Pakistan's investigator finds 2,750 undisclosed UAE properties

According to Pakistan local media, the figures were presented to country's Supreme Court earlier this week

Pakistans new government, led by Prime Minister Imran Khan,is cracking down on undisclosed properties its nationals in the UAE [representational images].
Pakistans new government, led by Prime Minister Imran Khan,is cracking down on undisclosed properties its nationals in the UAE [representational images].

Pakistan’s new government, led by Prime Minister Imran Khan, is reportedly cracking down on 2,750 undisclosed properties of Pakistani nationals found in the UAE.

The country's Federal Investigation Agency (FIA) has informed the country’s Supreme Court about these undisclosed properties.

According to Pakistan english news outlet The Nation, a three-judge bench headed by Chief Justice Mian Saqib Nisar, Justice Umar Ata Bandial, and Justice Ijazul Ahsan heard the suo motu case regarding Pakistani asset stashed abroad without disclosing the same in the home country.

It also reported that, according to executive summary by Standing Committee of the Supreme Court on the matter, Pakistan’s Federal Investigation Agency (FIA) had to date “taken cognizance of 2,750 undisclosed properties and apartments of Pakistani nationals held in the UAE”.

These figures came from a report by PwC firm AF Ferguson, and were presented to the country’s Supreme Court earlier this week, according to a report by Arabian Business.

READ: UAE property market has slowed due to maturity

Inquiries by the FIA in the matter are reportedly underway.

The Nation also reported that each property, according to the FIA, is valued at a conservative estimate of $324,793 (PKR40m), with the federal investigator reportedly inquiring a total $893.6m (PKR110bn) of UAE assets.

According to The Nation, the FIA said: “A deep dive into the records of Real Estate Regulatory Agency of Dubai Land Department will be required to fathom the true magnitude of assets held in the UAE.”

READ: Abu Dhabi property market to continue decline through 2018

“662 undeclared properties of Pakistani nationals in UAE are based on first source report. FIA’s anti-corruption wing has instituted 54 criminal inquiries under Foreign Asset Declaration Regulations 1972 against 662 out of 3,549 holders.”

Moreover, the country’s highest court has reportedly also asked the Federal Board of Revenue to submit, in a sealed envelope, the names of those issued notices on account of having undisclosed asset in the UK.

Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020