Friday , May 24 2019
Breaking News
Home / Business / Punjab govt seizes Ishaq Dar’s Rs500m
Punjab govt seizes Ishaq Dar’s Rs500m

Punjab govt seizes Ishaq Dar’s Rs500m

ISLAMABAD: District authorities in Punjab have transferred over Rs500 million from former finance minister Ishaq Dar’s bank accounts to the provincial government following directives issued by an accountability court in Islamabad.

The court ordered authorities to auction movable and immovable assets of the former finance minister and seize his bank accounts. Dar was declared a proclaimed offender after he failed to appear before the court despite repeated summoning requests.

The accountability court had previously ruled in a petition filed by the National Accountability Bureau (NAB) seeking the sale of Dar’s assets and asking the court to appoint a ‘receiver’ to collect and deposit the amount in the state treasury.

The details submitted by NAB show ownership of six bank accounts in Lahore and Islamabad, 13 assets within Pakistan and seven assets/companies abroad.

According to the list, Dar possesses two Mercedes Benz vehicles, three Land Cruisers and one Toyota Corolla.

His wife is the co-owner of one of the Land Cruisers. His properties include a two-kanal plot in the Parliament Enclave, another two-kanal plot with Ayaz Builders (Pvt) Ltd, six-acre land in Mauza Milot (with his wife as the co-owner), a plot in Mauza Bhubtian and another plot in Senate Cooperative Housing Society.

In Lahore, Dar owns a house in Gulberg and three plots in Alfalah Housing Society – co-owned by his wife and son. The assets located abroad include apartments at Emirates Hill and Jumeirah in Dubai. He also owns a Bentley Arnage, a Mercedes and has two investments in Baraq Holding (Pvt) Ltd and one investment in Dar-al-Nahayan (Pvt) Ltd.

The details further show Dar and his wife have made investments of Rs3,453,060 in Hajveri Holding (Pvt) Ltd and Rs2,700 in the Sui Northern Gas Pipelines Ltd (SNGPL).

Earlier, on November 15, Rs360 million was transferred from Dar’s bank account to the Government of Punjab. An accountability court in October had ordered the auction of Ishaq Dar’s assets and confiscated his bank accounts in Pakistan on a plea by the National Accountability Bureau (NAB).