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Jahangir Tareen, wife lifetime beneficiaries of off shore trust

 

PTI leader Jahangir Tareen is involved in legal proceedings initiated by PML(N) leader Hanif Abbassi who alleged that Tareen along with his wife was the chief beneficiary of an Off shore trust that managed the £7 million Hyde House and he did not declare the property in election nomination papers.

Tareen’s lawyer maintained in the court that the ownership of trust was transferred to his sons so he was not the beneficiary owner and it wasn’t required of him to declare it as an asset.

A detailed analysis of trust deed presented to the Supreme court revealed that Tareen was in fact the joint owner and beneficiary of the trust at the time of initiation and did not transfer the ownership to his sons as claimed by his lawyer in SC.

The trust deed confirms that not only Jahangir Tareen and his wife Amina Tareen are “discretionary lifetime beneficiaries” of the off shore trust that manged the property, but they also were sole owners of the asset.

It is pertinent to mention here that although the trust deed provided for Mr. Tareen to transfer the beneficial rights to anyone including his off spring but no such documentation was presented before the court.