Mark Zuckerberg’s personal wealth has fallen by more than $6 billion (roughly Rs44,790 cores) in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistle blower came forward and outages took Facebook’s flagship products offline.
As per details, a selloff sent the social-media giant’s stock crashing 4.9 per cent on Monday, adding to a drop of about 15 per cent since mid-September.
The stock slide on Monday sent Zuckerberg’s worth down to $121.6 billion (roughly Rs9,06,050 crores), dropping him below Bill Gates to number five on the Bloomberg Billionaires Index. He’s down from almost $140 billion (roughly Rs10,43,150 crores) in a matter of weeks, according to the index.
On Monday, a technical problem related to Facebook’s DNS records generated at least six hours of outages.
According to details, International Cricket Council (ICC) put the tickets for T20 World Cup up on sale on Sunday with a maximum capacity of 70 per cent crowd following Covid-19 protocols.
Within hours, the tickets for Pakistan vs India were sold out, as expected. The high-octane clash is scheduled for October 24 at Dubai International Stadium.
Prime Minister (PM) Imran Khan on Monday formed a high-powered cell to investigate the 700 Pakistanis named in the Pandora Papers, including federal cabinet members, politicians, retired generals, owners of media houses, and others in establishing offshore companies.
PM Khan categorically stated that the prominent leaders and federal ministers of Pakistan Tehreek-e-Insaf (PTI) will have to clear themselves.
Information Minister Fawad Chaudhry, while speaking to Dawn said: “The prime minister was adamant that those who have been accused in Pandora Papers of having offshore firms will have to clear themselves.”
The minister took to Twitter and informed about the formulation of the high-powered investigation cell. “The prime minister has set up a high-level cell under the Prime Minister’s Inspection Commission to investigate the Pandora leaks, which will present the facts before the nation,” tweeted Fawad.
پنڈورا لیکس کی تحقیقات کیلئے وزیر اعظم پاکستان نے وزیر اعظم انسپکشن کمیشن کے تحت ایک اعلیٰ سطحی سیل قائم کیا ہے یہ سیل پنڈورا لیکس میں شامل تمام افراد سے جواب طلبی کرے گا اور حقائق قوم کے سامنے رکھیں جائینگے #PandoraLeaks
Law Minister Farogh Naseem would head the investigation cell that would also comprise the National Accountability Bureau (NAB), Federal Board of Revenue (FBR), and Federal Investigation Agency (FIA) officials. The cases of the cabinet members would be sent to NAB for investigation. A separate probe will be launched by the Ministry of Information and Broadcasting and the Pakistan Electronic Media Regulatory Authority (Pemra) to investigate the media owners whose names are included in the Pandora Papers, reports Dawn.
Those who had evaded tax or made offshore firms through ill-gotten money would be taken to task, otherwise, no action would be taken against others because establishing offshore firms was not a crime, the source tells Dawn.
Under the law, setting up an offshore company is not an offence or crime if the company is not involved in any illegal activity. However, those who have not declared these companies in their returns as assets may face legal action.
After the International Consortium of Investigative Journalists (ICIJ) released a detailed list of public figures with offshore companies called the ‘Pandora Papers’ as part of their new investigation, PM Khan vowed to investigate all those Pakistanis mentioned in the Pandora Papers, and tweeted: “If any wrongdoing is established we will take appropriate action.”
My govt will investigate all our citizens mentioned in the Pandora Papers & if any wrongdoing is established we will take appropriate action. I call on the international community to treat this grave injustice as similar to the climate change crisis.
Pakistani actor Yasra Rizvi shared pictures and messages from a recent campaign on toxic marriages.
The actor posted a picture with the caption, “Shaadi aik social contract hai jisme huqooq aur faraaiz dono fariqain ke hote hain, isse umer qaid ya sazaa-e-moat samajh laina khud apne saath zyaadti hai!” (Marriage is a social contract involving the rights and duties of both sides. Considering it as death sentence or life imprisonment is not fair with your self).
Indian actor, Ayushmann Khurana, liked the picture while Pakistani actor, Ghana Ali, highlighted this under Yasra’s post.
Earlier in August, Actor Yasra Rizvi took to her Instagram stories to hit out at the Lux Style awards after they announced their nominations for their award ceremony.
