Former prime minister Nawaz Sharif’s counsel Khawaja Harris Monday continued cross-examination of the joint investigation team head Wajid Zia in the Flagship Investment reference.
Zia apprised the court that Hassan Nawaz had clarified that all the companies they owned were devised under the Special Purpose Vehicle (SPV) model in which each company is registered with a distinct purpose. He added that companies under this model can benefit from tax protection. “The description he provided also entailed that under this model the buyer purchases the company instead of buying a property owned by the company, which in return waives the buyer from paying stamp duty on the property,” he added.
During the argument, Zia stated that when Hassan started his business he opened several bank accounts. “Every time they approached a bank for a loan, the bank required them to open a personal account,” he maintained. Harris questioned Zia over inclusion of Brigadier Noman Saeed in the JIT. Saeed was also part of the committee formed to probe Dawn Leaks.
Published in Daily Times, November 6th 2018.
