

33. JIT report and recommendations
Despite controversies, On 10 July 2017, JIT submitted a 275-page report in
the apex court. The report requested NAB to file a reference against Sharif,
his daughter Maryam, and his sons under section 9 of National Accountability
Ordinance. JIT found that Sharif, his sons and his daughter Maryam Nawaz
could not justify their income and assets, adding that Maryam Nawaz had
been proved the beneficial owner of Nielsen and Nescoll.

34. • The report further stated that Maryam was involved in falsifying
evidence before the Supreme Court. The basis for this was the use of
the Calibri font in documents said to be from 2006, when the Calibri
font wasn't publicly released until January 2007.
• Among other critical findings was the discovery of an offshore
company, FZE Capital, managed by Nawaz Sharif until 2014,and the
complete lack of supporting record in the United Arab Emirates related
to the sale of Gulf Steel Mill, important to the case as it formed the
basis of the 'Qatari letter' money trail.

35. Final verdict
• Following the JIT report to the court on 10 July 2017, the Supreme
Court began to hear arguments a week later.
• On 21 July 2017, the court concluded the hearings and reserved its
judgment 28 July 2017, the court announced its unanimous decision
and disqualified the Prime Minister from holding public office, finding
that he had been dishonest in not disclosing his employment in the
Dubai-based Capital FZE company in his nomination papers.
• The court also ordered National Accountability Bureau to file a
reference against Sharif, his family and his former Finance
Minister Ishaq Dar, corruption charges.

36. After the verdict
Following the verdict, Nawaz Sharif was
disqualified from serving as Prime Minister,
and also as leader of the National Assembly.
The NAB was ordered by the court to
investigate corruption charges against Sharif,
his three children and his son-in-law.