British govt transfers £190 million settlement amount to Pakistan in business tycoon's Frozen Funds investigation

• Shahzad Akbar says for the first time in the history of Pakistan, looted money was transferred through legal process.
• The government’s role in the procedure was to provide legal assistance to NCA on the issue: Akbar.
• Special assistant says government has signed a ‘Deed of Confidentiality’ with UK in the settlement case.

(Karachi) The British government has transferred the settlement amount of £190 million to the Pakistani government after the UK’s National Crime Agency (NCA) agreed settlement of property and assets worth billions of rupees belonging to a Pakistani business tycoon in Frozen Funds investigation.

Highlighting details on the matter during a press conference on Thursday, Special Assistant on Accountability Shehzad Akbar said that the government is thankful to the NCA for settling the matter. He said that £190 million have been transferred to the Pakistani government by United Kingdom. "The main aim of the government is to bring the looted money back into the country."

He said that the amount will be submitted in the Supreme Court.

He said for the first time in the history of Pakistan, corruption money was transferred through legal process.

He said that the government’s role in the procedure was to provide legal assistance to NCA on the issue.

Akbar mentioned that the government has signed a ‘Deed of Confidentiality’ with the British government in the settlement case and as per the agreement the government cannot highlight operational details related to the case.

Meanwhile, NCA officials said that more such recovery's are expected in future and the details of the people involved in accumulating illegal assets will be shared with the Government of Pakistan.

The amount was settled after the NCA reached an agreement with the family of the business personality in London. The property was sold by PML-N head Nawaz Sharif’s son Hussain Nawaz to the business tycoon’s son prior to the Panama scandal.

Earlier in August 2019, orders to freeze eight accounts were secured at Westminster Magistrates' Court to investigate funds worth £120 million. In December 2018, account freezing orders were also sought for the investigation of £20 million. All of the account freezing orders relate to money held in UK bank accounts.

The NCA has accepted a settlement offer in region of £190 million which includes a UK property, one Hyde Park Place valued at approximately £50 million and all of the funds in the frozen accounts.