Two Pakistani companies that collectively invested at least $190 million in Panama and Bahamas through offshore companies have been traced by Securities and Exchange Commission of Pakistan (SECP).
The development has come over Panama Leaks that surfaced in April and later Bahamas Leaks. Both the developments revealed names of Pakistanis who owned offshore companies that were seen by a large section as the evasion of taxes and wealth-stashing.
Sources privy to the department have reported that at least 890 persons and companies were inspected.
Following the probe, it was revealed that a company had invested at least USD90 million though shell companies in Panama while another made an investment of around USD100 million in the Bahamas.
The details of the probe were forwarded to institutions concerned.
