Pakistan Prime Minister Nawaz Sharif today sacked his special assistant on foreign affairs Tariq Fatemi after an inquiry found him guilty of &quot;leaking&quot; vital information about a high-level security meet to a newspaper.

However, in an unusual move, Pakistan&#39;s army &quot;rejected&quot; Prime Minister Nawaz Sharif&#39;s decision to sack his trusted aide saying his action is &quot;incomplete&quot;.

&quot;Notification on Dawn Leak is incomplete and not in line with recommendations by the Inquiry Board. Notification is rejected,&quot; military spokesman Major Gen Asif Ghafoor tweeted.

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Notification on Dawn Leak is incomplete and not in line with recommendations by the Inquiry Board. Notification is rejected.
&mdash; Maj Gen Asif Ghafoor (@OfficialDGISPR) <a href="https://twitter.com/OfficialDGISPR/status/858257576210952192">April 29, 2017</a></blockquote>
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The Pakistan prime minister had&nbsp;narrowly avoided being ousted&nbsp;after the country&#39;s top court this week directed a special team consisting of a judge and top&nbsp;military officers to investigate him and his family members accused of transferring assets in tax havens abroad which came to light as part of Panama Papers leaked by Wikileaks two years ago.

Fatemi considered to be a trusted aide of the prime minister is seen as a big setback for Nawaz Sharif already under pressure due to the Panama case verdict.

Sharif&#39;s approved an inquiry committee&#39;s recommendation to remove Fatemi from his post. The inquiry committee was set up last year to probe the controversy surrounding a controversial report by daily Dawn about a key meeting on national security.

Sharif also directed that the role of Dawn editor Zafar Abbas and reporter Cyril Almeida to&nbsp;be referred to All Pakistan Newspapers Society (APNS) for necessary disciplinary action to be taken against them.

It said that the APNS, a representative body of print media, shall also be asked to develop a Code of Conduct for the print media especially when dealing with issues relating to the security of Pakistan and to ensure that stories on issues of national importance and security are published by abiding to basic journalistic and editorial norms.

Sharif also ordered action against Rao Tehsin Ali, Principal Information Officer of the Ministry of Information, under disciplinary rules for the charges based on findings in the report.

In October, a columnist for Dawn newspaper wrote a front-page story about a rift between civilian and military leaderships over militant groups that operate from Pakistan but engage in proxy war against India and Afghanistan.

The report had said that political leadership had accused army in the high-level meeting to stop creating hurdles in the way of crackdown on some militant entities.

The government denied its role but the army took a strong dislike to the story and relations between the army and the civil government deteriorated.

The PML-N government was forced to remove then information minister Pervaiz Rasheed but a probe was demanded by the army to fix responsibility. The report was submitted to the prime minister this week.

According to the inquiry report, Fatemi was primarily responsible for leaking the report of the key meeting, and Sharif took action against him.

(WION with PTI inputs)

Pakistan Prime Minister Nawaz Sharif had sacked his special assistant on foreign affairs Tariq Fatemi after an inquiry found him guilty of leaking vital information

Pakistan Prime Minister Nawaz Sharif today sacked his special assistant on foreign affairs Tariq Fatemi after an inquiry found him guilty of "leaking" vital information about a high-level security meet to a newspaper. However, in an unusual move, Pakistan's army "rejected" Prime Minister Nawaz Sharif's decision to sack his trusted aide saying his action is "incomplete". "Notification on Dawn Leak is incomplete and not in line with recommendations by the Inquiry Board. Notification is rejected," military spokesman Major Gen Asif Ghafoor tweeted. Notification on Dawn Leak is incomplete and not in line with recommendations by the Inquiry Board. Notification is rejected. — Maj Gen Asif Ghafoor (@OfficialDGISPR) April 29, 2017 × The Pakistan prime minister had narrowly avoided being ousted after the country's top court this week directed a special team consisting of a judge and top military officers to investigate him and his family members accused of transferring assets in tax havens abroad which came to light as part of Panama Papers leaked by Wikileaks two years ago. Fatemi considered to be a trusted aide of the prime minister is seen as a big setback for Nawaz Sharif already under pressure due to the Panama case verdict. Sharif's approved an inquiry committee's recommendation to remove Fatemi from his post. The inquiry committee was set up last year to probe the controversy surrounding a controversial report by daily Dawn about a key meeting on national security. Sharif also directed that the role of Dawn editor Zafar Abbas and reporter Cyril Almeida to be referred to All Pakistan Newspapers Society (APNS) for necessary disciplinary action to be taken against them. It said that the APNS, a representative body of print media, shall also be asked to develop a Code of Conduct for the print media especially when dealing with issues relating to the security of Pakistan and to ensure that stories on issues of national importance and security are published by abiding to basic journalistic and editorial norms. Sharif also ordered action against Rao Tehsin Ali, Principal Information Officer of the Ministry of Information, under disciplinary rules for the charges based on findings in the report. In October, a columnist for Dawn newspaper wrote a front-page story about a rift between civilian and military leaderships over militant groups that operate from Pakistan but engage in proxy war against India and Afghanistan. The report had said that political leadership had accused army in the high-level meeting to stop creating hurdles in the way of crackdown on some militant entities. The government denied its role but the army took a strong dislike to the story and relations between the army and the civil government deteriorated. The PML-N government was forced to remove then information minister Pervaiz Rasheed but a probe was demanded by the army to fix responsibility. The report was submitted to the prime minister this week. According to the inquiry report, Fatemi was primarily responsible for leaking the report of the key meeting, and Sharif took action against him. (WION with PTI inputs)

Pak PM Nawaz Sharif sacks special adviser over security leak, Pak army 'rejects' move

The partners of the law firm at the heart of the Panama Papers scandal were given bail Friday pending further legal action over allegations they helped launder money related to a huge Brazilian bribery case.

Juergen Mossack and Ramon Fonseca were freed on bail of $500,000 each, their lawyer, Marlene Guerra, told AFP.

They had been detained since February 9 in relation to an investigation over the money-laundering allegations tied to the bribery affair in Brazil, known as the &quot;Car Wash&quot; case.

That had to do with kickbacks to Brazilian politicians paid by big Brazilian companies, among them construction giant Odebrecht, which has admitted to paying nearly $800 million in bribes to government officials and political parties to win public contracts on three continents.

That matter was not directly related to the Panama Papers affair, which involved a massive data leak from the Mossack Fonseca law firm that revealed the secretive offshore entities used by many of the world&#39;s wealthy to stash assets. Some of the offshore companies were used to evade taxes and launder money.

Mossack and Fonseca have been accused of running a &quot;criminal organisation&quot; permitting the laundering of assets related to &quot;Car Wash.&quot;

Mossack Fonseca&#39;s representative in Brazil, Maria Mercedes Riano, is being detained in Panama. Brazilian prosecutors suspect she helped create offshore companies to facilitate bribe payments.

While Mossack Fonseca claim its Brazilian subsidiary acted with autonomy, Riano&#39;s lawyers argue that she was only following orders from headquarters in Panama.

Last week, Ramon Fonseca told AFP he considered himself a &quot;political prisoner&quot; and accused Panamanian prosecutors of psychological torture in a bid to coerce incriminating statements about &quot;Car Wash.&quot;

He also said prosecutors were subjecting Riano to psychological pressure &quot;so she testifies against us.&quot;

Until the Panama Papers scandal blew up, Fonseca was a close friend and adviser to Panamanian President Juan Carlos Varela. 
 
(AFP) 
&nbsp;

Juergen Mossack and Ramon Fonseca were freed on bail of $500,000 each, their lawyer, Marlene Guerra, said

The partners of the law firm at the heart of the Panama Papers scandal were given bail Friday pending further legal action over allegations they helped launder money related to a huge Brazilian bribery case. Juergen Mossack and Ramon Fonseca were freed on bail of $500,000 each, their lawyer, Marlene Guerra, told AFP. They had been detained since February 9 in relation to an investigation over the money-laundering allegations tied to the bribery affair in Brazil, known as the "Car Wash" case. That had to do with kickbacks to Brazilian politicians paid by big Brazilian companies, among them construction giant Odebrecht, which has admitted to paying nearly $800 million in bribes to government officials and political parties to win public contracts on three continents. That matter was not directly related to the Panama Papers affair, which involved a massive data leak from the Mossack Fonseca law firm that revealed the secretive offshore entities used by many of the world's wealthy to stash assets. Some of the offshore companies were used to evade taxes and launder money. Mossack and Fonseca have been accused of running a "criminal organisation" permitting the laundering of assets related to "Car Wash." Mossack Fonseca's representative in Brazil, Maria Mercedes Riano, is being detained in Panama. Brazilian prosecutors suspect she helped create offshore companies to facilitate bribe payments. While Mossack Fonseca claim its Brazilian subsidiary acted with autonomy, Riano's lawyers argue that she was only following orders from headquarters in Panama. Last week, Ramon Fonseca told AFP he considered himself a "political prisoner" and accused Panamanian prosecutors of psychological torture in a bid to coerce incriminating statements about "Car Wash." He also said prosecutors were subjecting Riano to psychological pressure "so she testifies against us." Until the Panama Papers scandal blew up, Fonseca was a close friend and adviser to Panamanian President Juan Carlos Varela. (AFP)

Panama Papers law firm partners get bail in Brazil money laundering case

Following the Pakistan Supreme Court&#39;s verdict on Panamagate, Indian defence experts on Friday characterised it as &quot;considerable relief&quot; to Nawaz Sharif, while others said it weakened the position of the Pakistan prime minister.

