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Malik Riaz evaded Rs56b taxes: Suddle report

ISLAMABAD – Real estate tycoon Malik Riaz is the biggest tax

evader in the history of Pakistan who has evaded taxes of Rs56

 billion, Suddle Commission report revealed. “Malik Riaz

claimed to have assets of $2.5 billion on August 31, 2010 during

an interview with a foreign TV channel. However, assets de-

clared by him in wealth statement on June 30, 2011 were worth

of Rs0.58 billion. It means Riaz has evaded Rs56.104 billion of 

taxes,” says the report compiled by the one-man commissionprobing Riaz-Arsalan case. According to the report, submitted

to the Supreme Court on Wednesday, the property tycoon has

three undeclared bank accounts in Bank of Punjab, UBL and

HBL. The commission told the apex court that non-cooperation

of Malik Riaz and other key witnesses hampered commission’s

probe. The report states ‘real motive behind Malik Riaz’s planwas to defame the chief justice and the superior judiciary.’ Ma-

lik Riaz alleged that Arsalan Iftikhar had cheated and defraud-

ed him, besides availing illegal benefits. He said that Arsalan,

asserting his position as the son of chief justice of Pakistan, pres-

surised him and forced him to make an investment of Rs342million for him.However, Riaz could only give an account of 

Rs5 million which he spent for Arsalan. “No supporting evi-

dence has been given by Malik Riaz of the money he claimed to

have spent on Arsalan, except an account to of Rs5 million,” the

report says. It says that Arsalan Iftikhar availed logistics sup-

port of roughly Rs5 million through Khalil Ahmed but the

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amount was paid back. “Arsalan admitted to have availed logis-

tic support of Rs5 million. However, he paid back the amount

through cheque and presented a copy of the cheque issued to

Zaid Rehman who presumably provided all logistic support to

Arsalan Iftikhar on behalf of Ahmed Khalil, son-in-law of Malik 

Riaz.The report reveals that commission contacted the authori-

ties concerned in the UK, asking legal assistance to ascertain the

net worth of assets including money held in banks. The com-

mission in his report requested the apex court to ask Malik Riaz

to produce all his evidence, along with witnesses as soon as pos-sible. If Riaz fails to do so, the commission will be allowed to

conclude its findings on the basis of available evidence, the Sud-

dle commission pleaded to the court.The report mentions that

the Interior Ministry did not cooperate with the commission

and despite repeated requests, the ministry did not place the

names of the accused on the ECL. The Interior Ministry irritatedthe commission by transferring those FIA officials whose ser-

vices were sought by the commission, the SC was told.