Entrepreneur and Minal Khan’s father-in-law Mohsin Ikram has responded to a troll on his Instagram handle. The netizen commented that the Jalan actor and her family is more inclined towards his money.
He also slammed a netizen for a mean remark in context to his social media posts.
Mufti Aziz-ur-Rehman, his sons, and accomplices have been indicted in the madrassa sexual abuse case by a Lahore court, Samaa has reported.
The court had adjourned the hearing till October 5. The court ordered the prosecution department to produce its witnesses at the next hearing to record their testimonies.
As per thechallan, the cleric sexually abused his student by promising him help in passing his exam.
The victim in his statement said that Mufti Aziz accused him of cheating in his exams after which he was banned from taking the exams for three years. Mufti Aziz then asked the student to “make him happy” in order to get the ban lifted.
Actor and host Mathira is displeased with some videos circulating on social media as she terms them fake and edited.
Taking to Instagram stories, the Blind Love actor shared a chat with a social media user in which she can added external captions, saying that some nude videos are circulating on social media and her face is being pasted on it after face swapping or editing.
In one of the chats, she wrote that the nude videos are doctored and her face is being used and she will take action legally against it.
She said: “A video has been moving the internet [and] have been edited. The other two videos are mine because I posted them publicly on Snapchat but a stupid and nude one is edited and not me.”
The Raasta star said that her body and even her fingers are tattooed and she knows her body. She also said that whoever has edited the video will be punished.
Mathira said that she do wear bold dresses but she never shares any explicit pictures.
More than 700 Pakistanis are in the data revealed in Pandora Papers and a majority of them are tax residents in Pakistan, reports Umar Cheema for The News.
Key members of Prime Minister Imran Khan’s cabinet, retired civilian and military officials and their families as well as owners of some of the country’s top media outlets, secretly own or have owned an array of companies and trusts holding millions of dollars in offshore jurisdictions, Fakhar Durrani reports for The News.
Politicians in Pandora Papers
The revelations made in the Pandora Papers, which contain the names of some prominent and key figures in Prime Minister Imran Khan’s cabinet, will be a test case for PM Khan to make his close associates answerable for holding offshore companies.
Below is the list of a few of the many prominent politicians of the government and Opposition whose names are in the Pandora Papers.
1. Shaukat Tarin:
Shaukat Tarin was recently inducted into Khan’s cabinet and appointed Finance and Revenue Minister. Tarin and three of his family members have four offshore companies registered in the British Virgin Islands (BVI) jurisdiction. The Tarin family incorporated four offshore companies —Triperna Inc, Hamraa Inc, Seafex Inc, and Moonen Inc — all of them in 2014.
Tarin confirmed being part of the above companies directly or through his family members for the sole purpose of raising capital for his bank.
“We were in negotiations with a Middle East conglomerate for raising capital for my bank, through a structured transaction. The proposed investor had also taken the Central Bank’s in-principle approval for the investment.” He added that the companies remained dysfunctional and no business was carried out through them.
2. Faisal Vawda:
Former minister for water resources, Faisal Vawda, his wife, and his sister have an offshore company. The Vawda family incorporated Dazzling Worldwide Ltd in the BVI jurisdiction in 2012 to invest in UK properties, the Pandora Papers show.
Vawda told the International Consortium of Investigative Journalists (ICIJ) that he has declared all the worldwide assets held in his name to the Pakistani tax authorities.
3. Abdul Aleem Khan:
Another close aide of Prime Minister Imran Khan, Abdul Aleem Khan also owns an offshore company. The Pandora Papers show that the registered directors of Hexam Investment Overseas Limited (BVI) — Aleem Khan and his wife — approved a written resolution of the offshore company on March 1, 2017, and confirmed being directors of Hexam Investment.
National Accountability Bureau (NAB) had also initiated an investigation against Aleem Khan. It is, however, not confirmed whether he has declared the company in his tax returns or not.
Aleem Khan is now the owner of Samaa News.
4: Chaudhry Moonis Elahi:
Federal Minister for Water Resources Moonis Elahi was the Settlor and Investment Director of the Green Hills Trust and Winthrop Fund.