&quot;Nawaz Sharif&#39;s position has weakened ever since the Panama leak appeared in the newspaper and his party also lost considerable support. With this judgement, Sharif&#39;s position has further weakened,&quot; defence expert Qamar Agha told ANI.

Defence expert Uday Bhaskar said that the apex court&#39;s verdict has given a big relief to Sharif.

&quot;I would characterise this judgement of Pakistan Supreme Court as providing considerable relief to Nawaz Sharif, because though it was slightly split verdict three judges were in favour of Sharif while two were against. This gives a lot of relief to the prime minister as there was no incriminating evidence that would call for further judicial action,&quot; he told ANI.

Announcing the much-awaited Panamagate case verdict, the Pakistan Supreme Court yesterday neither gave a clean chit nor a disqualification to Nawaz Sharif, but ordered the formation of a Joint Investigation Team (JIT) to probe how money was transferred to Qatar.

According to the Dawn, defence minister Khawaja Asif told reporters outside the court that the verdict was split 3-2.

&quot;They have said what the PM already said in his letter -- that a commission should be constituted to investigate the matter,&quot; he said.

&quot;We are ready for all kinds of investigation. It has been established today that any evidence or sacrifices given by our opponents in the SC were not enough. We have succeeded,&quot; he added.

The Panama Papers, which refer to a massive trove of secret documents leaked from Panamanian law firm Mossack Fonseca -- specialising in helping the global elite stash wealth in offshore tax havens -- had said that the prime minister&#39;s children Maryam, Hasan and Hussain Nawaz &quot;were owners or had the right to authorise transactions for several [offshore] companies.&quot;

At least eight offshore companies were found to have links to the Sharif family in the documents that were leaked following which the case was filed by various petitioners -- PTI chief Imran Khan, Jamaat-i-Islami emir Sirajul Haq and Sheikh Rashid Ahmed -- seeking disqualification of prime minister Sharif over his alleged misstatement in his address to the nation on April 5 and his speech before the National Assembly on May 16, 2016.

The petitioners claimed that the prime minister lied about the investments made by his children in offshore companies, which led to the acquisition of four apartments in London&#39;s upscale Park Lane neighbourhood.&nbsp;

(ANI)

 
&nbsp;

Some say the split verdict of 3-2 in favour of Nawaz Sharif provided him a 'considerable relief', while others said it weakened his position

Following the Pakistan Supreme Court's verdict on Panamagate, Indian defence experts on Friday characterised it as "considerable relief" to Nawaz Sharif, while others said it weakened the position of the Pakistan prime minister. "Nawaz Sharif's position has weakened ever since the Panama leak appeared in the newspaper and his party also lost considerable support. With this judgement, Sharif's position has further weakened," defence expert Qamar Agha told ANI. Defence expert Uday Bhaskar said that the apex court's verdict has given a big relief to Sharif. "I would characterise this judgement of Pakistan Supreme Court as providing considerable relief to Nawaz Sharif, because though it was slightly split verdict three judges were in favour of Sharif while two were against. This gives a lot of relief to the prime minister as there was no incriminating evidence that would call for further judicial action," he told ANI. Announcing the much-awaited Panamagate case verdict, the Pakistan Supreme Court yesterday neither gave a clean chit nor a disqualification to Nawaz Sharif, but ordered the formation of a Joint Investigation Team (JIT) to probe how money was transferred to Qatar. According to the Dawn, defence minister Khawaja Asif told reporters outside the court that the verdict was split 3-2. "They have said what the PM already said in his letter -- that a commission should be constituted to investigate the matter," he said. "We are ready for all kinds of investigation. It has been established today that any evidence or sacrifices given by our opponents in the SC were not enough. We have succeeded," he added. The Panama Papers, which refer to a massive trove of secret documents leaked from Panamanian law firm Mossack Fonseca -- specialising in helping the global elite stash wealth in offshore tax havens -- had said that the prime minister's children Maryam, Hasan and Hussain Nawaz "were owners or had the right to authorise transactions for several [offshore] companies." At least eight offshore companies were found to have links to the Sharif family in the documents that were leaked following which the case was filed by various petitioners -- PTI chief Imran Khan, Jamaat-i-Islami emir Sirajul Haq and Sheikh Rashid Ahmed -- seeking disqualification of prime minister Sharif over his alleged misstatement in his address to the nation on April 5 and his speech before the National Assembly on May 16, 2016. The petitioners claimed that the prime minister lied about the investments made by his children in offshore companies, which led to the acquisition of four apartments in London's upscale Park Lane neighbourhood. (ANI)

Pakistan top court verdict on Panamagate has Indian defence experts divided

The co-founder of the law firm at the center of the Panama Papers scandal says the fallout has set off a &quot;thriving&quot; boom in the creation of tax shelters in the United States.

Juergen Mossack, who partnered with Ramon Fonseca to create the Panamanian firm Mossack Fonseca, said in a document obtained Thursday by AFP that after the Panama Papers leak a year ago, the number of new tax shelters created has fallen by 30 per cent in Panama and elsewhere.

&quot;However, jurisdictions such as Delaware, Nevada and others located in the United States, where virtually no due diligence is required... incorporations are thriving!&quot; Mossack said.

&quot;Whilst Panama tries hard to be whiter than white, others are profiting,&quot; he wrote.

The Panama Papers, published a year ago in a leak of more than 11 million documents belonging to Mossack Fonseca, spurred fresh government action against the secretive world of tax fraud and evasion.

Before the scandal exposed the global extent of offshore tax havens, Panama was the last major financial center refusing all exchange of banking information.

But since then, Panama has adopted new legislation and signed up to the international fight against tax fraud, with all the transparency required.&nbsp;

Law firms in Panama have been required to undertake due diligence -- to know their clients and the final beneficiaries of the companies they create -- since 2015.

Mossack said US jurisdictions have &quot;zero transparency&quot; and that is why, after the scandal, there has been an increase in clients creating tax shelters in the US who previously would have gone to Panama.

According to the Panamanian economy ministry, the creation of offshore companies fell 27 pe rcent in 2016 from the prior year.

No one has been arrested in the Panama Papers leaks scandal. In this Central American country, tax evasion is not a crime.

But Mossack and Fonseca have been placed in provisional detention on money-laundering charges as part of a sprawling Brazilian corruption probe dubbed &quot;Operation Car Wash.&quot;

Mossack&#39;s letter, written from detention, was dated April 10.

Panama&#39;s chief prosecutor, Kenia Porcell, said his office was cooperating with European countries investigating tax fraud revealed in the Panama Papers.&nbsp;

The Panama Papers linked some of the world&#39;s most powerful leaders, including Russian President Vladimir Putin, former British prime minister David Cameron and others to unreported offshore companies.

Mossack said more than 98 per cent of his firm&#39;s clients were not Panamanian nationals and that 85 percent of the companies noted in the Panama Papers were set up to comply with other jurisdictions.

According to him, &quot;less than one percent of all the companies incorporated&quot; by Mossack Fonseca could have &quot;a possible wrongful use.&quot;

If some of the companies set up by Mossack Fonseca were used by their owners to try to cheat on their taxes &quot;we would not have been aware of that, since no client in his right mind would tell people he has never met that he would use the company for an illegal purpose,&quot; he said.

