Aleem Khan.
Aleem Khan

IMPACT

Pakistani Minister Arrested In Ongoing Panama Papers Investigation

The Panama Papers fallout continues in Pakistan, where an accountability court confirmed the detention of a provincial minister who is under investigation for his involvement in an offshore company and for allegedly owning assets beyond his known sources of income.

Aleem Khan, Punjab province’s minister for local government and community development, resigned after his arrest on Wednesday, Pakistani media reported. He is under investigation on multiple charges including his role in Hexam Investment Overseas Ltd., a company based in the British Virgin Islands.

In a statement released after Khan’s arrest, Pakistani anti-graft agency the National Accountability Bureau reportedly said that Khan “established multiple companies with the purpose of real estate business and invested millions of rupees.”

Khan’s name crops up in the Panama Papers, a trove of financial records leaked from the now defunct law firm Mossack Fonseca and obtained by Süddeutsche Zeitung and the International Consortium of Investigative Journalists.

The documents show that, between June and September 2007, Hexam – of which Khan was a director at the time – negotiated mortgages for three London properties. Another document provides details about another property that Hexam “wishes” to acquire.

Khan’s lawyer said his client declared all his assets in income tax records and denied wrongdoing, Gulf News reported.

The investigation is ongoing and Khan will be held in custody until Feb. 15.

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