ISLAMABAD: The Supreme Court of Pakistan on Thursday ordered Prime Minister Imran Khan’s sister, Aleema Khanum to pay Rs29.4 million in taxes and fines after she was named as an owner of an undeclared property in the UAE.
Following a report submitted by the Federal Board of Revenue (FBR), a three-judge bench, headed by the Chief Justice of Pakistan (CJP) Saqib Nisar, added that Khanum’s failure to pay the requisite taxes and fines would result in the confiscation of her properties.
Salman Akram Raja, Khanum’s counsel told the court that his client had acquired the properties in Dubai in 2008 and that the money to purchase the said properties was sent using legal banking channels. He added that details of the bank transactions and properties have been submitted to the court.
Khanum, who was also present in the court at the time of the decision, said that she had bought the property worth $370,000 by paying 50 percent of the amount herself and the rest using a mortgage.
According to a written testimony submitted to the Federal Investigation Agency, she said she acquired the properties through earnings from her businesses abroad. “I sold my properties and the FBR was notified about this development in advance,” she said in her written testimony.
Earlier, taking suo motu notice of the matter, the apex court said that the money siphoned off abroad without payment of taxes, and through illegal channels, represented either illegally-acquired cash and assets or kickbacks from public contracts.
“Such money creates gross disproportion, inequality, and disparity in society, which warps economic activity and growth, and constitutes plunder and theft of national wealth,” the court said, before directing the FBR to submit a report of the case after a week.
SC orders PM Khan’s sister to pay Rs29.4mn for undeclared assets abroad
SC orders PM Khan’s sister to pay Rs29.4mn for undeclared assets abroad
- Revenue body identified Aleema Khanum as the owner of a property in the UAE
- Top court directs officials to submit a report of the case after a week
World Bank president in Pakistan to discuss development projects, policy issues
- Pakistan, World Bank are currently gearing up to implement a 10-year partnership framework to grant $20 billion loans to the cash-strapped nation
- World Bank President Ajay Banga will hold meetings with Pakistan Prime Minister Shehbaz Sharif and other senior officials during the high-level visit
ISLAMABAD: World Bank President Ajay Banga has arrived in Pakistan to hold talks with senior government officials on development projects and key policy issues, Pakistani state media reported on Sunday, as Islamabad seeks multilateral support to stabilize economy and accelerate growth.
The visit comes at a time when Pakistan and the World Bank are gearing up to implement a 10-year Country Partnership Framework (CPF) to grant $20 billion in loans to the cash-strapped nation.
The World Bank’s lending for Pakistan, due to start this year, will focus on education quality, child stunting, climate resilience, energy efficiency, inclusive development and private investment.
"World Bank President Ajay Banga arrives in Pakistan for a high-level visit," the state-run Pakistan TV Digital reported on Sunday. "During his stay, he will meet Prime Minister Shehbaz Sharif and other senior officials to discuss economic reforms, development projects, and key policy issues."
Pakistan, which nearly defaulted on its foreign debt obligations in 2023, is currently making efforts to stabilize its economy under a $7 billion International Monetary Fund (IMF) program.
Besides efforts to boost trade and foreign investment, Islamabad has been seeking support from multilateral financial institutions to ensure economic recovery.
“This partnership fosters a unified and focused vision for your county around six outcomes with clear, tangible and ambitious 10-year targets,” Martin Raiser, the World Bank vice president for South Asia, had said at the launch of the CPF in Jan. last year.
“We hope that the CPF will serve as an anchor for this engagement to keep us on the right track. Partnerships will equally be critical. More resources will be needed to have the impact at the scale that we wish to achieve and this will require close collaboration with all the development partners.”
In Dec., the World Bank said it had approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.
It followed a $47.9 million World Bank grant in August last year to improve primary education in Pakistan's most populous Punjab province.