&quot;Such a disclosure would automatically disqualify him from being accepted as a client.&quot; 
 
(AFP)

 
&nbsp;

Mossack said in a document that after the Panama Papers leak, the number of new tax shelters created has fallen by 30%

The co-founder of the law firm at the center of the Panama Papers scandal says the fallout has set off a "thriving" boom in the creation of tax shelters in the United States. Juergen Mossack, who partnered with Ramon Fonseca to create the Panamanian firm Mossack Fonseca, said in a document obtained Thursday by AFP that after the Panama Papers leak a year ago, the number of new tax shelters created has fallen by 30 per cent in Panama and elsewhere. "However, jurisdictions such as Delaware, Nevada and others located in the United States, where virtually no due diligence is required... incorporations are thriving!" Mossack said. "Whilst Panama tries hard to be whiter than white, others are profiting," he wrote. The Panama Papers, published a year ago in a leak of more than 11 million documents belonging to Mossack Fonseca, spurred fresh government action against the secretive world of tax fraud and evasion. Before the scandal exposed the global extent of offshore tax havens, Panama was the last major financial center refusing all exchange of banking information. But since then, Panama has adopted new legislation and signed up to the international fight against tax fraud, with all the transparency required. Law firms in Panama have been required to undertake due diligence -- to know their clients and the final beneficiaries of the companies they create -- since 2015. Mossack said US jurisdictions have "zero transparency" and that is why, after the scandal, there has been an increase in clients creating tax shelters in the US who previously would have gone to Panama. According to the Panamanian economy ministry, the creation of offshore companies fell 27 pe rcent in 2016 from the prior year. No one has been arrested in the Panama Papers leaks scandal. In this Central American country, tax evasion is not a crime. But Mossack and Fonseca have been placed in provisional detention on money-laundering charges as part of a sprawling Brazilian corruption probe dubbed "Operation Car Wash." Mossack's letter, written from detention, was dated April 10. Panama's chief prosecutor, Kenia Porcell, said his office was cooperating with European countries investigating tax fraud revealed in the Panama Papers. The Panama Papers linked some of the world's most powerful leaders, including Russian President Vladimir Putin, former British prime minister David Cameron and others to unreported offshore companies. Mossack said more than 98 per cent of his firm's clients were not Panamanian nationals and that 85 percent of the companies noted in the Panama Papers were set up to comply with other jurisdictions. According to him, "less than one percent of all the companies incorporated" by Mossack Fonseca could have "a possible wrongful use." If some of the companies set up by Mossack Fonseca were used by their owners to try to cheat on their taxes "we would not have been aware of that, since no client in his right mind would tell people he has never met that he would use the company for an illegal purpose," he said. "Such a disclosure would automatically disqualify him from being accepted as a client." (AFP)

Panama Papers law firm boss sees tax shelter boom in US

Pakistan Supreme Court today ordered a probe into the&nbsp;Panama Papers case. The court directed a five-member team to be formed to investigate the contents of the Panama Papers.

The joint investigation team(JIT) has been asked to submit the report within two weeks, according to WION sources. The court has directed Pakistan prime minister Nawaz Sharif to appear before the investigation team which will look into the controversial Panama Papers.&nbsp;

Reports said the joint investigation team will consist of members of Pakistan&#39;s Inter-Services&nbsp;Intelligence(ISI).&nbsp;Even though the Pakistan prime minister was given a reprieve after the Supreme Court ordered an investigation into corruption allegations, but his fate still hangs in balance with the court deciding&nbsp;to form an investigation team.

&quot;A thorough investigation is required,&quot; Justice Asif Saeed Khosa said.

According to media reports, three judges said&nbsp;further investigation was needed in the case but two other judges wanted the Pakistan prime minister to be disqualified.

The highly-anticipated decision threatens to plunge Nawaz Sharif&#39;s governing party into turmoil ahead of general elections which is due to be held by next year even as security and the economy improve in the militancy-plagued country.

The controversy erupted with the publication of the so-called Panama Papers last year, 11.5 million secret documents from Panamanian law firm Mossack Fonseca which documented the offshore dealings of many of the world&#39;s rich and powerful.

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Whatever the verdict, am amazed &amp; humbled to see the overwhelming support for Nawaz Sharif. For a leader, that&#39;s the most prized possession.
&mdash; Maryam Nawaz Sharif (@MaryamNSharif) <a href="https://twitter.com/MaryamNSharif/status/854937661735411712">April 20, 2017</a></blockquote>
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Among the global elite implicated were three of Sharif&#39;s four children - his daughter and presumptive political heir Maryam, and his sons Hasan and Hussein.

At the heart of the matter is the legitimacy of the funds used by the Sharif family to purchase several high-end London properties via offshore companies.

Sharif&#39;s ruling PML-N party insists the wealth was acquired legally through family businesses in Pakistan and the Gulf.

But lawyers for Pakistani cricketer-turned-politician Imran Khan, leader of the Pakistan Tehreek-i-Insaf (PTI) party, argue the paper trail for the funds is non-existent, and say the onus is on Sharif to prove his relatives did not engage in money laundering.&nbsp;

The case has dominated headlines in Pakistan for the better part of a year.&nbsp;The court has taken such action before holding former prime minister Yousuf Raza Gilani in contempt in 2012 for refusing to re-open corruption investigations into then President Asif Ali Zardari, resulting in his disqualification.

The controversy is the latest to hit Sharif, an industrialist serving his third term as prime minister after the first two terms were interrupted by interventions from the country&#39;s powerful military.

Late Wednesday, he detailed his party&#39;s infrastructure achievements in televised comments at the inauguration of a power plant, without mentioning the looming verdict.

(WION with Agency inputs)

A five-member joint investigation team consisting of ISI members is set to probe Pakistan PM Nawaz Sharif

Pakistan Supreme Court today ordered a probe into the Panama Papers case. The court directed a five-member team to be formed to investigate the contents of the Panama Papers. The joint investigation team(JIT) has been asked to submit the report within two weeks, according to WION sources. The court has directed Pakistan prime minister Nawaz Sharif to appear before the investigation team which will look into the controversial Panama Papers. Reports said the joint investigation team will consist of members of Pakistan's Inter-Services Intelligence(ISI). Even though the Pakistan prime minister was given a reprieve after the Supreme Court ordered an investigation into corruption allegations, but his fate still hangs in balance with the court deciding to form an investigation team. "A thorough investigation is required," Justice Asif Saeed Khosa said. According to media reports, three judges said further investigation was needed in the case but two other judges wanted the Pakistan prime minister to be disqualified. The highly-anticipated decision threatens to plunge Nawaz Sharif's governing party into turmoil ahead of general elections which is due to be held by next year even as security and the economy improve in the militancy-plagued country. The controversy erupted with the publication of the so-called Panama Papers last year, 11.5 million secret documents from Panamanian law firm Mossack Fonseca which documented the offshore dealings of many of the world's rich and powerful. Whatever the verdict, am amazed & humbled to see the overwhelming support for Nawaz Sharif. For a leader, that's the most prized possession. — Maryam Nawaz Sharif (@MaryamNSharif) April 20, 2017 × Among the global elite implicated were three of Sharif's four children - his daughter and presumptive political heir Maryam, and his sons Hasan and Hussein. At the heart of the matter is the legitimacy of the funds used by the Sharif family to purchase several high-end London properties via offshore companies. Sharif's ruling PML-N party insists the wealth was acquired legally through family businesses in Pakistan and the Gulf. But lawyers for Pakistani cricketer-turned-politician Imran Khan, leader of the Pakistan Tehreek-i-Insaf (PTI) party, argue the paper trail for the funds is non-existent, and say the onus is on Sharif to prove his relatives did not engage in money laundering. The case has dominated headlines in Pakistan for the better part of a year. The court has taken such action before holding former prime minister Yousuf Raza Gilani in contempt in 2012 for refusing to re-open corruption investigations into then President Asif Ali Zardari, resulting in his disqualification. The controversy is the latest to hit Sharif, an industrialist serving his third term as prime minister after the first two terms were interrupted by interventions from the country's powerful military. Late Wednesday, he detailed his party's infrastructure achievements in televised comments at the inauguration of a power plant, without mentioning the looming verdict. (WION with Agency inputs)

Pakistan Supreme Court orders probe in Panama Papers case, Pak PM Nawaz Sharif under scanner

The investigative reporting alliance known for uncovering the massive Panama Papers scandal has become an independent entity, a move that may help it expand globally, the group said on Monday.

The Washington-based International Consortium of Investigative Journalists has been spun off the nonprofit Center for Public Integrity, according to statements from both organisations.

The ICIJ gained notoriety last year by publishing leaked documents from Panama that linked some of the world&#39;s most powerful leaders, including Russian President Vladimir Putin, British prime minister David Cameron and others to unreported offshore companies.

&quot;As of February 24, ICIJ is a fully independent nonprofit news organization, still headquartered in Washington and still committed to doing the best cross-border investigative reporting in the world,&quot; its statement said.

&quot;We believe this new structure will allow us to extend our global reach and impact even farther and build on the lessons we&#39;ve learned and the successes we&#39;ve enjoyed.&quot;

The statement added that investigative journalism remains an important endeavor and that &quot;today, more than ever, some stories are too big, too complex and too global to be tackled by lone-wolf investigative reporters or even individual news organizations.&quot;

The center&#39;s in-house staff totals less than 15, but works with nearly 200 affiliated journalists from more than 60 countries, and on occasion with journalists from other news organisations.

&quot;We are fortunate to be living in a golden era of information that can empower and strengthen investigative journalism,&quot; the statement said.

