ISLAMABAD: The United Arab Emirates ( UAE) appears to be a preferred international destination for business and property acquisition lawmakers, as the Gulf Emirate has invested in the bulk of around a dozen senators who own foreign properties.
The wealthiest senator is Taj Mohammad Afridi from the former Fata, with the overall amount of his declared assets touching Rs1.22 billion, a little above the assets owned by Senator Azam Khan Swati, the only other declared billionaire in the upper house of parliament and Federal Minister of Drug Control.
According to the 2019 declarations of senators’ assets and liabilities issued by the Election Commission of Pakistan (ECP) on Monday, Mr. Afridi has total assets worth Rs1.17bn, including agricultural and non-agricultural resources. Outside Pakistan, he has assets estimated at Rs167.11 m, all in the UAE, where he owns four homes.
He has corporate loans with liabilities of Rs376.51 million.
Tehreek-i-Insaf (PTI) Senator Swati of Pakistan has properties worth Rs1.21bn. In addition to an acquisition of over Rs475 m, he owns 10 properties valued at Rs701.92 m in the United States and the UAE. He also owns a dozen assets worth Rs460.70 m in Pakistan.
Taj Afridi owns Rs1.22bn assets, followed by Azam Swati with net worth of Rs1.21bn
He has Rs59 m cash in his wallet and keeps Rs62.45 m in his bank accounts and his spouse’s. He took in funds worth Rs205.25 m from overseas. The valuation was set at Rs59.46 m for the four cars he owns. Mr. Swati has liabilities of Rs811.23 m overseas, and after deducting liabilities, the value of his assets is Rs1.21bn.
Mohammad Ayub, another PTI senator, owns a house and a company in Dubai and has interests in the UK. The house he owns is worth one million dollars, compared to six million dirhams for his company. He already has a one million pound stake in the UK.
Senator Aurangzeb Khan has assets and investments in the UAE, also from the former Fata. The number of properties he owns in Pakistan has risen from 10 to 13 per year. This include an 11-kanal residential house bought for Rs70 m in Murree. This time, he did not mention the 10-channel plot in Bahria Town that he was just lucky to purchase for Rs1 m in 2016. His new investment is a medical centre constructed in Islamabad at the cost of Rs87.50 m.
Senator Rahila Magsi of the Pakistan Muslim League-Nawaz (PML-N) sold her flat in the UK for 0.44 million pounds and the balance was moved to Pakistan. According to her previous annual statement, the property was acquired for Rs34.76 m in 2018. She also had one flat priced at Rs12.30 million in the UAE in 2018. With the addition of a property to Jumairah, her number of properties in the UAE has doubled, but interestingly the valuation remains the same as that seen for a single flat in Dubai last year.
Two properties in the US are owned by Senator Shaheen Khalid Butt. It is said that the current market valuation of the assets is $2.7 m.
In the name of her husband, PML-N senator Nuzhat Sadiq has declared a house in the U.S. Rs3.6 m and Rs20 m , respectively, are estimated to be the expense and market valuation of the land.
Former Minister of the Interior Rehman Malik owns a house in the United Kingdom, at a rate of 1.3 million pounds. The senator for the Pakistan Peoples Party received a 1.1 million pound mortgage. In a joint account with his spouse at Dubai Islamic Bank, he has 53,520 dirhams. He is the head of Global Security Advisers, a UK-registered think tank. He owns $300,000 worth of stock in Green Plus. Dr Saeeda Iqbal, his wife, is a shareholder in Peak Energy in the UAE.
PML-N senator Musadik Malik and his wife each hold a 25% interest in an apartment in Bahrain. He has not announced who holds the remaining share of 50pc. The overall value of the shares owned by the couple in the property is Rs27 m.
Senator Barrister Saif of the Muttahida Qaumi Movement (MQM) gave an advance equal to Rs1.4 m for a studio apartment in Dubai.
In a house in the UK, PPP Senator Mustafa Nawaz Khokhar has a one-third stake, Rs8.16 m.
Senate Chairman Sadiq Sanjrani owns a business in Malaysia that has not been operating since 2008, according to his letter. He has Rs100 m worth of net assets. About 23,000 canals of fertile land are part of his estate. His wife has 1.5 kilogrammes of gold jewellery.
In a bank account in the UK, Senator Rubina Khalid has 40,000 pounds. Other senators with economic capital abroad include PML-N ‘s Chaudhry Tanvir Khan and Shahzaib Durrani, and MQM’s Atiq Sheikh.
Published in Dharti News, November 10th, 2020