Hearing Panamagate case Monday, the Supreme Court has sought minutes of the National Accountability Bureau executive board meeting during which the NAB decided to avoid challenging Lahore High Court's referee judge verdict in Hudaibiya Paper Mills reference before the apex court, where Finance Minister Ishaq Dar was an alleged approver.
Appearing before a five-member larger bench led by Justice Asif Saeed Khan Khosa, Prosecutor General of the NAB Waqas Qadeer Dar in pursuance of the court' earlier directives submitted a hand-written application of Ishaq Dar to then chairman NAB seeking pardon in Hudaibiya Paper Mills case on April 20, 2000.
Waqas Qadeer Dar apprised the bench that on April 20, 2000, Ishaq Dar had requested the top anti-graft body to grant him pardon, saying then chairman NAB approved the same on the very next day. The prosecutor general NAB also informed the court that Ishaq Dar had confessed his alleged involvement in laundering $14.86 million on behalf of Sharif family.
The NAB official submitted that the investigating officer had requested to record the statements of Ishaq Dar which were duly recorded before the magistrate on the following day.
During the course of proceedings, the bench asked the Attorney General for Pakistan to submit report as to why the NAB, State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) didn't file references against the Sharif family in the matter.
Justice Asif Saeed Khan Khosa observed that money trail of Sharif family is yet to disclose establishment of Dubai Steel Mills despite the fact that Prime Minister Sharif had told the Parliament about having plethora of evidence regarding his family business.
Commencing his arguments on behalf of the Prime Minster's sons Hussain Nawaz and Hassan Nawaz, senior advocate Salman Akram Raja pleaded that Hussain Nawaz is beneficial owner of Mayfair properties in London and his father has nothing to do with these properties.
Justice Asif Saeed Khan Khosa remarked that except referring to bank loans, no other document has been produced before the court to disclose source of money for establishing Gulf Steel Mills.
Raja turned down the allegations levelled against Hussain Nawaz for being the front man of his father in business, saying one who levels allegation is also responsible to prove it.
To which Justice Ijazul Ahsan observed that it was claimed by the Prime Minister that the whole record was available. Justice Ijazul Ahsan said while addressing Raja, "You have direct access to ownership record of your client Hussain Nawaz's flats, so you are in a better position to provide the evidence."
Another member of the bench Justice Ejaz Afzal Khan also asked Salman Aslam Raja to let the court know about money sources to establish Dubai Steels Mills, whereas Justice Ijazul Ahsan asked whether or not the Gulf Steel Mills in Dubai was set up on gifted land.
To which Salman Akram Raja submitted that the land for the Mills was acquired on lease for a period of 20 years whereas financial institution provided advance to run the mills affairs.
Raja pleaded that as per law, a person is innocent until proven guilty, adding the instant case of money laundering relates to investigation and the matter cannot be taken up under Article 184(3) of the Constitution.
He further said that late Mian Sharif had strong relations with Gulf families and banks hence he established the Gulf Steels in 1973-74 after Ittefaq Foundries was nationalised.
Raja informed that after receiving loan for the Steel Mills, 75 per cent shares of the Mills were sold in 1975 while 25 per cent sharers were sold out in 1980, adding that AED15 million were received from the final proceeds and cash was paid to Qatari royal family.
Responding to Justice Azmat Saeed Sheikh's query whether late Mian Sharif paid the liabilities of AED15 million, Raja replied he doesn't have any idea of money trail and paying liabilities of AED15 million by late Mian Sharif.
Justice Asif Saeed Khan Khosa said while addressing Salman Akram Raja that as per his arguments, Gulf Steels was set up on loans but at the same time the counsel has not provided details of the loans.
Salman Akram Raja responded that record spanning over some 45 years has been sought, adding late Mian Sharif, and not his clients Hussain and Hassan, had been holding bank accounts.
Reading out two affidavits before the bench, Raja said that Tariq Shafi had kept AED12 million on behalf of late Mian Sharif and the two affidavits of Tariq Shafi will speak out about what happened to that amount. He apprised the bench that after the Gulf Steels Mills was sold out, Tariq Shafi received the overall amount in six monthly instalments, AED2 million each.
The court then asked whether the said amount was received in cash, to which the counsel replied that he was unaware in this regard but knows that the payment was made to the Qatari family in cash.
Justice Ejaz Afzal Khan observed the court is just simply asking the counsel to provide details of money trail.
Justice Azmat Saeed Sheikh questioned in a lighter vein from Raja, "Whether was cash laden on camels for payments?"
At the onset of the hearing, concluding his arguments Shahid Hamid, counsel for Maryam Safdar, Captain (retd) Safdar and Finance Minister Ishaq Dar, submitted that a plea seeking disqualification of Ishaq Dar was submitted in Islamabad High Court (IHC) which was later dismissed by the court. Hamid pleaded that no one could be disqualified on the basis of accusations only.
Earlier, Makhdoom Ali Khan, counsel for Prime Minister Muhammad Nawaz Sharif, in pursuance of the court's earlier order submitted details relating to the properties distributed to late Mian Sharif's heirs in a sealed envelop. He also produced details pertaining to the gifts exchanged by the Sharif family.
Hearing of the case was adjourned till January 31 (today).
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