&quot;We believe investigative reporting ought to be taking better advantage of technology and the new abundance of information. Despite all the problems that mainstream journalism faces these days, we see this as a time of opportunity.&quot;

The New York Times reported last year that the ICIJ was being constrained by a financial squeeze at the Center for Public Integrity.

CPI was founded in 1989 and won a Pulitzer Prize in 2014 for its report on how doctors and lawyers, working at the behest of the coal industry, helped defeat the benefits claims of miners suffering from black lung disease.

(AFP)

The Washington-based International Consortium of Investigative Journalists has been spun off the nonprofit Center for Public Integrity

The investigative reporting alliance known for uncovering the massive Panama Papers scandal has become an independent entity, a move that may help it expand globally, the group said on Monday. The Washington-based International Consortium of Investigative Journalists has been spun off the nonprofit Center for Public Integrity, according to statements from both organisations. The ICIJ gained notoriety last year by publishing leaked documents from Panama that linked some of the world's most powerful leaders, including Russian President Vladimir Putin, British prime minister David Cameron and others to unreported offshore companies. "As of February 24, ICIJ is a fully independent nonprofit news organization, still headquartered in Washington and still committed to doing the best cross-border investigative reporting in the world," its statement said. "We believe this new structure will allow us to extend our global reach and impact even farther and build on the lessons we've learned and the successes we've enjoyed." The statement added that investigative journalism remains an important endeavor and that "today, more than ever, some stories are too big, too complex and too global to be tackled by lone-wolf investigative reporters or even individual news organizations." The center's in-house staff totals less than 15, but works with nearly 200 affiliated journalists from more than 60 countries, and on occasion with journalists from other news organisations. "We are fortunate to be living in a golden era of information that can empower and strengthen investigative journalism," the statement said. "We believe investigative reporting ought to be taking better advantage of technology and the new abundance of information. Despite all the problems that mainstream journalism faces these days, we see this as a time of opportunity." The New York Times reported last year that the ICIJ was being constrained by a financial squeeze at the Center for Public Integrity. CPI was founded in 1989 and won a Pulitzer Prize in 2014 for its report on how doctors and lawyers, working at the behest of the coal industry, helped defeat the benefits claims of miners suffering from black lung disease. (AFP)

'Panama Papers' media consortium becomes independent

Panama is suspending its probe into the Panama Papers, the leak of a legal firm&#39;s files on clients who stored assets in opaque offshore companies, prosecutors said Tuesday.

The records from the Panamanian law firm Mossack Fonseca revealed the names of leaders, politicians, celebrities and wealthy individuals from around the world who used the firm to create offshore entities to hide their assets.&nbsp;

A legal challenge on constitutional grounds required the suspension, the country&#39;s attorney general, Kenia Porcell, told a news conference. It was now up to the Supreme Court to rule on the matter and decide whether the probe should resume, she said.

The Panama Papers scandal erupted in April last year when media reports divulged documents from the massive data dump leaked by an anonymous source to a German newspaper.&nbsp;

Mossack Fonseca has argued that the revelations were illegal and based on stolen information.

The explosive dossier linked some of the world&#39;s most powerful leaders, including Russian President Vladimir Putin, British Prime Minister David Cameron and others to unreported offshore companies.

The revelations led to the resignation of Iceland&#39;s prime minister.&nbsp;

Other prominent people who turned up in the documents include Argentine President Mauricio Macri, footballer Lionel Messi and, most recently, the daughter of Pakistani Prime Minister Nawaz Sharif.

Offshore companies are not in themselves illegal, but the sudden publication of troves of data drew attention to rampant tax avoidance and even money laundering crimes.

(AFP)

A legal challenge on constitutional grounds required the probe into legal firm Mossack Fonseca stop. The supreme court can still continue it

Panama is suspending its probe into the Panama Papers, the leak of a legal firm's files on clients who stored assets in opaque offshore companies, prosecutors said Tuesday. The records from the Panamanian law firm Mossack Fonseca revealed the names of leaders, politicians, celebrities and wealthy individuals from around the world who used the firm to create offshore entities to hide their assets. A legal challenge on constitutional grounds required the suspension, the country's attorney general, Kenia Porcell, told a news conference. It was now up to the Supreme Court to rule on the matter and decide whether the probe should resume, she said. The Panama Papers scandal erupted in April last year when media reports divulged documents from the massive data dump leaked by an anonymous source to a German newspaper. Mossack Fonseca has argued that the revelations were illegal and based on stolen information. The explosive dossier linked some of the world's most powerful leaders, including Russian President Vladimir Putin, British Prime Minister David Cameron and others to unreported offshore companies. The revelations led to the resignation of Iceland's prime minister. Other prominent people who turned up in the documents include Argentine President Mauricio Macri, footballer Lionel Messi and, most recently, the daughter of Pakistani Prime Minister Nawaz Sharif. Offshore companies are not in themselves illegal, but the sudden publication of troves of data drew attention to rampant tax avoidance and even money laundering crimes. (AFP)

Panama Papers: Probe investigating politicians, celebrities storing money in offshore accounts suddenly suspended

Only hours before Pakistan&#39;s&nbsp;Supreme Court resumed hearing the Panama Papers case on Tuesday, Prime Minister Nawaz Sharif and his daughter Maryam Nawaz handed over evidence documenting the legitimacy of their assets to the top court, reports Dawn.

The documents, totalling&nbsp;about 400 pages, contain the pertinent details of transactions and receipt payments dating back to 2011, Dawn reports.&nbsp;

Nawaz Sharif&#39;s sons Hassan and Hussain Nawaz both did not produce the relevant documents within the time given to them by the court, reports Dawn. Both men live abroad.&nbsp;

Akram Sheikh, who is representing Sharif&#39;s children, opposed forming a commission specifically to probe the Panama Papers case, and pleaded that the court continue hearing the case instead, Dawn reports.

The bench adjourned the hearing until November 17, which is the date&nbsp;they&nbsp;will decided whether or not to form a committee to investigate the Panama Paper case, Dawn reports.

Justice Asid Saeed Khosa had asked the prime minister&#39;s counsel to prove&nbsp;the money was sent abroad by legal means, to which the government requested 15 days to prepare the required documents, Dawn reports. But the court refused, offering them only seven days.

Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan and Awami Muslim League chief&nbsp;Shaikh Rashid have turned in the evidence to support their claims against the premier&#39;s family.

The Panama Papers refers to 11.5 million leaked documents, some dating back to as far as the 1970s,&nbsp;detailing the financial and attorney-client services by the Panamanian law firm,&nbsp;Mossack Fonseca. The International Consortium of International Journalists, in tandem with journalist from media outlets from around the world, inspected the leaks for wrondoing, before turning them over to the public.

The leaked documents illustrate how wealthy&nbsp;individuals and public officials keep their finances hidden. While offshore business entities are legal, reporters found some usages of shell corporations were used to fraud, kleptocracy, tax evasion, evading international sanctions, and other illegal purposes.

Most media dutifully pointed out, being singled out in connection with the&nbsp;Panama Papers is not proof of guilt.

(WION)

<section data-id="552" data-type="adsense">&nbsp;</section>

Pakistan's Prime Minister handed over evidence legitimising assets to Pakistan's top court

Only hours before Pakistan's Supreme Court resumed hearing the Panama Papers case on Tuesday, Prime Minister Nawaz Sharif and his daughter Maryam Nawaz handed over evidence documenting the legitimacy of their assets to the top court, reports Dawn. The documents, totalling about 400 pages, contain the pertinent details of transactions and receipt payments dating back to 2011, Dawn reports. Nawaz Sharif's sons Hassan and Hussain Nawaz both did not produce the relevant documents within the time given to them by the court, reports Dawn. Both men live abroad. Akram Sheikh, who is representing Sharif's children, opposed forming a commission specifically to probe the Panama Papers case, and pleaded that the court continue hearing the case instead, Dawn reports. The bench adjourned the hearing until November 17, which is the date they will decided whether or not to form a committee to investigate the Panama Paper case, Dawn reports. Justice Asid Saeed Khosa had asked the prime minister's counsel to prove the money was sent abroad by legal means, to which the government requested 15 days to prepare the required documents, Dawn reports. But the court refused, offering them only seven days. Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan and Awami Muslim League chief Shaikh Rashid have turned in the evidence to support their claims against the premier's family. The Panama Papers refers to 11.5 million leaked documents, some dating back to as far as the 1970s, detailing the financial and attorney-client services by the Panamanian law firm, Mossack Fonseca. The International Consortium of International Journalists, in tandem with journalist from media outlets from around the world, inspected the leaks for wrondoing, before turning them over to the public. The leaked documents illustrate how wealthy individuals and public officials keep their finances hidden. While offshore business entities are legal, reporters found some usages of shell corporations were used to fraud, kleptocracy, tax evasion, evading international sanctions, and other illegal purposes. Most media dutifully pointed out, being singled out in connection with the Panama Papers is not proof of guilt. (WION)

Pak PM Sharif and his daughter submit asset details in Panama Papers case: Dawn

Pakistan&#39;s top court asked Prime Minister Nawaz Sharif&#39;s family to establish ownership of Minerva Financial Services Limited on Friday.

