Nawaz Sharif made financial gains of $418 million during his stints as PM

Capitalism's Achilles Heel: Click her to Download

 Download the book Capitalism's Achilles Heel in Urdu

Islamabad : - According to a book entitled Capitalism’s Achilles Heel by Raymond W Baker, PML-N leader Nawaz Sharif made financial gains of $418 million during his twice stints as Prime Minister of the country. 

Capitalism’s Achilles Heel is a dossier on the corruption of most dominated political families in the history including Nawaz Sharif and how they accumulated their properties, factories and enormous wealth. 

Nawaz Sharif with Former Pakistani Dictator Zia UL Haq

The book tells that at least $160 million were pocketed by Nawaz Sharif during his first stint as the Prime Minister in the 1990, from a contract to build a highway from Lahore, his home town, to Islamabad, the nation’s capital, the contract was given to Korean company Daewo which subsequently imported duty free cars which cost $700 millions loss to govt of Pakistan.

Nawaz Sharif gained at least $140 million in unsecured loans from Pakistan’s state banks. More than $60 million generated from government rebates on sugar exported by mills controlled by Mr. Sharif and his business associates. 

Nawaz Sharif took at least $58 million from prices paid for imported wheat from the United States and Canada. In the wheat deal, Mr. Sharif’s government paid prices far above market value to a private company owned by a close associate of his in Washington, the records show. Falsely innovated invoices for the wheat generated tens of millions of dollars in cash. 

The book review went on to state that “The extent and magnitude of this corruption is so staggering that it has put the very integrity of the country at stake.” Unpaid bank loans and massive tax evasion remained the favorite ways to get rich in his era. 

Upon his loss of power the usurping government published a list of 322 of the largest loan defaulters, representing almost $3 billion out of $4 billion owed to banks. Sharif and his family were tagged for $60 million. 

Many offshore companies have been also linked to Nawaz Sharif, three in the British Virgin Islands by the names of Nescoll, Nielson, and Shamrock and another in the Channel Islands known as Chandron Jersey Pvt. Ltd. 

Some of these entities allegedly were used to facilitate purchase of four rather grand flats on Park Lane in London, at various times occupied by Sharif family members. 

 In 1999 Musharraf had Sharif probed, tried, convicted, and sentenced to life in prison, but then in 2000 exiled him to Saudi Arabia. Twenty-two containers of carpets and furniture followed, and, of course, his foreign accounts remained mostly intact. Ensconced in a glittering palace in Jeddah, he is described as looking “corpulent” amidst “opulent” surroundings. 

Capitalism’s Achilles Heel :  Down Load here