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Offshore companies case: Imran Khan submits reply in Supreme Court

ISLAMABAD: Pakistan Tehreek-e-Insaf Chairperson Imran Khan submitted the reply and affidavit on the offshore companies in the Supreme Court on Tuesday.

He stated that whatever money he made between 1971 and 1992 was earned by playing cricket.

The affidavit reads that Imran bought a one-bedroom flat in London for Great Britain Pounds 117,000, a mortgage that was paid off in six years.

When the flat was bought, an offshore resident did not have to pay Capital Gains Tax (CGT) over a property’s sale.

“In 1983, the deponent (Imran) did not know whether he would be a resident in the UK at the time of its sale.” The document added that this is why Imran was advised that the flat be placed under an offshore company which would not have to pay any CGT. “The deponent was the sole owner of the flat and no other asset was placed under Niazi Services Limited.”

It further stated the London flat had been rented out to a person called Van Der Loo who occupied the flat but did not pay the rent. The person also damaged the property and it had to be repaired before it could be sold.

However, the document added, no rent was received after October 2001. “Keeping Niazi Services alive was a fruitless exercise after the sale of the flat.”

Moreover, Imran has informed the court that after retiring from cricket in 1992, his income was from cricket commentary, lectures and royalty from books.

“The deponent as chairman PTI has certified that account of PTI to be correct, true and accurate based on the certificate received from abroad.”

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