The Supreme Court warned Sharif&#39;s lawyers that in case they failed to establish ownership, the court would have to &#39;imagine&#39; that the charges levelled against them by the opposition party, Pakistan Tehreek-e-Insaf (PTI), were true. The statements were made in the third consecutive hearing on the Panamagate case.

The Opposition&#39;s lead counsel, Naem Bokhari, argued that the flats under question were bought under the name of the premier&#39;s daughter, Maryam Nawaz, between 1993-1996. Maryam was a minor at that&nbsp;time.

Maryam&#39;s brother Hussain Nawaz was claimed by the family as the holder of the financial firm. PTI is trying to establish that Maryam was the beneficial owner of Minerva which held Nescoll Limited and Nielson Enterprises Limited&nbsp;&nbsp;&mdash;&nbsp;&nbsp;the owners of the four London flats.

Bokhari added that Maryam was gifted $544,398 in 2011 by her father. Sharif also gave her gifts valued over $441,403 in 2013.

Pakistan&#39;s Supreme Court had agreed to open a probe into Prime Minister Nawaz Sharif&#39;s alleged hidden wealth on November 1.

Panama leaks suggest that PM Sharif&#39;s three children own offshore companies and assets not shown on official records.

Nawaz Sharif and Maryam Nawaz had on November 15 handed over evidence documenting the legitimacy of their assets to the top court, The Dawn reported. The documents, totalling about 400 pages, contained the pertinent details of transactions and receipt payments dating back to 2011.

Opposition leader Imran Khan had called for a citywide strike on November 2 in order to force Sharif to step down from his position due to his name cropping up in the infamous scandal that came to be known as &quot;Panamagate.&quot;&nbsp;Khan called off the protest in the wake of the court&#39;s verdict and said the lockdown will instead be celebrated as a &#39;thanksgiving&#39;.

Khan&#39;s challenge stems from documents leaked from the Panama-based Mossack Fonseca law firm that appeared to show that Sharif&#39;s daughter and two sons owned offshore holding companies registered in the British Virgin Islands, Reuters reported.

Khan has alleged that the money and the flats held by the companies were gained by corrupt means.

In May, Khan had himself admitted to using an offshore company to avoid paying British tax on a London property sale.

The Panama Papers refers to 11.5 million leaked documents, some dating back to as far back as the 1970s, detailing the financial and attorney-client services by the Panamanian law firm, Mossack Fonseca. The International Consortium of International Journalists, in tandem with journalist from media outlets from around the world, inspected the leaks for wrondoing, before turning them over to the public.

The leaked documents illustrate how wealthy individuals and public officials keep their finances hidden. While offshore business entities are legal, reporters found some usages of shell corporations were used to fraud, kleptocracy, tax evasion, evading international sanctions, and other illegal purposes.

Most media dutifully pointed out, being singled out in connection with the Panama Papers is not proof of guilt.

(WION with inputs from agencies) 
&nbsp;

The opposition party, Pakistan Tehreek-e-Insaf, is trying to establish that Sharif's daughter was the beneficial owner of Minerva

Pakistan's top court asked Prime Minister Nawaz Sharif's family to establish ownership of Minerva Financial Services Limited on Friday. The Supreme Court warned Sharif's lawyers that in case they failed to establish ownership, the court would have to 'imagine' that the charges levelled against them by the opposition party, Pakistan Tehreek-e-Insaf (PTI), were true. The statements were made in the third consecutive hearing on the Panamagate case. The Opposition's lead counsel, Naem Bokhari, argued that the flats under question were bought under the name of the premier's daughter, Maryam Nawaz, between 1993-1996. Maryam was a minor at that time. Maryam's brother Hussain Nawaz was claimed by the family as the holder of the financial firm. PTI is trying to establish that Maryam was the beneficial owner of Minerva which held Nescoll Limited and Nielson Enterprises Limited — the owners of the four London flats. Bokhari added that Maryam was gifted $544,398 in 2011 by her father. Sharif also gave her gifts valued over $441,403 in 2013. Pakistan's Supreme Court had agreed to open a probe into Prime Minister Nawaz Sharif's alleged hidden wealth on November 1. Panama leaks suggest that PM Sharif's three children own offshore companies and assets not shown on official records. Nawaz Sharif and Maryam Nawaz had on November 15 handed over evidence documenting the legitimacy of their assets to the top court, The Dawn reported. The documents, totalling about 400 pages, contained the pertinent details of transactions and receipt payments dating back to 2011. Opposition leader Imran Khan had called for a citywide strike on November 2 in order to force Sharif to step down from his position due to his name cropping up in the infamous scandal that came to be known as "Panamagate." Khan called off the protest in the wake of the court's verdict and said the lockdown will instead be celebrated as a 'thanksgiving'. Khan's challenge stems from documents leaked from the Panama-based Mossack Fonseca law firm that appeared to show that Sharif's daughter and two sons owned offshore holding companies registered in the British Virgin Islands, Reuters reported. Khan has alleged that the money and the flats held by the companies were gained by corrupt means. In May, Khan had himself admitted to using an offshore company to avoid paying British tax on a London property sale. The Panama Papers refers to 11.5 million leaked documents, some dating back to as far back as the 1970s, detailing the financial and attorney-client services by the Panamanian law firm, Mossack Fonseca. The International Consortium of International Journalists, in tandem with journalist from media outlets from around the world, inspected the leaks for wrondoing, before turning them over to the public. The leaked documents illustrate how wealthy individuals and public officials keep their finances hidden. While offshore business entities are legal, reporters found some usages of shell corporations were used to fraud, kleptocracy, tax evasion, evading international sanctions, and other illegal purposes. Most media dutifully pointed out, being singled out in connection with the Panama Papers is not proof of guilt. (WION with inputs from agencies)

Panamagate: Pakistan top court puts onus on PM Sharif's family to establish ownership of firm

Pakistan&#39;s Supreme Court&nbsp;has agreed to open a probe into Prime Minister Nawaz Sharif&#39;s alleged hidden wealth.

Panama leaks suggest&nbsp;that PM Sharif&#39;s three children own&nbsp;offshore companies and assets not shown on official records.&nbsp;

On Tuesday, the court asked Nawaz Sharif-led party Pakistan Muslim League (N) and Imran Khan&#39;s Pakistan Tehreek-e-Insaf (PTI) to define the structure of the panel that will probe the prime minister&#39;s involvement in the undisclosed assets case.

In case the two parties fail to evolve consensus, the court will prepare the structure of the panel.

&quot;The commission will report to the Supreme Court,&quot; the court said, adjourning the hearing to November 3, adding the&nbsp;commission would wield power&nbsp;equal to the country&#39;s supreme court.

Imran Khan hails court&#39;s decision

The court&#39;s decision comes in the wake of PTI chairman Imran Khan&#39;s war cry to his supporters to put Pakistan&#39;s capital city of Islamabad on lockdown and stage massive anti-graft protests across the city.

Khan had called for a citywide strike on November 2 in order to force Sharif to step down from his position due to his name cropping up in the infamous Panamagate.

But Tuesday&#39;s court verdict was hailed by Khan, saying the November 2 lockdown will be celebrated as a rally of &quot;thanksgiving&quot;.

&quot;I am elated that the investigation into Nawaz Sharif&#39;s [alleged corruption] will begin day after tomorrow,&quot; Khan said.

&quot;Go home and rest,&quot; Khan told his supporters, Dawn reported. &quot;You have to return to Islamabad tomorrow to celebrate thanksgiving at Parade Ground.&quot;

According to Panama Papers, three of Sharif&#39;s four children &mdash;&nbsp;Maryam, Hasan and Hussain &mdash;&nbsp;owned offshore companies and &quot;were owners or had the right to authorise transactions for several companies.&quot;

Sharif has denied these allegations. He had said the insinuations were made up by people who wanted to target his family for &quot;political gains&quot;.

