KARACHI: The adjudicating authority under Benami Transactions (Prohibition) Act has directed the anti-benami zones to confiscate benami assets worth Rs5 billion of Omni Group’s frontmen. Sources further said that the process of confiscation of the benami assets worth billions of rupees is underway after the confirmation orders from the authority. These include, five references of benami shares worth Rs159.644 million, five references of immovable benami properties worth Rs5.8 billion, once reference of benami bank accounts worth Rs1040 million and 16 references of benami vehicles worth Rs351.55 million. All the 27 references, involving benami assets worth Rs7.4 billion, submitted by the zones before the authority were confirmed. As per the law, the anti-benami zones file references in cases of suspected benami assets before the authority for confirmation or revocation and initiation of confiscation proceedings.

Source: Pakistan Today December 23, 2020 16:29 UTC