Panama Papers Scandal – A Stigma on Pakistan

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The sudden appearance of the Panama Papers leaks creates conspiracy, quandary, and disgrace for the notable dignatories of the world, who are now in hot water. Nawaz Sharif and his family are among those dignitaries who have been affected. He faced harsh criticism from all corners of the country, particularly from the print, electronic, and social media media.

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I have no objections to Nawaz wealth and I don’t even criticise his offshore companies. I’m not being sarcastic, but the actual issue is of vital national importance to Pakistan. Despite the fact that I am neither a competent analyst nor an economist, I can still assess the entire phenomenon. Some points irritate me and pinch my mind just like the rest of ordinary countrymen. Let me attempt to sort through the subject matter of the Panama Papers leaks.

This is simple accusation that hus business is illegal. Because it is a clear case of money laundering. Previously, the family did not repay the debt, they borrowed from national financial institutions. As a result, all of the money was written off as illegitimate. It’s a horrifying and ruthless example of bad debt. Why don’t the entrepreneurs follow the laws of the country? They try to invent excuses and duping their fellow citizens.

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The government claims to be offering enticing incentives to foreign investors. On the contrary, Panama Papers reveals that every member of the Sharif family owns an offshore company. It is sheer discrimination.

Why don’t they try to invest their own capital on Pakistani soil for progress and prosperity?

According to the Panama Papers, they used national wealth indiscriminately to boost their personal business.

Why don’t they use their money to help the economy?

The country is heavily indebted, and it have ballooned in recent years. However, the Sharif family continues to focus, stress, and pursue striving to elevate the offshore companies. They sign agreements for high-interest-rate financial aid with the IMF and World Bank.

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Why don’t they try to break the vicious circle of debt and poverty which provides some relief to the common masses.

Why don’t they use their money in Pakistan to end the misery?

After all, the business empire is built on the taxes and hard earned money of Pakistanis. In his speech to the nation, Nawaz Sharif brags about his family’s wealth. He emphasises that he is a billionaire by birth. However, the income tax index completely contradicts the facts and figures.

Why doesn’t he pay the taxes in proportion to his wealth if he’s a billionaire.

Nawaz Sharif appeared on state-run television channels and attempted to entice the nation with phoney excuses. Instead of giving explanation, he apologised.

Why did he apologise when he is not guilty, (according to his own words.)

Does his apology wash away the stigma and make up for the country’s loss?

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The Panama Papers leaks include the Prime Minister of Iceland, the Minister of Industry of Spain, the Prime Minister of Ukraine, the President of Argentina, the Head of Justice and Enforcement of Armenia, the Chilean Head of Transparency International, Congress Members of Brazil, and the Secretary of (late) Hugo Chavez of Venezuela. They all quit, resigned or were investigated for wrongdoing. While in Pakistan, government led a campaign to defend the accusations and conceal the facts. The government squandered money by running full-page advertisements in newspapers.

The keepsl emphasising not being guilty, which is strongly denied by ICIJ Director Gerard Ryle. Isn’t it a heinous crime to use the tax money to defend futile and meaningless activities.

They can use this money to help the below poverty people of the country. They can try to address the real issues like poverty, economic insecurity, law and order situation, terrorism, education, basic health, and so on.

Author: Fehmeeda Farid Khan

(Written on April 29, 2016)

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