(WION with inputs from agencies)

This comes after opposition leader Imran Khan urged his supporters to put Islamabad on lockdown and launch massive anti-government protests

Pakistan's Supreme Court has agreed to open a probe into Prime Minister Nawaz Sharif's alleged hidden wealth. Panama leaks suggest that PM Sharif's three children own offshore companies and assets not shown on official records. On Tuesday, the court asked Nawaz Sharif-led party Pakistan Muslim League (N) and Imran Khan's Pakistan Tehreek-e-Insaf (PTI) to define the structure of the panel that will probe the prime minister's involvement in the undisclosed assets case. In case the two parties fail to evolve consensus, the court will prepare the structure of the panel. "The commission will report to the Supreme Court," the court said, adjourning the hearing to November 3, adding the commission would wield power equal to the country's supreme court. Imran Khan hails court's decision The court's decision comes in the wake of PTI chairman Imran Khan's war cry to his supporters to put Pakistan's capital city of Islamabad on lockdown and stage massive anti-graft protests across the city. Khan had called for a citywide strike on November 2 in order to force Sharif to step down from his position due to his name cropping up in the infamous Panamagate. But Tuesday's court verdict was hailed by Khan, saying the November 2 lockdown will be celebrated as a rally of "thanksgiving". "I am elated that the investigation into Nawaz Sharif's [alleged corruption] will begin day after tomorrow," Khan said. "Go home and rest," Khan told his supporters, Dawn reported. "You have to return to Islamabad tomorrow to celebrate thanksgiving at Parade Ground." According to Panama Papers, three of Sharif's four children — Maryam, Hasan and Hussain — owned offshore companies and "were owners or had the right to authorise transactions for several companies." Sharif has denied these allegations. He had said the insinuations were made up by people who wanted to target his family for "political gains". (WION with inputs from agencies)

Panamagate: Pakistan's top court agrees to probe PM Nawaz Sharif's family wealth

Police in Pakistan used tear gas on hundreds of anti-government protesters to stop the crowd headed for capital Islamabad, news agency Reuters reported.

Islamabad high court ruled that opposition politician Imran Khan could hold a mass protest this week. The court dismissed the government&#39;s objection to Wednesday&#39;s protests but ordered that the demonstration be held on a parade ground far from the city&#39;s main government and commercial districts, Geo Television reported.

The court, however, warned that demonstrations should not disrupt life for citizens, according to media reports.&nbsp;

Barricades were set up on major roads, particularly from Khyber Pakhtunkhwa province ruled by Khan&#39;s Pakistan Tehreek-e-Insaaf (PTI) party, on Monday morning.

The crowd approached roadblocks amid clouds of tear gas near the town of Swabi, about 70 kilometres from Pakistan&#39;s capital Islamabad, Reuters reported.

Around 5,000 party workers were trying to remove the police barricades using cranes near the Swabi Interchange, The Dawn reported.

Khan has vowed to bring millions of people out onto the streets to agitate against prevailing corruption and Panama Papers&#39; revelations about his family&#39;s offshore wealth. He has threatened to &quot;shut down&quot; Islamabad in his bid to oust Prime Minister Nawaz Sharif, whom Khan accuses of corruption linked to the &quot;Panama Papers&quot; leak.

Escalating political tensions have led to periodic clashes between supporters of Khan&#39;s Pakistan Tehreek-e-Insaf (PTI) party and the police, who have arrested scores of opposition workers and used tear gas to disperse protesters.&nbsp;

Party lawmaker Arif Alvi and another senior party official, Imran Ismail, were briefly arrested on Monday.&nbsp;They were released on orders of the interior ministry soon after.

Ismail posted a tweet about his arrest and a picture of the two men smiling.

&nbsp;

<blockquote class="twitter-tweet" data-lang="en">
Aressted brutally
&mdash; Imran Ismail (@ImranIsmailPTI) <a href="https://twitter.com/ImranIsmailPTI/status/793014969474379776">October 31, 2016</a></blockquote>

&nbsp;

<blockquote class="twitter-tweet" data-lang="en">
Sha <a href="https://t.co/tvQTfki6I4">pic.twitter.com/tvQTfki6I4</a>
&mdash; Imran Ismail (@ImranIsmailPTI) <a href="https://twitter.com/ImranIsmailPTI/status/793015168250814464">October 31, 2016</a></blockquote>

&nbsp;

A gathering of more than five people was outlawed last week in Islamabad and neighbouring Rawalpindi.

The Panama documents show that Sharif&#39;s children owned offshore holding companies registered in the British Virgin Islands, Reuters reports, but Sharif&#39;s family has denied any wrongdoing. Khan admitted that he owned an offshore company in May. He claims it was to legally avoid paying taxes in Britain on a London property sale. The case regarding the allegations will be heard in Pakistan&#39;s Supreme Court on Tuesday.

(With inputs from Reuters)

Around 5,000 party workers tried to remove the police barricades using cranes near Swabi town

Police in Pakistan used tear gas on hundreds of anti-government protesters to stop the crowd headed for capital Islamabad, news agency Reuters reported. Islamabad high court ruled that opposition politician Imran Khan could hold a mass protest this week. The court dismissed the government's objection to Wednesday's protests but ordered that the demonstration be held on a parade ground far from the city's main government and commercial districts, Geo Television reported. The court, however, warned that demonstrations should not disrupt life for citizens, according to media reports. Barricades were set up on major roads, particularly from Khyber Pakhtunkhwa province ruled by Khan's Pakistan Tehreek-e-Insaaf (PTI) party, on Monday morning. The crowd approached roadblocks amid clouds of tear gas near the town of Swabi, about 70 kilometres from Pakistan's capital Islamabad, Reuters reported. Around 5,000 party workers were trying to remove the police barricades using cranes near the Swabi Interchange, The Dawn reported. Khan has vowed to bring millions of people out onto the streets to agitate against prevailing corruption and Panama Papers' revelations about his family's offshore wealth. He has threatened to "shut down" Islamabad in his bid to oust Prime Minister Nawaz Sharif, whom Khan accuses of corruption linked to the "Panama Papers" leak. Escalating political tensions have led to periodic clashes between supporters of Khan's Pakistan Tehreek-e-Insaf (PTI) party and the police, who have arrested scores of opposition workers and used tear gas to disperse protesters. Party lawmaker Arif Alvi and another senior party official, Imran Ismail, were briefly arrested on Monday. They were released on orders of the interior ministry soon after. Ismail posted a tweet about his arrest and a picture of the two men smiling. Aressted brutally — Imran Ismail (@ImranIsmailPTI) October 31, 2016 Sha pic.twitter.com/tvQTfki6I4 — Imran Ismail (@ImranIsmailPTI) October 31, 2016 A gathering of more than five people was outlawed last week in Islamabad and neighbouring Rawalpindi. The Panama documents show that Sharif's children owned offshore holding companies registered in the British Virgin Islands, Reuters reports, but Sharif's family has denied any wrongdoing. Khan admitted that he owned an offshore company in May. He claims it was to legally avoid paying taxes in Britain on a London property sale. The case regarding the allegations will be heard in Pakistan's Supreme Court on Tuesday. (With inputs from Reuters)

Pakistan: Clash between police and anti-government protesters, tear gas fired

Pakistan&#39;s Supreme Court today issued notice to Prime Minister Nawaz Sharif in the Panama Papers&nbsp;case.

Apart from Sharif, Maryam Nawaz, Hasan Nawaz, Hussain Nawaz, Capt (R) Safdar, Finance Minister Ishaq Dar, director general Federal Investigation Agency, chairman Federal Board of Revenue, and the attorney general were also issued the notice, Pakistan daily, the Dawn reported.&nbsp;

The Panama Papers refers to an investigation conducted by the International Consortium of International Journalists, and 107&nbsp;media outlets from over 80 countries from&nbsp;around the world, which examined 11.5 million leaked documents&nbsp;showing&nbsp;how the rich and powerful avail themselves of offshore tax havens, in this case in Panama, to reduce their tax burden. There were also descriptions of elaborately complex&nbsp;shell companies set up with the same aim.

The Panama Paper contained revelations of various celebrities and politicians, and the journalists were careful to note that being named in the Papers does not necessarily mean that they were guilty of anything&nbsp;illegal.&nbsp;But nonetheless, protests in the wake of the Panama Paper&nbsp;revelations forced the Prime Minister of Iceland to resign, and caused other upheavals and embarassment around the world.

While the Panama Papers was a major story when it first broke, back in early April&nbsp;of 2016, the total amount of leaked data&nbsp;was so vast, and the information in it was so convoluted,&nbsp;that revelations&nbsp;from them&nbsp;is still emerging.

According to the daily, a&nbsp;three-judge apex court bench, constituting of &nbsp;Chief Justice Anwar Zaheer Jamali, Justice Ijazul Ahsan and Justice Khilji Arif Hussain, heard the petitions seeking Sharif&#39;s disqualification. The hearing, however, was adjourned for two weeks.

After the hearing, PTI chief Imran Khan talked to reporters and vowed to bring &quot;king&quot; Sharif under law.&nbsp;

He requested the SC for speedy trial of the case and said the court hearing was the first step in the accountability process.

