Abstract from Book “Capitalism’s Achilles Heel” by Raymond W. Baker: In 1938, Sharif father along with six brothers set up a foundry which was nationalized by Bhutto in 1972. In 1980, the foundry was returned by Zia-ul-Haq and Nawaz Sharif became Finance Minister of Punjab and then the Chief Minister. One foundry grew into thirty business enterprises worth 400 Million USDs -one of the biggest private conglomerates in Pakistan within ten years. The political realm transformed into economic realm. The Lahore-Islamabad Motorway with estimated cost of 8.5 billion contract was jacked up at midnight to Rs.20 billion. Sharifs pocketed 160 Million Dollars from the Lahore-Islamabad Motorway construction. The Yellow Taxi Scheme gave loss of 700 Million US$ in customs duties and 500 Million US$ to banks. In 90s, Sharif got 90 Million US$ loans waived off. In 1993 the Itefaq Group went bankrupt and gave loss of 5.7 Billion Rupees to banks. 60 Million US$ illegal were generated from government rebates and 58 Million US$ were made from import of wheat from USA by paying exorbitant prices.
Graph above shows how assets of accused Mian Muhammad Shahbaz Sharif and his co-accused family members, Benamidars, Front Persons, increased drastically, especially during the years 2008 to 2018, when he and his co-accused son Muhammad Hamza Shahbaz Sharif were holding public offices.
Figure above presents “Disproportionate Assets / Money Laundering – Accused Mian Muhammad Shahbaz Sharif, his Family Members, Benamidars and Front Persons.
The above are from a White Paper shared with DesPardes.com. The Editors do not necessarily agree with all of its contents, as many are accusations, some are still under review, and or under investigations and await the due process of law in Pakistan. Download pdf doc. >>
