Aziz, who worked for Citibank before starting his career as a politician, was one of the shareholders and directors of Bahamas-registered Cititrust Limited from 1997 to 1999, along with other executives of the bank.
In 1999, the year he was appointed finance minister, Aziz created the Antarctic Trust, which was “constituted [in the United States] for the benefit of the Settlor’s family,” which includes his wife, three children and a granddaughter. The trust does not appear in the financial disclosure statements Aziz submitted from 2003 to 2006, while he was finance minister and prime minister.
Appleby’s Bermuda office was the trust’s protector, acting as an independent overseer. In a 2012 internal memo, the law firm’s compliance officer noted that Aziz had been accused by the opposition of false declaration of assets, corruption and misappropriation of funds. Three years later, in a database of high-risk clients, Appleby also noted that a Pakistani court had issued three arrest warrants against Aziz in relation to the killing of a local leader. In September 2015, Antarctic Trust was closed and the related file removed from one of Appleby’s internal databases. Aziz has dismissed both the accusations of graft and any association with the murder.
Cititrust is an affiliate of Citicorp where Aziz was an executive, and managed his personal assets for many years, the lawyer said.
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