Information Minister Fawad Chaudhry on Sunday held a detailed press conference in Islamabad during which he broke down the trail of corruption allegedly instigated by the two families who have always loomed large in Pakistan’s politics: the Sharifs and the Zardaris.
The information minister alleged that if there was one family that had marked the beginning of modern-day corruption in Pakistan, it was the Sharif family.
Chaudhry claimed that starting towards the end of 1988 up until the beginning of 1990, the Sharifs had accumulated a lot of wealth and were in a conundrum about “how to manage it and turn it white to use within Pakistan or anywhere else.”
“Therefore, in 1992, the Economic Reforms Act was introduced, which had an apparently innocent provision which entailed that the source of money coming from abroad will not be questioned by the authorities,” he said.
“In 1996-97 and then 1997-98, the authorities noticed a very suspicious transaction and found that the company behind it was Hudaibiya Papers Mill, which had a total value of Rs95 million. All of a sudden Rs810m worth of foreign remittances were credited to the company’s accounts.”
An investigation was thus started and it was discovered that the owner of Hudaibiya Paper Mills was Mian Mohammad Sharif, the father of former prime minister Nawaz Sharif, Chaudhry claimed.