KARACHI: Expressing his resentment over the lack of civic facilities in Karachi, former chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi has called for making the city the capital of the country for its economic development.He was speaking during a session on Offshore Assets of Pakistani Citizens, organized by the Pakistan Institute of International Affairs (PIIA) at the institute’s library hall here on Saturday.Shabbar said Pakistanis hold assets worth $200 billion outside the country.According to him, $150 billion worth of Pakistani assets are overseas. He emphasized that owning assets abroad is not inherently wrong, noting that $50 billion worth of assets were generated by Pakistanis from abroad, which is legal.However, he pointed out that $100 billion of these overseas assets should be scrutinized. Zaidi highlighted that the total assets of Pakistanis abroad are equivalent to the country’s total debts. Furthermore, he claimed that the owners of $100 billion worth of these assets cannot provide a money trail.Zaidi also noted a shift in the pattern of overseas property investments. Until 2000, Pakistanis primarily invested in properties in Canada, the US and the UK. Post-2000, a significant number of properties have been developed in Dubai.Shabbar revealed that Pakistanis possess significant overseas accounts and have established numerous trusts owned by Pakistani companies.He pointed out that many individuals who do not wish to reside in Pakistan have substantial overseas assets inherited from their families, which they often do not declare, leading them to criticize the country.He discussed the issue of commissions on purchasing plant and machinery, emphasizing that both commissions and bribe money taken by politicians are frequently parked abroad. This practice, Zaidi argued, is a key factor in the destruction of industrial development banks in Pakistan, contributing to the country’s economic woes.He said Nawaz Sharif’s government introduced moneychangers, facilitating untraceable dollar transfers.Zaidi explained that these moneychangers provided dollars without requiring identification, allowing individuals to deposit these dollars into…