ISLAMABAD: Speaker National Assembly Sardar Ayaz Sadiq has constituted a 12 member Parliamentary Committee on Panama Papers.

The Speaker has constituted the Parliamentary Committee in pursuance of the motion, adopted by the National Assembly on 19.5.2016 and Senate on 20.5.2016.

The 12 member Committee is comprised of six members of treasury benches and six of opposition benches from both Houses. The Committee is mandated with considering various options for inquiring into important issues raised in the controversy over the “Panama Papers” and other reports in the media related to Off-shore companies, transfer of funds and written-off bank loans. It will also formulate the ToRs of such forum and determine the timeline for submission of the report.

The Speaker is authorized to replace any member of the Committee on the request of the leader of the Parliamentary Party concerned.

The notification has specified a period of two weeks for the Committee to submit its report to the Parliament.

The members of the Committee are Senator Muhammad Ishaq Dar, Senator Aitzaz Ahsan, Senator Mir Hasil Khan Bizenjo, Senator Muhammad Ali Khan Saif, Senator Ilyas Ahmad Balour, Khawaja Muhammad Asif, MNA, Khawaja Saad Rafique, MNA, Mr. Akram Khan Durrani, MNA , Ms. Anusha Rehman Khan Advocate, MNA , Makhdoom Shah Mahmood Hussain Qureshi, MNA, Sahibzada Tariq Ullah, MNA and Ch. Tariq Bashir Cheema, MNA.

First meeting of the Committee will be held on Wednesday May 25, 2016.