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Hudaibia Paper Mills case is story of fraud, bigger than Panama Papers case: Fawad
May 11, 2021

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Information Minister Chaudhary Fawad Hussain has said Hudaibiya Paper Mills case is the story of fraud of about 1242 million rupees which is bigger in volume than Panama Papers case.

In a series of tweets on Tuesday, he said the case was started in 2000 when NAB officials filed a reference against the Hudaibiya Papers Mills Private Limited.  

Chaudhary Fawad Hussain said Nawaz Sharif's sons, Hassan and Hussain Nawaz, Shahbaz Sharif and his political heir Hamza Shahbaz are the main characters of this case.

He said that Former Finance Minister Ishaq Dar opened fake foreign currency accounts to help Sharif family in this fraud.

The Minister said Ishaq Dar became approver in the case and he also recorded a detailed statement with the authorities concerned. But later, he retracted from his statement saying it was extracted under duress.

Chaudhary Fawad Hussain said scrutiny of the record of Hudaibiya Papers Mills revealed to the NAB investigators Islamabad that during 1996-97 and 1997-98, a sum of 30.499 million and 612.273 million rupees was shown as share deposit money.  This huge influx of money in a company whose share capital was only 95.7 million rupees and which was carrying losses to the tune of 809.834 million, raised serious doubts amongst the investigators. As a result, the NAB ordered investigation of the matter under NAB ordinance 1999.  

The Minister said that during the investigation, it came to the fore that the management of the mills comprising Muhammad Sharif, Shamim Akhtar, Nawaz Sharif, Shahbaz Sharif, Abbas Sharif, Maryam Safdar, Sabiha Abbas, Hussain Nawaz and Hamza Shahbaz, was in possession of huge illegal proceeds. It held that the accused failed to explain source of the acquisition of the funds.

Chaudhary Fawad Hussain said that under the cover of the provisions of the Protection of Economic Reform Act 1992, these people frequently opened different fictitious foreign currency accounts and deposited huge amounts in these accounts.

He said when the scandal of fake accounts was exposed, they decided to deposit the money directly into the accounts of Hudaibiya Paper Mills.

Chaudhary Fawad Hussain said the decision of a fresh investigation has been taken as some new facts in the case have come to the fore.

The Minister said it is the demand of justice that institutions play their role as Pakistan's future depends on the rule of law.