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Pakistan

NAB’s management not playing role in M/s Broadsheet arbitration proceedings: NAB

  • The agreement was terminated in the year 2003 owing to the dismal performance of M/s Broadsheet LLC.
04 Jan, 2021

ISLAMABAD: The incumbent management of National Accountability Bureau (NAB) has no role in executing the agreement with M/s Broadsheet LLC or in initiation of arbitration proceedings with it, said spokesman of NAB in a rejoinder issued here.

“The present management of NAB has neither taken part in the execution of the agreement with M/s Broadsheet LLC nor in initiation of the arbitration proceedings,” said the spokesman.

It is clarified that the agreement with M/s Broadsheet LLC was signed in 2000 and the liability award against Pakistan was passed on 01-08-2016 by Chartered Institute of Arbitrator, London, taking into account the disclosure exercise of the M/s Broadsheet LLC and Government of Pakistan.

However, the quantum / cost of said award for US$ 27,226,590/- was passed in 2018 against a claim of US$ 550 Million. The same was challenged before the High Court of Justice, London but no relief was given. The whole matter to defend the Arbitration and subsequent developments were meaningfully shared and supported by the Office of the Attorney General for Pakistan and Ministry of Law & Justice.

The agreement of the Government of Pakistan through NAB was inked with M/S Broadsheet LLC on June 20, 2000 for detection of foreign assets of the accused persons after the approval of then President of Pakistan.

The agreement was terminated in the year 2003 owing to the dismal performance of M/s Broadsheet LLC.

The M/s Broadsheet LLC went in to arbitration twice in the year 2006 and again in 2012.

The Attorney General for Pakistan through the UK based law firm vehemently defended Pakistan’s stance in the said arbitration in the Chartered Institute of Arbitrators, London.

The foreign legal team was hired by the Attorney General for Pakistan with the approval of the Ministry of Law & Justice and the then Prime Minister of Pakistan.

NAB

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