ISLAMABAD: The Joint Investigation Team (JIT) head Wajid Zia Monday told the Accountability Court that the Sharif family failed to provide any money trail for the establishment of Al-Azizia Steel Company in Jeddah or the investment with Qatari royals and the Qatari letter is a myth, not reality.
Counsel for Nawaz Sharif Khawaja Haris objected that the witness could not record any inference and conclusion as part of his testimony as it is inadmissible under the law. In his statement Wajid Zia said that Hussain Nawaz could produce no documentary evidence to prove that the profit and sale proceeds of Al-Azizia Steel Company were equally distributed among the family members. He said Hussain also Nawaz had no proof of Qatari investment in Al-Azizia. He said Hussain Nawaz also did not explain that how he received 5 million UK pounds from Hassan Nawaz to establish Hill Metal Establishment post the sale of Al-Azizia.
Wajid Zia said the JIT verified from the UAE authorities that no scrap machinery was transported from Dubai to Jeddah in 2000-2001 as per claims of Hussain Nawaz that he took scrap machinery of Ahli Steel and established Al-Azizia. The JIT head also mentioned another statement of Hussain Nawaz that the machinery was transported through trucks.
Wajid Zia said $5.41 million were arranged for Hussain Nawaz to set up Al-Azizia Steel Company in Jeddah and it was claimed that the money has been provided by the Qatari royal family on the request of the late Mian Muhammad Sharif. It was also claimed that Al-Azizia Steel Company was set up after obtaining loans from financial institutions. On March 20, 2005, the Steel Mills was sold in 63 million riyals.
Wajid Zia also submitted the sale-purchase agreement of Al-Azizia. He said that Hussain Nawaz in his statement before the JIT had accepted that Al-Azizia had three shareholders -- he himself, Rabia, daughter of Shahbaz Sharif, and (late) Abbas Sharif. Mian Muhammad Sharif had a wish to distribute the whole business equitably among the whole family members. Wajid Zia said Hussain Nawaz had stated before the JIT that the profit of Al-Azizia Steel Company and its sale proceeds was equally distributed among the family members, but he had no documentary evidence like article of association. He said Hussain Nawaz had not record of banking transactions to prove that the money was distributed to the shareholders.
Wajid Zia said Hussain Nawaz in his statement had told that after the sale of Al-Azizia, he had sent 6.5 million GB pounds to Hassan Nawaz through Coomber Finance offshore company. Out of that money, he received 5 million pounds back to establish Hill Metal Establishment, but he provided no information regarding the money, Wajid Zia said.
Wajid Zia also narrated sequence of events from establishment of Gulf Steel Mills to its sale in 1980. He said that it is not true that the Sharif family may have invested 12 million AED with Qatari Royal family as the Gulf Steel Mills owned a loan of 14 million AED. Further hearing into the case will be held today (Tuesday).