An application filed by Iftikhar Shaffi in Sindh High Court for attachment of the properties of Arif Habib and several others came up for hearing on August 23 in Sindh High Court before Mr Justice Zia Pervez. The said application was filed in the suit filed by Iftikhar Shaffi seeking recovery of Rs 56 billion.
A counter-affidavit by Arif Habib and Arif Habib Securities was already filed and the court was informed that Iftikhar Shaffi shall file a rejoinder to the same within one week and the court ordered accordingly. The court has fixed 15th September 2006 as next date for full arguments on the attachment application.
Iftikhar Shaffi in his application has requested for the attachment of properties that include the residential house and shares of Arif Habib Securities in CDC.
It is pertinent to mention that the suit was filed along with two other suits in 2003 specifically challenging the individual role of Arif Habib and other office-bearers of Karachi Stock Exchange regarding the infamous crash of 2000 that resulted in massive losses to numerous shareholders. Iftikhar Shaffi claimed to be aggrieved by the acts of KSE management, arbitrary change of rules and other serious allegations related to conflict of interests.
The pending proceeding came into sharp focus recently in the Pakistan Steel Mills case before the Supreme Court of Pakistan when the copies of the same were filed before the Supreme Court by Iftikhar Shaffi.