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Khusro Bukhtiar’s family owns assets worth over Rs100 billion: NAB report

Khusro Bukhtiar’s family owns assets worth over Rs100 billion: NAB report
March 29, 2019
ISLAMABAD (92 News) – The family of Minister for Planning, Development and Reform Makhdoom Khusro Bukhtiar owns assets worth over Rs100 billion, revealed a NAB report received by 92 News. In six years of the last decade, the minister’s family did a roaring investment. It set up four sugar mills, five power generation companies, four trading companies including one in London, one ethanol manufacturing company and two others. “Their agricultural property increased from 5,702 kanals (712 acres) to 7,780 kanals (972 acres) meaning thereby an increase of 2,078 kanals (260 acres) in short span, along with 6-7 residential houses and plots in different cities. According to the NAB report, a couple of properties the minister purchased in his name in Lahore has not been declared in the nomination papers. It further revealed that the family received a foreign remittance of approx Rs979 million during 2011-2018. Current market value of the assets of the minister’s family (who live in a joint family setting) is more than Rs100 billion, the report has revealed. Moreover, the minister himself is a frequent foreign traveler. In the last five years alone, he went abroad for as many as 189 times which means more than thrice a month. What he does there will remain unknown until he is taken into custody for investigation. According to the report, the minister has declared investment of Rs130 million in one sugar mill. He ‘seems to have a benami share’ in other mills run by the family. ‘The whole family lives in a joint family system which is evident from their single residential addresses,’ reads the NAB report, which has also given addresses. The four trading companies are in the name of the minister’s brother; one of them was set up in London. Five power generation companies are also in the name of the minister’s brother who appears in Nadra record as his brother. The provincial minister-brother owns an ethanol manufacturing company. Regarding the undeclared plots of the minister, the investigation report reads, “It is also pertinent to mention here that 269 kanal agricultural land purchased at……..in 1991, 36 kanals in…….2015 and 2 plots measuring 5 marla each purchased at Lahore DHA in November 2017 was not declared by subject person (the minister) in nomination papers submitted for contesting election 2018.” As many as 12 urban properties of the family purchased after 2004 are situated in DHAs of Lahore, Rawalpindi and Karachi in addition to Gulberg and Lahore Cantt. Regarding the foreign remittances, the “FBR statements of the family including subject person show inflow of foreign remittances after 2011 which shows that this family has invested and can have properties abroad,” reads the report. The total amounts received through remittances is Rs797 millions of which Rs9 million landed into the minister’s account. The foreign company owned by the minister’s brother has declared assets of Rs1.06 billion in 2018 FBR statement in addition to bank accounts in City Bank, New York and Emirates NBA, Dubai. In its concluding page, the report says that prior to his joining of national politics, the whole family including the minister’s brothers only owned lands “which was the only source of bread & butter” and after induction into the cabinet in 2004, “assets in the name of non-public office holder members of the subject’s family i.e. mother (house wife), brother having agriculture as the only one source of income ballooned to billions of rupees, despite their expenditure on more than 100 foreign trips, contesting elections.” He was simply a landlord. The annual income of entire family was around Rs60 million. His one brother was employee of a business tycoon. But this was the financial profile before he ventured into national politics. Then he won elections in early 2000, joined the federal cabinet and the family’s assets rose to billions of rupees. The present worth of the family assets is now over Rs100 billion.