SC will take up foreign firm plea tomorrow

Broadsheet was hired by NAB to recover money stashed in offshore companies

ISLAMABAD: The Supreme Court will take up the plea of an international firm seeking Volume 10 of the Joint Investigation Team (JIT) report in the Panama Papers case against the Sharif family tomorrow (Monday).

Justice Sheikh Azmat Saeed will hear the case in chambers. Sardar Latif Khosa will appear on behalf of Broadsheet. Interestingly, the hearing of the matter before the International Arbitrator in London is fixed on the same day (July 16).

Earlier, Justice Saeed, while hearing the case in-chamber on May 16, had sought additional documents from Broadsheet’s attorney Latif Khosa. It is learnt that the applicant firm has already submitted additional documents in the apex court.

The firm had approached the apex court after an international arbitration sought a copy of Volume 10 from the attorney general of Pakistan, the National Accountability Bureau (NAB) and Broadsheet in a case pertaining to some payments.

However, the SC Registrar Office had returned the plea by raising objections.

Broadsheet LLC, a company based in the Isle of Man, started working in 2000 for and on behalf of the Government of Pakistan and the National Accountability Bureau for detecting/recovering of hidden and unlawfully obtained assets of corrupt high-ranking persons/officials of Pakistan at its own costs under the agreement dated June 20, 2000, between the firm and the government of Pakistan, through NAB.

Broadsheet was hired by NAB to recover the money stashed in offshore companies.



However, disputes pertaining to the agreement between both the parties were referred to the arbitration in London where the litigation before the sole arbitrator, Sir Anthony Evans, concluded in an interim award in terms of liability.

Subsequently, a dispute had arisen between both the parties and Broadsheet approached the International Arbitration with damages claims.

Now, it is learnt that Pakistan is also facing a $700 million lawsuit by Broadsheet.

Earlier, it was claimed that an agreement had been reached in May 2008 for paying $1.5 million. But, official documents showed that the company had taken the bureau to the International Court of Arbitration, claiming that it had not received the money.

The firm is now pressing for payment of $700 million against Pakistan.

The application contends that the final award on the ‘quantum of damages’ will be given upon the submission of the missing information, i.e., Volume 10 of the JIT report.

It is further submitted that “Volume 10 sought from this court will help arbitrate the quantum of damages issues pending in the arbitration, which is necessitated in the interest of justice in furtherance of the International Commitments of NAB”.

The petitioner’s obligations under the agreement were to assist in bringing back, through NAB, the huge wealth hidden outside of Pakistan by corrupt and unlawful means of high-ranking officials, including Nawaz Sharif and his family.

“Pursuant to the agreement, 80% of any assets repatriated to Pakistan were to be paid to the republic and NAB,” it adds.

The application says that if Volume 10 is released to Broadsheet, the same public policy could be put to use other than the prosecutorial one.

The application states that the release of Volume 10 will meet the ends of justice whereas the non-release will create complications towards the fulfilment of International obligations by the state of Pakistan.