Definition of `assets’ case does not exit in exist in Black Law Dictionary

Minister for Privatization Danyal Aziz Saturday claimed that the definition of word ‘assets’ quoted by the Supreme Court in its verdict in the Panama Papers case did not exist in any edition of the Black Law Dictionary published till date.
Former prime minister Muhammad Nawaz Sharif was disqualified on the basis of that definition of ‘assets’ and the entire country was facing the repercussions for the removal of the popular leader, he said addressing a press conference here.
Daniyal Aziz said a petition would be filed in the apex court to remove the ambiguity about the definition of ‘assets’ after consultation with tax bars, accounting firms, media, chambers of commerce and industries, parliament, and provincial legislatures.
He said the Black Law Dictionary was used for reviewing international treaties and documents. It was first published in 891 and ten more editions had been issued since then, but none of them had such definition of the word `assets’ which was quoted by the court, he added.
The minister said the words ‘accounts receivable’ were used for firms in accounting terms as per the Black Law Dictionary but if the two words were used separately then their ‘ meanings completely changed.
He said in paragraph 13 of the Supreme Court’s July 28 decision, the second definition of the word `assets’ was mentioned as ‘receivables’ and the definition of `an individual’ was used instead of a ‘firm’. The latter definition was taken from an online dictionary, which was not authentic and used in international treaties. There was a separate mechanism for defining ‘an individual’ and ‘ a firm’, he added.
He claimed that the definition of `assets’ quoted by apex court would affect the country’s entire tax and economic system.
The minister said `Aqama’ was not mentioned in any of the petitions pertaining to the Panama papers, rather it was highlighted by the joint investigation team. The former prime minister had submitted all details, including ‘Aqama’ before the Election Commission while submitting his nomination papers for 2013 general elections, he added.
Daniyal Aziz said the Pakistan Muslim League-Nawaz wanted rule of law and not chaos in the country, and provision of equal rights to elected representatives like other citizens. The workers and elected representatives of PML-N stood united and those trying to create unrest would have to face failure, he added.

Source: APP