Moonis wanted to invest money from the 2007 sale of land owned by Phalia Sugar Mills, an Elahi family business. Thomson Reuters Risk Management Solutions carried out due diligence of Moonis Elahi and produced a 19-page report with the details of his alleged involvement in corrupt land projects. The report mentioned fraudulent loans from the bank and selling the land to a government department. However, despite this due diligence report, Moonis was accepted as Asiaciti’s client.
The family spokesperson of Chaudhrys said that the assets of the family, including Chaudry Pervaiz Elahi and Chaudry Moonis Elahi, are declared as per applicable law.
5. Ali Dar:
The Pandora Papers reveal that former Finance Minister Ishaq Dar’s son, Ali Dar, owns two companies — Baraq Holdings Ltd and Dar Al Nahyan Ltd — registered in the British Virgin Islands.
Dar in his reply to The News said Dar Al Nahyan Limited remained dormant and no business has been done in the company, which has now been struck off the register. He said he has never been a tax resident in Pakistan and nor has he ever been involved in any professional employment or business activities whatsoever in Pakistan.
6. Sharjeel Inam Memon:
Former information minister in the Sindh government Sharjeel Inam Memon also owned three offshore companies in the BVI jurisdiction. The three companies that are owned by the Memon family include Ocean Wave Technologies Corp, Arctic Development Corp., and New Coast Executive Inc.
The companies are involved in the real estate business. The former provincial minister while talking to The News neither denied nor confirmedthe companies’ ownership.
Media owners included in Pandora Papers
The Pandora Papers have brought forth some media owners’ names who have offshore companies in offshore jurisdictions.
1. Hameed Haroon:
Hameed Haroon — CEO of Dawn media group — owns an offshore company Bardney Limited, registered in Seychelles.
In his official response to The News, Haroon said the company is duly declared and is being reported to the relevant authorities in Pakistan in accordance with the applicable laws of the land.
2. Mir Shakil-ur-Rahman:
Jang Group’s Publisher Mir Shakil-ur-Rahman (MSR) owns an offshore company Brookwood Ventures Limited in the BVI jurisdiction. Mir Shakil-ur-Rahman was transferred the shares of the company on April 17, 2008.
Mir Shakil-ur-Rahman, responding to the investigation cell, said, “No, it’s not true, I don’t own any company. However, I had this till 2018.” The News also asked him that the British Virgin Islands is a tax and secrecy haven. Why he opted to set up a company there. MSR replied that people invest in BVI as it offers attractive conditions for investment. MSR was also asked if he declared the company with the relevant tax authorities to which he said, “Yes, it was part of my wealth for the tax year 2018 and subject to taxes where applicable.”
3. Sultan Ali Lakhani:
Express Media Group Sultan Ali Lakhani also owns an offshore company Century Media Network Inc. The company was incorporated in February 2005.
The spokesperson of the Lakhani family said all companies are legal and as per law of the land wherever applicable.
4. Gourmet Group:
Pandora Papers reveal that an employee of Gourmet group named Amna Butt was appointed director of an offshore company, Gourmet Holdings Limited in the BVI jurisdiction. The Gourmet group owns a large chain of bakeries across Punjab. In addition, the group owns a news channel called Gourmet News Network (GNN) as well.
It is, however, not confirmed whether the company is declared with the Pakistani tax authorities or not. Amna Butt was sent a questionnaire by The News, but no response has been received from her.
Military officials and family included in Pandora Papers
Apart from the politicians, media owners, and civilian bureaucrats, some top retired military officials have also been named in the new leaks.
1. Major General (retd) Nusrat Naeem:
Major General (retd) Nusrat Naeem owned a BVI company, Afghan Oil & Gas Ltd that was registered in 2009, shortly after his retirement. In his response to the ICIJ, he said that the company had been set up by a friend and that he did not use it for any financial transactions.
2. Ahsan Latif:
Ahsan Latif — son-in-law of former Governor Punjab Lt General (retd) Khalid Maqbool — owned an offshore company, Dylan Capital Limited, registered in the British Virgin Islands.
It is not clear whether Ahsan Latif has declared the above-mentioned assets before the tax authorities in Pakistan. The News sent a query to him but received no response from him
3. Muhammad Hasan Muzaffar:
Pandora Papers reveal that Muhammad Hasan Muzaffar, son of Lt General (retd) Muhammad Afzal Muzaffar, owned shares in a company registered in the British Virgin Islands, Creek Growth Capital Holding Ltd. The offshore company owned Southeast Healthcare Holding, which in turn controlled a Dubai-based medical centre that now appears to be closed.
