HUSSAIN Nawaz`s statement is nothing but a face-saver.

In his interview he says that the funds generated by selling the steel mills in 2005 were spent on buying these two offshore companies.

It is obvious from the documents that these are not two offshore companies but at leastfour.Itis also proved that allfour companies were bought before 2000. There may have been many more such companies and dozens of bank accounts in Dubai, the US, Turkey and elsewhere.

Hussain Nawaz said they were already rich, so they always had money. And that they are one of the 22 richest families.

But there are two problems to this: (1) They neverpaid taxin the last25 years, which means their companies at that time never made money. They never had a profit, so how could they have millions of dollars to buy these very expensive properties? Among the 22 richest since independence andup to2010,you have paidless than Rs10m tax in 65 years, which is even less than the taxes a shopowner pays. We know you are among the most rich but only with `blacl< money`.

Even if they already had money, how then didthey transferitoutofPakistan? They have no proof of money transfer in the last35 years.The only proofis that ofIshaq Dar`s signed statement that he did money-laundering for the Sharifs.

Mariyam Nawaz said she, her brothers or her family did not own any property abroad. It is now proved she was not telling the truth. Even Hussain Nawaz says he owns properties. He also said being a trustee did not mean she owned these companies/trusts.

However, we all know that offshore trusts are made as they remain safe from any Pakistani authority that tries to get at it.

Thus, they are only family trusts.

Does NAB need anything more? A legislation should be passed to set the limit of corruption amount which can be legal after reaching or crossing that limit. Under the section (democracy) beyond Rs5m or an equalvalue ofcorruptionislegal.

Unzila Tahir Huda Karachi (2) IT`s being described as the biggest lealc in history. Over 11 million confidential documents were released from the Panamanian law firm Mossack Fonseca, which has been described as the world`s fourth-largest provider of offshore services.

We knew global corporations were avoiding tax, now the Panama Papers`leaks have shown us that world leaders are at it too. But Panama is only the tip of the iceberg.

The documents were obtained by an anonymous source who contacted German newspaper Süddeutsche Zeitung, whichworked with other papers and the International Consortium of Investigative Journalists, to go through the data. The leak shows how the Panama-based law firm helped its clients launder money and evade tax. It implicates 12 current or former heads of state and 61 people linked to current or former world leaders. The Panama Papers showcase the top 10 most popular tax havens for the ultra rich. More than 113,000 companies that appear in Mossack Fonseca`s documents were incorporated in the British Virgin Islands.

Theleak alsoexposedthe banks requesting the most offshore companies for clients. Every year around $200bn of untaxed income is taken out of poor countries by international corporations operating in these countries. That is about 50pc more than the total amount they receive in aid from rich countries. The Panama Papers dwarf some of the other leaks in the last decade. The anonymous source sent over 2.6 terabytes worth of records from Mossack Fonseca.

Arsalan Majeed Karachi