An American author Raymond W. Baker’s revealed in his book Capitalism’s Achilles Heel that Nawaz Sharif made $418 million financially during his two terms as Prime Minister.
This book is about the corruption of the most influential political families in history, including Nawaz Sharif, his wealth, and the amassing of vast wealth.
According to the book, he embezzled at least $160 million in his first term as prime minister in 1990, during a deal to build a highway (M2) from his hometown of Lahore to Islamabad.
Nawaz Sharif also benefited from unsecured loans of at least $140 million from Pakistan State Bank. Nawaz Sharif and his business associates made more than $60 million from government rebates on sugar exported through mills.
At least $58 million was scammed from the payment prices of wheat imported from the United States and Canada. Records show that in the wheat deal, the Sharif government paid far more than the price to the private company of a close associate in Washington. Wrong wheat invoices raised the cost by millions of dollars in cash.
The book’s review also states that “the extent and scope of this corruption are so astonishing that it has put the country’s integrity at stake. Under Nawaz Sharif, unpaid bank loans and large-scale tax evasion remained the preferred route to wealth”.
After losing power, the usurping government published a list of 322 of the largest defaulters, representing about $3 billion of the $4 billion owed to banks. Sharif and his family were tagged for $60 million.
Like Bhutto, Nawaz Sharif’s offshore companies have been linked to Nescoll, Nielsen, and Shamrock in the British Virgin Islands, and another company on Channel Island, known as Chandron Jersey Pvt. Ltd. Some of these establishments were used by members of the Sharif family at various times to facilitate the purchase of four grand flats on Park Lane in London.
In 1999, Pervez Musharraf investigated, Nawaz Sharif was tried, sentenced to life in prison, but then in 2000, he was deported to Saudi Arabia. Twenty-two containers of carpets and furniture followed, and, of course, most of his foreign accounts were not intact.