November 05 , 2016
News
SECP traces companies suspected of offshore investment
ISLAMABAD: Two Pakistani companies that collectively invested at least $190 million in Panama and Bahamas through offshore companies have been traced by Securities and Exchange Commission of Pakistan (SECP).
Panama Leaks and Bahamas Leaks were the cause of these developments as both revealed names of Pakistanis who owned offshore companies that were suspected of evasion of taxes and wealth-stashing.
It was revealed that a company invested at least $90 million though shell companies in Panama while another made an estimated investment of $100 million in Bahamas.
Concernedinstitutions received the details of the probe.
Courtesy www.dailytimes.com.pk