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Offshore firm registered in name of children, says Jehangir Tareen

Islamabad - Jehangir Tareen made the revelation while talking to The News at his residence on Friday.

Pakistan Tehreek-e-Insaaf leader Jehangir Khan Tareen has acknowledged having an offshore company registered in the name of his four children who own property in the UK and the offshore company linked with this property is managed through a trust.
Jehangir Tareen made the revelation while talking to The News at his residence on Friday. "I do not own any offshore company in my name," Tareen said, adding: "All my children are grown up and independent, so the ownership of UK's foreign property and offshore company linked with it could not be declared under my name."
Talking to the media on Saturday, Tareen said he had sent the money to his children through legal banking process, adding that he had earned this amount honestly and paid taxes.
To a question as to why his family was having offshore companies, Tareen replied it was required for the management of assets in the UK as serious problems regarding inheritance of the property could emerge in case of any untoward situation.
"If same is not done through offshore companies being managed through a trust, a big amount has to be paid in form of taxes to the UK government and the property has to be surrendered to the UK authorities because the laws regarding inheritance are different there," Tareen explained.
He provided two documents regarding transfer of money from Pakistan to the UK. One document shows that Jehangir Tareen sent £200,000 on September 18, 2014 through HBL Corporate Centre Lahore to his son Ali Khan Tareen. The other document shows that Tareen sent £250,000 on May 25, 2011 through the same channel to a company 'Shiny View Limited'.
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