Shahbaz is a Sharif man, says China


Punjab CM welcomes ‘vindication’ of his stance
Staff Reporter

The Chinese government has rejected allegations of corruption levelled against Punjab Chief Minister Shehbaz Sharif, saying reports of him receiving kickbacks from the Multan Metro Bus project through a ‘fake’ Chinese firm are false.
Responding to a tweet, Acting Ambassador Zhao Lijian said that the Chinese company in the middle of the scandal, Jiangsu Yabaite Technology Co. Ltd,
( JYTCo) was not operating in Pakistan and had presented “fake letters to cheat [the] government”. He added that the Chinese government had taken action against the firm.
“Thx for advice. This Chinese company Yabeite was not working in Pakistan. It made up some fake letters to cheat government and was punished,” he tweeted.
In another tweet, the diplomat said CPEC projects are transparent and clean and there is zero tolerance for corruption.
The Punjab chief minister welcomed the ‘vindication’ of his stance on the issue in a tweet.
“I bow my head before Him for, it isn’t my vindication alone, it is magnificent vindication of all my colleagues and Govt of Punjab…thanks!,” he tweeted.
In another tweet, Shahbaz continued: “And above all enhancement of respect of the people of Pakistan in the eyes of our great Chinese friends.”
On Tuesday, ARY News channel had alleged that a Chinese regulatory authority had released a report stating that the Punjab chief minister had received more than Rs10 million in kickbacks from the Multan Metro Bus project through Jiangsu Yabaite Technology Co. Ltd, a Chinese company listed on the Shenzhen Stock Exchange.
According to the report, Jiangsu is being probed by Chinese authorities after unusual transactions of money were detected in the company’s accounts. Pakistan, however, came into focus only after the Chinese company informed authorities in Beijing that the money involved in its unusual transactions was actually the profits it had earned from the Multan Metro Bus project through its Pakistani partner company, Capital Engineering and Construction Company (Pvt) Ltd.
The channel claimed in its report that on further investigation, the Chinese board ‘discovered’ that the company in Pakistan belonged to Shahbaz Sharif.
According to the report, the China Securities Regulatory Commission approached the Securities and Exchange Commission of Pakistan (SECP) and asked for its assistance pursuant to International Organisation of Securities Commissions (IOSCOs) and Multilateral Memorandum of Understanding (MMoU) about Jiangsu Yabaite and Capital Engineering and Construction Company.

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