Hasan told ICIJ that the simple fact is there is no relation of this investment to his father. He further commented that the investment was made solely from his own income earned in the UAE and came from his UAE bank account. No other family member, including his father, was involved.
4. Shafatullah Shah:
The former military secretary of Gen Pervez Musharraf, Lt Gen (retd) Shafatullah Shah owns an expensive apartment in London through an offshore company, which is in the names of his wife and son.
5. Raja Nadir Pervez:
Pandora Papers also reveal that Raja Nadir Pervez, a retired army lieutenant colonel and former minister in the Nawaz Sharif-led government, owned International Finance & Equipment Ltd, a BVI-registered company. In the leaked files, the firm is involved in machinery and related businesses in India, Thailand, Russia, and China.
He is currently a member of Imran Khan’s Pakistan Tehreek-e-Insaf (PTI). Raja Nadir Pervez did not respond to ICIJ reporters’ questions.
Businessmen and civil bureaucrats included in Pandora Papers
1. Yawar Salman:
Son of bureaucrat Salman Siddique, Yawar Salman along with another partner Noeen Ahmed Anwar registered an offshore company, just a little before the former’s father’s retirement. The company is called Cres Tech Holdings Limited in the BVI.
Yawar Salman told The News that the entity Cres Tech Holdings was incorporated as part of a then-envisaged plan to undertake a foreign business. However, owing to certain circumstances, neither any equity was contributed nor any bank account opened. Since no equity was ever contributed and the entity’s worth remains ‘nil’, the question of disclosing it to the tax authorities does not arise.
2. Javed Afridi:
The Pandora Papers have also revealed that the owner of the Pakistan Super League (PSL) franchise, Peshawar Zalmi, and renowned industrialist Javed Afridi owns three offshore companies in the BVI jurisdiction. Afridi is the beneficial owner of Old Trafford Properties Ltd, Sutton Gas Works Properties Ltd, and Gas Works Property Ltd.
Javed Afridi in his response confirmed to The News ownership of three offshore companies. He said the reason to incorporate them was for the good intention to save tax rather than avoiding any tax. According to him, the companies were almost dormant, and no business or investment was done by any of the companies.
Pandora Papers
The papers are named after the Greek myth of Pandora’s box. In the tale, Pandora opens a sealed box containing the forces of evil and suffering which, once released, were uncontainable.
BBC quoted Gerard Ryle, the director of ICIJ, as saying this leak was given the name because “we’re opening a box on a lot of things”.
This information revealed above has been named Pandora Papers and it adds significantly to what was discovered in the Panama Papers and Paradise Papers.
The Pandora Papers have unmasked the fortunes of more than 330 public officials in 90 countries. Included among them are 35 current and former leaders of different countries. The King of Jordan, the rulers of Qatar and Dubai, presidents of the Ukraine, Kenya, and Ecuador, the prime ministers of the Czech Republic and Lebanon, and former British prime minister Tony Blair, all appear in the secret files.
For Pakistan, the files pose a big test to the accountability credentials of Prime Minister Imran Khan, who had found the Panama Papers a “God-sent” opportunity to burnish his credentials as an anti-corruption warrior.
The documents were leaked to the Washington-based International Consortium of Investigative Journalists (ICIJ) which for nearly two years led an investigation collaborating with more than 600 journalists in 117 countries. This is the biggest journalism partnership in history, which involved 150 media organisations. For the Panama Papers, almost 400 journalists from 80 countries participated in the investigation. The News was the only ICIJ partner from Pakistan on both occasions. The Pandora Papers comprise 11.9 million documents whereas the Panama Papers had 11.5 million, reports The News.
Legendary comedian Umer Sharif passed away on Saturday in Germany at the age of 66. The Zameen Aasman star, was battling cardiac ailments, his surgery was scheduled in United States.
He was taken to Germany in an air ambulance. His death has left his fans and followers shattered.
Transnational celebrities have paid their tributes to the veteran performer on social media.
#UmerSharif sahib, you must be at peace now. You made us laugh so much and in end left all of us heartbroken. Go, regale the heaven with your jokes. pic.twitter.com/35kM7C4SIa
