StAR - Stolen Asset Recovery Initiative - Corruption Cases - Asif Ali Zardari / Benazir Bhutto (ARY Gold)

10/18/12 1:25 AM

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Asif Ali Zardari / Benazir Bhutto (ARY Gold)

Case Control Number: Description : 141

According to a press release by Pakistan's National Accountability Bureau, in December 1994, M/s ARY Traders was granted a monopolistic gold import license by the Ministry of Commerce. The former Secretary Commerce Brig. Aslam Hayat Qureshi, Mr. Asif Ali Zardari and Haji Abdur Razaq were principals accused in allegedly granting permission for monopolistic import of gold to M/s ARY Traders, in consideration for the payment of commission/kickbacks to Asif Ali Zardari and Benazir Bhutto. In October 1994, an amount of U.S. $10 million was transferred by M/s ARY Gold to the account of Capricorn Trading Inc. (an offshore company owned by Asif Ali Zardari). In Pakistan, a 1998 corruption reference was filed in Ehtesab Court. Pursuant to a Mututal Legal Assistant Treaty request, Switzerland froze Swiss bank accounts associated with Ms. Bhutto.

Type of Illicit activity involving Public Official :

Bribery

Impediments to investigation:

Unk

Most recent legal action against Public Official?: Other legal action/ other prosecutions:

Unk

Region: Country of Public Official: Jurisdiction(s) of legal action: Sources:

SAR Pakistan Pakistan National Accountability Bureau (Pakistan) press release, "Benazir Bhutto convicted under 31-A of NAB Ord in ARY case," July 9, 2002, accessed at http://www.nab.gov.pk/press/new.asp?232 The ARY Gold case is mention in the UK Queen's Bench decision in the civil suit brought by Pakistan in UK against Mr. Zardari: Pakistan v. Zardari and ors, [2006] EWHC 2411 (Comm), accessed at http://www.bailii.org/ew/cases/EWHC/Comm/2006/2411.html Hearings before the Permanent Subcommittee on Investigations of the Committee on Governmental Affairs, United States Senate, on "Private Banking and Money Laundering: A Case Study of Opportunities and Vulnerabilities," S. Hrg. 106428, Nov. 9 and 10, 1999 Asset Recovery Knowledge Center, "News Articles for case Bhutto" from the International Center for Asset Recovery, accessed at http://www.assetrecovery.org/kc/node/9ada2664-3e05-11de-96271d322f879051.html "Swiss Magistrate orders return of $ 2.4M to Pakistan in Graft Case." Pakistan Times Foreign Desk, Pakistan Times, accessed at http://pakistantimes.net/2003/11/25/top2.htm Noorani, A.G. "Benazir in Swiss

http://star.worldbank.org/corruption-cases/node/18729

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StAR - Stolen Asset Recovery Initiative - Corruption Cases - Asif Ali Zardari / Benazir Bhutto (ARY Gold)

10/18/12 1:25 AM

courts." Frontline, Volume 21 - Issue 07, Mar. 27 - Apr. 09, 2004, accessed at http://www.hinduonnet.com/fline/fl2107/stories/20040409000106000.htm Position of Public Official during scheme: Prime Minister (Bhutto) Member of the National Assembly, Senate, Federal Minister (Zardari) Is there a pending case or appeals?: UNCAC Articles(s) Implicated: No Art. 16 Art. 23 Yes 1994

Money laundering Implicated?:

Year scheme began: Corporate Vihecles Used M.S. Capricorn Trading M.S. Capricorn Trading M.S. Capricorn Trading M.S. Capricorn Trading M.S. Capricorn Trading

http://star.worldbank.org/corruption-cases/node/18729

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