Court orders return of Nawaz's seized property, assets

An accountability court on Friday directed authorities to release all seized properties and assets owned by former prime minister and Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif. According to Express News, Judge Muhammad Bashir of the Islamabad accountability court heard the Toshakhana reference against Nawaz. Subsequently, the court issued an order to return all properties, vehicles, and bank accounts owned by Nawaz. More than 1,650 canals of agricultural land, a Mercedes, a Land Cruiser, and other vehicles were confiscated earlier in 2020 after the accountability court ordered property confiscation in October 2020. Earlier in 2020, during a hearing of the Toshakhana reference, a report was submitted to the court, providing complete details of the confiscation of assets, shares in companies, and freezing of bank accounts of the PML-N supremo. The National Accountability Bureau (NAB) submitted a report to an accountability court, providing complete details of the movable and immovable assets of convicted former prime minister Nawaz Sharif. In September, the court declared Nawaz a proclaimed offender in the case after the PML-N chief failed to appear before the court despite repeated summons. According to the SECP, Nawaz owned 467,950 shares in Muhammad Bakskh Textile Mill, 343,425 shares in Hudabiya Paper Mills, 22,213 shares in Hudabiya Engineering Company, and 48,606 shares in Ittefaq Textile Mills. He also had eight accounts in various private banks, including three foreign currency accounts and had Rs612,000 in five bank accounts in his foreign currency accounts, Nawaz has €566, $698, and £498 respectively. Asif Ali Zardari and Nawaz were accused by the country’s top anti-corruption body of illegally retaining expensive vehicles gifted to them by different foreign states and dignitaries instead of depositing them in the Toshakhana. ​

from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/KvCaWBN