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Panama leaks exposes six offshore companies controlled by Sharif family

Paris: The sons and daughter of Prime Minister Nawaz Sharif, own at least six upmarket properties overlooking London’s Hyde Park, unveiled by Panama leaks.

An investigation by more than 100 media groups, described as one of the largest such probes in history, revealed the hidden offshore assets of around 140 political figures including Prime Minister Nawaz Sharif.

The report reveals that Hussain and Hasan Nawaz Sharif, and Mariam Safdar, the sons and daughter of Prime Minister Nawaz Sharif, set up at least four offshore companies in British Virgin Islands (BVI).

These companies owned at least six upmarket properties overlooking London‘s Hyde Park.

According to reports, Sharif family mortgaged four of these properties to the Deutsche Bank (Suisse) SA for a loan of GBP 7 million and the Bank of Scotland part financed the purchase of two other apartments.

More than eleven million documents were leaked from one of the world’s most secretive companies.

The documents exposes the dealings of 72 other current or former heads of state including dictators accused of looting their own countries.

The documents, from around 214,000 offshore entities covering almost 40 years, came from Mossack Fonseca, a Panama-based law firm with offices in more than 35 countries.

On the other hand, Hussain Nawaz has rejected the Panama leaks, claiming that offshore companies are result of hard-earned money and there is no corruption done.