(WION)&nbsp;

 
&nbsp;

A three-judge bench heard a petition seeking PM's disqualification over Panama Papers case

Pakistan's Supreme Court today issued notice to Prime Minister Nawaz Sharif in the Panama Papers case. Apart from Sharif, Maryam Nawaz, Hasan Nawaz, Hussain Nawaz, Capt (R) Safdar, Finance Minister Ishaq Dar, director general Federal Investigation Agency, chairman Federal Board of Revenue, and the attorney general were also issued the notice, Pakistan daily, the Dawn reported. The Panama Papers refers to an investigation conducted by the International Consortium of International Journalists, and 107 media outlets from over 80 countries from around the world, which examined 11.5 million leaked documents showing how the rich and powerful avail themselves of offshore tax havens, in this case in Panama, to reduce their tax burden. There were also descriptions of elaborately complex shell companies set up with the same aim. The Panama Paper contained revelations of various celebrities and politicians, and the journalists were careful to note that being named in the Papers does not necessarily mean that they were guilty of anything illegal. But nonetheless, protests in the wake of the Panama Paper revelations forced the Prime Minister of Iceland to resign, and caused other upheavals and embarassment around the world. While the Panama Papers was a major story when it first broke, back in early April of 2016, the total amount of leaked data was so vast, and the information in it was so convoluted, that revelations from them is still emerging. According to the daily, a three-judge apex court bench, constituting of Chief Justice Anwar Zaheer Jamali, Justice Ijazul Ahsan and Justice Khilji Arif Hussain, heard the petitions seeking Sharif's disqualification. The hearing, however, was adjourned for two weeks. After the hearing, PTI chief Imran Khan talked to reporters and vowed to bring "king" Sharif under law. He requested the SC for speedy trial of the case and said the court hearing was the first step in the accountability process. (WION)

Panama Papers probe: Pakistan's top court issues notice to PM Sharif?

Denmark will purchase Panama Papers data to crack down on tax evaders. 
 
The Danish government will receive information on as many as 600 Danish citizens. 
 
Panama Papers are a cache of 11.5 million documents that were taken from the database of Mossack Fonseca, the world&#39;s fourth-largest offshore law firm. The papers uncovered how the rich and the influential were using offshore tax havens to their advantage.&nbsp; 
 
&quot;We must use the necessary measures to catch the tax evaders hiding fortunes in for example Panama&nbsp;with the aim to avoid paying tax in Denmark,&quot; Minister for Taxation Karsten Lauritzen said in a statement, AFP reported.

&quot;We cannot be sure of the end result, but everything suggests that it is useful information that the Danish tax authority will now pursue.&quot; 
 
The government is estimated to pay 9 million Danish kroner (roughly $1.33 million) to the anonymous source who made it available to the government.&nbsp; 
 
Denmark becomes the first country in the world to purchase leaked Panama Papers data. 
 
The purchase, however, has been dubbed by some quarters as being illegal.&nbsp; 
 
Since the papers were obtained legally, the Danish government was &quot;in one way or the other contributing to illegalities&quot;, said Torben Bagge, a tax law teacher at Aarhus University.&nbsp; 
 
(WION with inputs from agencies)

The Danish government will pay roughly $1.33 million to buy the leaked information

Denmark will purchase Panama Papers data to crack down on tax evaders. The Danish government will receive information on as many as 600 Danish citizens. Panama Papers are a cache of 11.5 million documents that were taken from the database of Mossack Fonseca, the world's fourth-largest offshore law firm. The papers uncovered how the rich and the influential were using offshore tax havens to their advantage. "We must use the necessary measures to catch the tax evaders hiding fortunes in for example Panama with the aim to avoid paying tax in Denmark," Minister for Taxation Karsten Lauritzen said in a statement, AFP reported. "We cannot be sure of the end result, but everything suggests that it is useful information that the Danish tax authority will now pursue." The government is estimated to pay 9 million Danish kroner (roughly $1.33 million) to the anonymous source who made it available to the government. Denmark becomes the first country in the world to purchase leaked Panama Papers data. The purchase, however, has been dubbed by some quarters as being illegal. Since the papers were obtained legally, the Danish government was "in one way or the other contributing to illegalities", said Torben Bagge, a tax law teacher at Aarhus University. (WION with inputs from agencies)

Denmark to purchase Panama Papers data to nab tax evaders

Spain&#39;s former industry minister, who resigned after coming under scrutiny over his links to a company that appeared in the Panama Papers, has withdrawn his application for a senior job at the World Bank, a government source said on Tuesday. 
 
Jose Manuel Soria could not be contacted for comment on Tuesday but newspaper El Mundo reported he had told the economy ministry in a letter he was withdrawing after being asked to by the government and because of how his application was being used politically. 
 
Soria&#39;s nomination as his country&#39;s representative at the World Bank, announced on Friday by the acting center-right government, sparked public outrage in Spain and drew criticism from across the political spectrum. 
 
The news came at a sensitive time in Spanish politics, where bickering between parties is edging the country toward its third election in a year. 
 
He stepped down as minister in April after reports surfaced of his alleged links to an offshore company on the British island of Jersey, saying he was resigning to limit any damage to the caretaker government. Soria has denied any wrongdoing. 
 
The conservative People&#39;s Party (PP) has governed in an acting capacity since losing its majority in an inconclusive election in December following a string of corruption scandals. 
 
The PP again won the most votes in a second ballot in June, but still fell short of a majority in another hung parliament. 
 
Parties have yet to find a way out of the impasse, and PP leader Mariano Rajoy has struggled to get enough rivals to back him for a second term in office. 
 
(Reuters)

Jose Manuel Soria's nomination as his country's representative at the World Bank, announced on Friday, sparked public outrage in Spain

Spain's former industry minister, who resigned after coming under scrutiny over his links to a company that appeared in the Panama Papers, has withdrawn his application for a senior job at the World Bank, a government source said on Tuesday. Jose Manuel Soria could not be contacted for comment on Tuesday but newspaper El Mundo reported he had told the economy ministry in a letter he was withdrawing after being asked to by the government and because of how his application was being used politically. Soria's nomination as his country's representative at the World Bank, announced on Friday by the acting center-right government, sparked public outrage in Spain and drew criticism from across the political spectrum. The news came at a sensitive time in Spanish politics, where bickering between parties is edging the country toward its third election in a year. He stepped down as minister in April after reports surfaced of his alleged links to an offshore company on the British island of Jersey, saying he was resigning to limit any damage to the caretaker government. Soria has denied any wrongdoing. The conservative People's Party (PP) has governed in an acting capacity since losing its majority in an inconclusive election in December following a string of corruption scandals. The PP again won the most votes in a second ballot in June, but still fell short of a majority in another hung parliament. Parties have yet to find a way out of the impasse, and PP leader Mariano Rajoy has struggled to get enough rivals to back him for a second term in office. (Reuters)

Spain's former industry minister, linked to Panama Papers, withdraws World Bank job application

Pakistan&rsquo;s Federal Board of Revenue (FBR) on Monday wrote a letter to Pakistani Tehreek-i-Insaf (PTI) chief and former cricketer Imran Khan and others, as part of its probe into offshore firms and secret bank accounts of its citizens, according to Pakistan news channel, Geo News.&nbsp; 
 
Investigations related to shell firms, including those in the Panama Papers, will be investigated, official sources informed. 
The revenue board has sought details of Khan&rsquo;s offshore entities, according to a Geo News report. PTI leaders Aleem Khan and Jahangir Tareen have also been forwarded informal letters by the FBR. 
 
The FBR began sending letters to more than 600 Pakistanis following the release of Panama Papers for owning offshore companies, including kins of &nbsp;Prime Minister Nawaz Sharif.&nbsp; 
 
Data leaked under the Panama Papers investigation that was published by the International Consortium of Investigative Journalists (ICIJ) in April this year included names of about 640 Pakistanis as beneficiaries of offshore holdings, according to media reports. 
 
(WION with inputs from agencies)

Data leaked under the Panama Papers investigation in April this year included about 640 Pakistanis as beneficiaries of offshore holdings

Pakistan’s Federal Board of Revenue (FBR) on Monday wrote a letter to Pakistani Tehreek-i-Insaf (PTI) chief and former cricketer Imran Khan and others, as part of its probe into offshore firms and secret bank accounts of its citizens, according to Pakistan news channel, Geo News. Investigations related to shell firms, including those in the Panama Papers, will be investigated, official sources informed. The revenue board has sought details of Khan’s offshore entities, according to a Geo News report. PTI leaders Aleem Khan and Jahangir Tareen have also been forwarded informal letters by the FBR. The FBR began sending letters to more than 600 Pakistanis following the release of Panama Papers for owning offshore companies, including kins of Prime Minister Nawaz Sharif. Data leaked under the Panama Papers investigation that was published by the International Consortium of Investigative Journalists (ICIJ) in April this year included names of about 640 Pakistanis as beneficiaries of offshore holdings, according to media reports. (WION with inputs from agencies)

Panama Papers investigation: Pakistani politician Imran Khan to be probed by revenue board, say reports

The committee set up to investigate lack of transparency in Panama&#39;s financial system itself lacks transparency, Nobel Prize-winning economist Joseph Stiglitz told Reuters on Friday after resigning from the &quot;Panama Papers&quot; commission. 
 
