London High Court orders NAB, Pakistan govt to pay 1.2 million dollars to Broadsheet
Aug 03, 2021
Islamabad [Pakistan], August 3 : A London High Court has ordered the National Accountability Bureau (NAB) and Pakistan government to pay a sum of 1.2 million dollars to asset-recovery firm Broadsheet LLC by next week, said reports.
The Broadsheet LLC and NAB are back in the London High Court after failing to agree on the issue of interest and costs, besides the payment of a remaining US 1,222,037.90 dollars (£892,521.50), owed by the Pakistani anti-graft watchdog as part of a contract signed with the British asset recovery firm.
According to Dawn, the UK court has heard the arguments from both sides and ordered NAB and the Pakistan government to pay 1,222,037 dollars and GBP110 as well as the claimant's application cost of GBP 26,296 to NAB's solicitors until 4.30 pm on August 10.
It said NAB's solicitors Allen and Overy shall pay all sums received from the government of Pakistan to Broadsheet LLC's solicitors Crowell and Moring by 4.30 pm on August 13.
The court also said that if the payment fails by the government of Pakistan and NAB to its solicitors, and subsequently to Broadsheet, the court ordered that Broadsheet's lawyers will notify United National Bank Limited (UBL UK) and that UBL UK will pay the outstanding funds.
The failure to pay will trigger the enforcement of a third-party debt order, which allows a creditor to take the money owed to them directly from whoever has the money, reported Dawn.
Broadsheet LLC was hired by Pakistan more than two decades ago to trace assets belonging to former prime minister Nawaz Sharif and his family members, as well as several other politicians and businessmen, including Asif Ali Zardari and Benazir Bhutto, Geo News reported.
Pakistan broke the contract off early, in violation of the agreement it had signed, and the case has so far cost Pakistan close to 65 million dollars in legal fees and awards after Kaveh Moussavi, who beneficially owns Broadsheet, brought the case before sole arbitrator Sir Anthony Evans QC under the rules of the Chartered Institute of Arbitrators.
The arbitration judge found that Pakistan had "conspired to criminally defraud" Broadsheet Isle of Man. Broadsheet's lawyers convinced London High Court to seize Pakistan's assets at the United Bank Limited (UBL) in December 2020. Since then, Broadsheet has made further claims over the remaining payment owed, by way of interest and costs, Geo News reported.
