ISLAMABAD: The Supreme Court would resume proceedings in case of Pakistan Tehreek-e-Insaf (PTI) Secretary General Jahangir Tareen’s disqualification on Tuesday.
Jahangir Tareen has also submitted a trust deed to the apex court regarding the ownership of a property in the United Kingdom (UK).
Jahangir Tareen’s counsel Sikandar Bashir Mohmand submitted the trust deed comprising 37 pages against petition filed by Pakistan Muslim League Nawaz leader Hanif Abbasi seeking disqualification of Jahangir Tareen for concealing of assets before Election Commission of Pakistan (ECP), ownership of offshore company.
According to the trust deed documents, Tareen is a settler for a trust which in turn runs an offshore company, Shiny View Limited, and owns property in the UK. According to the original trust deed, HSBC Bank (Pvt) Ltd is the trustee.
The trust was created for 150 years in May 2011.
The documents, however, also reveal that Tareen and his wife are the trust’s discretionary lifetime beneficiaries.
“All such directions shall be treated as revocable unless expressed to be irrevocable and shall continue until the settler dies or becomes incapacitated or (where the direction is revocable) the settler revokes the direction personally. Until and subject to and in default of any such directions the Trustees may, during the Trust period, pay or apply the income of the Trust Fund to, or for the benefit of, all or any others of them, that are for the time being in existence and in whatever shares, if more than one and in whatever manner generally that the Trustees may in their absolute discretion think fit.” says the trust deed.
The documents stated that the trustees, or the bank, during the trust period may pay the whole or part of the capital from the trust fund to all or any of the discretionary beneficiaries at their discretion.
It further states that the bank also has the power to grant a pledge or other security, over the trust fund assets to secure any payment obligation from a discretionary lifetime beneficiary, unless the trustees are otherwise satisfied that the transaction was for the direct benefit of the discretionary lifetime beneficiary while also having the power to waive or release any express or implied right of subrogation against the relevant debtor.—APP