‘Capitalism’s Achilles Heel’ – a book that exposes Nawaz Sharif’s corruption worth $418 million
The book is written by by Raymond W Baker.
According to the book ‘Capitalism’s Achilles Heel’ by Raymond W Baker, PML-N leader Nawaz Sharif made financial gains of $418 million during his two stints as the Prime Minister of Pakistan.
The book is a report on the corruption done by politics’ most dominant families in history, which includes the Sharif family as well. It talks about how they accumulated their factories, properties and wealth.
During his first spell as the Prime Minister, which was back in 1990, Nawaz Sharif pocketed $160 million from a contract to build a highway from Lahore to Islamabad. More than $60 million were generated from the government rebates on the sugar exports by mills controlled by the Sharif family, and at least $140 million in unsecured loans from Pakistan’s state banks.
Other than that, Mr. Sharif skimmed $58 million from prices paid for the import of wheat from the US and Canada. The records state that Sharif’s government paid more than the market value of wheat to a private company, which was owned by his close associate in Washinton, US. The false invoices generated millions of dollars in cash.
The book read that the magnitude of the corruption done by Nawaz Sharif in his tenure is so high that it has put Pakistan’s very integrity at stake.
A big segment of Sharif’s wealth comes from unpaid bank lines and tax evasion. After he was removed from the authority position, the government released a list of 322 of the largest loan defaulters, which showed that almost $3 billion out of the $4 billion were owed to banks. Sharif and his family were tagged for $60 million.
Numerous offshore companies have been linked to Nawaz Sharif, three in the British Virgin Islands, going by the names Nielson, Nescoll, and Shamrock. The company Chandron Jersey Pvt. Ltd from the Channel Islands is also linked to the family.
Some of these allegedly were used to help purchase four grand flats on Park Lane in London, at numerous times.
In 1999, Pervaiz Musharraf had Sharif sentenced to life in prison, but he was exiled to Saudi Arabia in 2000.
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