The Sharif family has said that during periods of bankruptcy, companies are not required to pay taxes, a position upheld by the British court in Hasan Nawaz’s case.
This was said in a statement by the family’s spokesperson, addressing the recent UK court ruling declaring Hasan Nawaz’s company bankrupt.
Hasan, the son of former prime minister Nawaz Sharif, has been declared bankrupt by the London High Court in a tax and liability case, according to the court papers.
According to UK laws, a bankruptcy order is part of the personal insolvency process. It is issued to an individual from the court, making them bankrupt. Bankruptcy orders are only published in the London Gazette when received from The Insolvency Service.
A bankrupt cannot act as a director or be involved in any way in the management of a company until discharged from bankruptcy unless he has obtained permission from the court to continue as a director. He continues to be a director of a number of companies in the UK.
Tracing the history of financial challenges faced by the family, the spokesperson highlighted that the bankruptcy process affecting their businesses dates back to 1972, when industrial nationalisation took place under Prime Minister Zulfikar Ali Bhutto impacted the Sharif family’s enterprises.
The spokesperson further recalled that during General Pervez Musharraf’s tenure, the family endured the confiscation of their homes and the sealing of their factories.
This cycle of setbacks continued with the alleged injustices under former chief justice Saqib Nisar’s tenure, during which the family’s industries were reportedly targeted and destroyed.
The spokesperson claimed that the Sharif family has been deliberately pushed into financial crises four times solely to penalise them, suggesting that such turbulent periods have become a recurring reality for the family.
The Sharif family also reiterated their commitment to the nation, stating that they have consistently prioritised the country and its principles, enduring years of personal financial losses for the greater good.