ISLAMABAD: A parliamentary panel, on Thursday, termed the payment record of $1.5 million (Rs234m) to fake British-based asset recovery firm Broadsheet LLC, “a joke with the nation” and asked Chief of Army Staff (COAS), Secretary Defence and FIA, NAB to put the accused on the ECL and issue red warrant to absconders.
The PAC chairman shared a comprehensive report pertaining to the audit para regarding Broadsheet LLC which was also referred to the FIA for further investigation. The federal government on May 19, 2021, mandated the FIA separately to probe Broadsheet and other related matters. No amount has been recovered and no arrests made in the case so far.
One-man inquiry commission (former justice Azmat Saeed Sheikh) has identified that an amount of $2.2 million was paid to the International Asset Recovery (IAR) and $1.5 million was paid to Broadsheet LLC in 2008. The NAB had entered into an agreement with these two international firms in 2000 to trace, locate, and recover illegal assets stashed abroad of registered targets. The ARA’s was made with Broadsheet LCC (Isle of Man) but the claim of $1.5 million was paid to Broadsheet LCC (Gibraltar) and Broadsheet LCC (Colorado). The matter is also under proceedings with the PAC against the NAB for an expenditure of $3.7 million without any results to two foreign firms.
Six number of the nominated alleged persons are Ahmar Bilal Soofi, former legal consultant NAB, Naveed Ahsan, former chairman NAB, Madina M Khan, director Overseas Wing, Tariq Fawad Malik, representative Broadsheet LLC in Pakistan, Abdul Basit, former Deputy High Commissioner, and Hassan Saqib Sheikh, former desk officer (Overseas Wing) NAB HQs.
Acting Chairman NAB Zahir Shah disclosed that the payment to fake companies was transferred in two installments. One was paid through the banking channel and no record was available for the payment of the second installment of $0.7 million.
Director FIA disclosed that the agreement was drafted and signed without filling the important fill-in-blanks. He further said that the UK court went against Pakistan and awarded $28 million to ARA which went against the payment to fake companies.
After NAB terminated the contract in 2003, Broadsheet LLC and another company involved as a third party filed for damages in a United Kingdom court.
It claimed that Pakistan owed them money according to the terms agreed upon since the government was taking action to confiscate some of the assets they had identified, including the Avenfield property owned by the family of former prime minister Nawaz Sharif.
The companies’ claims against Pakistan were held valid by an arbitration court in 2016 and later by a United Kingdom high court that gave an award of over $28 million against Pakistan.
Copyright Business Recorder, 2023
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