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Pakistan

Pakistan faces claim for ‘unpaid bill’ for tracking down Nawaz Sharif’s assets in UK

Asset recovery firm launches high court case against Pakistan over ‘unpaid bill’. Firm plans to take over Nawa
01 Oct 2019
  • Asset recovery firm launches high court case against Pakistan over ‘unpaid bill’.
  • Firm plans to take over Nawaz's Avenfield apartments and four luxury flats in Park Lane.

Pakistan is facing a claim after an asset recovery firm launched a high court case against it for not paying the due amount for tracking down former prime minister Nawaz Sharif’s properties in UK.

According to The Guardian, the asset recovery firm Broadsheet has launched a claim for about £17m against Pakistan and its accountability watchdog National Accountability Bureau (NAB). The firm plans to apply for taking possession of Sharif properties in UK which includes Avenfield apartments, four luxury flats in Park Lane, central London.

A senior partner at the Washington-based law firm Crowell and Moring, which represents Broadsheet, said the high court had ruled in a private case proceeding that Pakistan owes the firm about $22m for tracking down the former PM’s assets.

“Pakistan has refused to comply with this final non-appealable court decision, thus requiring Broadsheet to enforce this order by seizing Pakistan’s assets,”Stuart Newberger said. Broadsheet had entered into an agreement with NAB that it was entitled to 20% of any assets recovered from the targets, whether the assets were located in Pakistan or abroad.

Last year in July, an accounatbility court had convicted Nawaz and his daughter Maryam Nawaz in the Avenfield reference. The court had sentenced duo to 10 and 7 years imprisonment respectively.

Copyright Business Recorder, 2019