The leak in April of more than 11.5 million documents from the Panamanian law firm Mossack Fonseca, dubbed the &quot;Panama Papers&quot;, detailed financial information from offshore accounts and potential tax evasion by the rich and powerful. 
 
Stiglitz and Swiss anti-corruption expert Mark Pieth joined a seven-member commission tasked with probing Panama&#39;s notoriously opaque financial system, but they say they found the government unwilling to back an open investigation. 
 
Both quit the group on Friday after they say Panama refused to guarantee the committee`s report would be made public. 
&quot;I thought the government was more committed, but obviously they&#39;re not,&quot; Stiglitz said. &quot;It&#39;s amazing how they tried to undermine us.&quot; 
 
The Panamanian government defended the committee&#39;s &quot;autonomous&quot; management in a statement issued later on Friday, and while it said it regretted the resignations of Stiglitz and Pieth, it chalked them up to unspecified &quot;internal differences&quot;. 
 
Panama&#39;s President Juan Carlos Varela said in April that the independent commission would review the country&#39;s financial and legal practices. 
 
In its first full meeting of the investigative committee in New York on June 4-5, there was consensus that the government of Panama needed to commit to making the final report public, whatever its findings, Stiglitz and Pieth said. 
 
But they said they got a letter from the government last week backing off from its commitment to making the committee&#39;s finding public. 
 
&quot;We can only infer that the government is facing pressure from those who are making profits from the current non-transparent financial system in Panama,&quot; Stiglitz said.&nbsp; 
 
Commission member Alberto Aleman, former administrator of the Panama Canal, rejected assertions that the committee lacked transparency, and said the five remaining members, four of which are Panamanian, would continue their work. 
 
&quot;The report has to be delivered to the president of Panama, and then the president of Panama will decide when and how it will be made public,&quot; he said.&nbsp; 
 
The Panama Papers cover a period of almost 40 years, from 1977 until December 2015, and show that some companies set up in tax havens with the help of Mossack Fonseca may have been used for money laundering, arms and drug deals as well as tax evasion. 
 
In addition to embarrassing leaders worldwide who had interests tied to secretive business concerns, the leak heaped pressure on Panama, well-known for its lax financial laws, to clean up its act. 
 
&quot;I have had a close look at the so called Panama Papers, and I must admit that even as an expert on economic and organised crime, I was amazed to see so much of what we talk about in theory was confirmed in practice,&quot; Pieth said in a telephone interview. 
In the papers he said he found evidence of crimes such as money laundering for child prostitution rings. 
 
&quot;We&#39;re being asked to do this as a courtesy for them and we&#39;re paraded in front of the world media first, and then we&#39;re told to shut up when they don&#39;t like it,&quot; Pieth, a criminal law professor at Basel University, said. 
 
The government thanked Stiglitz and Pieth for their service and recommendations. It said it remained committed to &quot;transparency and international cooperation&quot; to fight money laundering and tax evasion. 
 
(Reuters with inputs from AFP)

This comes after receiving a letter from the government last week backing off from its commitment to make the committee's finding public

The committee set up to investigate lack of transparency in Panama's financial system itself lacks transparency, Nobel Prize-winning economist Joseph Stiglitz told Reuters on Friday after resigning from the "Panama Papers" commission. The leak in April of more than 11.5 million documents from the Panamanian law firm Mossack Fonseca, dubbed the "Panama Papers", detailed financial information from offshore accounts and potential tax evasion by the rich and powerful. Stiglitz and Swiss anti-corruption expert Mark Pieth joined a seven-member commission tasked with probing Panama's notoriously opaque financial system, but they say they found the government unwilling to back an open investigation. Both quit the group on Friday after they say Panama refused to guarantee the committee`s report would be made public. "I thought the government was more committed, but obviously they're not," Stiglitz said. "It's amazing how they tried to undermine us." The Panamanian government defended the committee's "autonomous" management in a statement issued later on Friday, and while it said it regretted the resignations of Stiglitz and Pieth, it chalked them up to unspecified "internal differences". Panama's President Juan Carlos Varela said in April that the independent commission would review the country's financial and legal practices. In its first full meeting of the investigative committee in New York on June 4-5, there was consensus that the government of Panama needed to commit to making the final report public, whatever its findings, Stiglitz and Pieth said. But they said they got a letter from the government last week backing off from its commitment to making the committee's finding public. "We can only infer that the government is facing pressure from those who are making profits from the current non-transparent financial system in Panama," Stiglitz said. Commission member Alberto Aleman, former administrator of the Panama Canal, rejected assertions that the committee lacked transparency, and said the five remaining members, four of which are Panamanian, would continue their work. "The report has to be delivered to the president of Panama, and then the president of Panama will decide when and how it will be made public," he said. The Panama Papers cover a period of almost 40 years, from 1977 until December 2015, and show that some companies set up in tax havens with the help of Mossack Fonseca may have been used for money laundering, arms and drug deals as well as tax evasion. In addition to embarrassing leaders worldwide who had interests tied to secretive business concerns, the leak heaped pressure on Panama, well-known for its lax financial laws, to clean up its act. "I have had a close look at the so called Panama Papers, and I must admit that even as an expert on economic and organised crime, I was amazed to see so much of what we talk about in theory was confirmed in practice," Pieth said in a telephone interview. In the papers he said he found evidence of crimes such as money laundering for child prostitution rings. "We're being asked to do this as a courtesy for them and we're paraded in front of the world media first, and then we're told to shut up when they don't like it," Pieth, a criminal law professor at Basel University, said. The government thanked Stiglitz and Pieth for their service and recommendations. It said it remained committed to "transparency and international cooperation" to fight money laundering and tax evasion. (Reuters with inputs from AFP)

Stiglitz quits Panama Papers clean-up committee

Soon after the disclosures from the &lsquo;Panama Papers&rsquo; rocked the global elite, the country is eyeing a series of efforts to polish its tarnished image. This weekend, as a part of the efforts, Panama will witness the inauguration of a wider canal, the waterway&#39;s administrator has said. 
 
&quot;We are showing the world the real face of Panama and that will no doubt have a positive effect on the image of the country during these adversities we are going through,&quot; Jorge Quijano, head of the Panama Canal Authority, said in an interview. 
 
On Sunday, the Central American nation is set to officially open its expansion work on the century-old Panama Canal after years of costly work with a ceremony featuring regional leaders and foreign dignitaries. 
 
The project ran hundreds of millions of dollars over budget and two years past deadline, taking nine years to complete at a cost of more than $5.5 billion. It required the construction of new locks, enlarged access and a deepening of the canal bed. &nbsp; 
 
The pharaonic task of broadening the 80-kilometre (50-mile) canal, which is sometimes called the eighth modern wonder of the world, is believed to be a source of pride for Panama. 
 
It may be recalled that April&#39;s &quot;Panama Papers&quot; revelations, which exposed how some of the world&#39;s wealthy and influential stashed assets in offshore companies thanks to the work of a Panama-based law firm, have cast a long shadow over the country&#39;s image. &quot;We have expanded the wonder. It&#39;s a major step for a small country and that fills us with pride to have achieved that,&quot; Quijano said. 
 
(AFP)

The project ran hundreds of millions of dollars over budget and took nine years to be completed at an estimated cost of $5.5 billion

Soon after the disclosures from the ‘Panama Papers’ rocked the global elite, the country is eyeing a series of efforts to polish its tarnished image. This weekend, as a part of the efforts, Panama will witness the inauguration of a wider canal, the waterway's administrator has said. "We are showing the world the real face of Panama and that will no doubt have a positive effect on the image of the country during these adversities we are going through," Jorge Quijano, head of the Panama Canal Authority, said in an interview. On Sunday, the Central American nation is set to officially open its expansion work on the century-old Panama Canal after years of costly work with a ceremony featuring regional leaders and foreign dignitaries. The project ran hundreds of millions of dollars over budget and two years past deadline, taking nine years to complete at a cost of more than $5.5 billion. It required the construction of new locks, enlarged access and a deepening of the canal bed. The pharaonic task of broadening the 80-kilometre (50-mile) canal, which is sometimes called the eighth modern wonder of the world, is believed to be a source of pride for Panama. It may be recalled that April's "Panama Papers" revelations, which exposed how some of the world's wealthy and influential stashed assets in offshore companies thanks to the work of a Panama-based law firm, have cast a long shadow over the country's image. "We have expanded the wonder. It's a major step for a small country and that fills us with pride to have achieved that," Quijano said. (AFP)

After Panama papers, country eyes image boost with wider canal

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