An accountability court on Friday granted 14-day physical of former Prime Minister Nawaz Sharif to the National Accountability Bureau (NAB) in Chaudhry Sugar Mills (CSM) case. Earlier the special prosecutor filed a report of initial investigation and an application for 15-day physical remand of the former premier.
The prosecutor told the court that Nawaz Sharif held majority shares of CSM during his tenure as finance minister Punjab, chief minister Punjab and Prime Minister of the country. He said the accused made huge investments approximately of Rs 2000 million in CSM and Shamim Sugar Mills from 1992 to 2016 with funds disproportionate to his known sources of income.
He said the accused acquired 4.32 million shares worth Rs 43 million of CSM in the names of his family members at the time of its establishment in 1991. He pointed out that the investigators had found a suspected transaction of US$ 10.55 million under the garb of loan to the CSM by an offshore company namely M/s Chadron Limited, St Hellier Jersey in 1992. The real owners of the offshore company had not been disclosed by the accused in the documents, he said and added that the accused acquired 11.527 million shares of the mills worth over Rs 400 million in 2008 while his declared income for the corresponding year was Rs 47 million.
The prosecutor alleged that Nawaz Sharif in connivance with her daughter Maryam Nawaz, nephew Yousaf Abbas and other accused persons laundered an amount of Rs 410 million by showing false and fictitious transfer of 11 million shares of the CSM in the name of a foreign citizen Nasser Abdullah Lootah. He said the same shares were transferred back to Nawaz Sharif in 2014 when he was also holding the office of the Prime Minister.
Nawaz Sharif's counsel Amjad Pervez said it was not a case of remand but quash of the inquiry. Referring to Panama papers' JIT, he said all business and assets of Nawaz Sharif had already investigated.
He said all the stuff the NAB was talking about now had already been discussed by the JIT in its report submitted before the Supreme Court in 2017.
He said the JIT had not recommended filing of any reference about the CSM case and fresh inquiry into the same matter showed mala fide of the NAB. He said the bureau's decision to arrest Nawaz Sharif after two main accused Maryam and Abbas were sent on judicial remand was a clear evidence of the bureau's mala fide intention.
To a court's query, the NAB prosecutor said charges relating to the CSM were supplementary in the charge sheet of the JIT. He said the trial court neither convicted nor acquitted the accused of these charges.
The counsel of Nawaz argued that complete record regarding sale/purchase of the CSM shares was a public document and available with Security Exchange Commission of Pakistan. Moreover, he said, the owners of Shamim Sugar Mills were not dependent of Nawaz Sharif.
Nawaz Sharif addressing the court complained of being targeted on political grounds and 'selective' use of the NAB against his party and other opposition leaders.
He said his family really had huge business since 1937 and there were 32 industries which were nationalized in 1970s. Nawaz Sharif referring to the NAB investigation said, "Every time they come after my family business but have nothing to prove corruption of a single rupee".
He said all his assets and businesses had already existed long before he joined politics in 1980s. He said former military ruler retired General Pervez Musharraf had established the NAB only to victimize him and his party.
Questioning 'selective' accountability by the NAB, the former premier said he was already in jail but they were still taking revenge on him. "If there is any misconception, take me to Guantanamo Bay or Kala Pani but it will never make me bow down," he concluded.
Copyright Business Recorder, 2019
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