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Sika Brothers’ properties sealed to auction on July 27, 2017

Sika Brothers’ properties sealed to auction on July 27, 2017

LAHORE: The Federal Board of Revenue has sealed the properties of the Sika Brothers and announced July 27, 2017 for the open auction of their properties.

The famous industrial group’s owners were involved tax evasion of Rs740million. Sika paints have been defaulter from Fiscal Year 2013 to 2016. The FBR had also issued arrest warrant for Javed Iqbal and Muhammad and a special team had also been constituted to arrest them.

The Federal Board of Revenue had also sealed 107 kanal properties of three directors of the group. Sources told Customs Today that the FBR had also written a letter to Chief Traffic Officer Lahore to confiscate the costly vehicles of the Sika Paints.

About 73 kanal of costly property, sealed by the FBR, belonged to Muhammad Javed Iqbal, Director of the Sika Group. About seven kanal of property belongs to Muhammad Asif Iqbal who is also a Director of the group.

Sources of Customs Today said that due to non-payment of taxes and for not submitting their reply to the FBR, their properties have been set to auction. The FBR has also written the Interior Ministry to put the names of the Directors of Sika Paints on the Exit Control List (ECL).

The FBR has also published the date of auction in the newspapers as well. Commissioner Aftab Alam and Deputy Commissioner Neelam Afzal executed the operation against the Sika Group.