Verdict on Zardari’s pleas to be announced on 23rd

Ex-president has challenged mega money laundering, Park Lane and Thatta water supply scheme references

ISLAMABAD:

An accountability court in Islamabad on Friday decided that it would announce its verdict on appeals filed by former president Asif Ali Zardari against the mega money laundering, Park Lane and Thatta water supply scheme references on September 23.

Judge Azam Khan had reserved the verdict a day earlier after the completion of arguments from the prosecution and defence.

The PPP leader’s lawyer Farooq H Naek argued that the National Accountability Bureau (NAB) had not conducted an investigation into the issue of the Thatta water supply scheme and the anti-graft body’s chairman was not authorised to approve the filing of a supplementary reference. He added that his client had not even been served a call-up notice in the case so far.

The NAB prosecutor contended that there was nothing in the law preventing the filing of a supplementary reference.

He added that NAB had issued a notice to Zardari in connection with the water supply scheme in May last year and it had a copy of the document.

The prosecutor further said the former president did not respond to the notice.

Zardari has maintained that the NAB had filed a “political case” against him as he in his capacity as the country’s former president introduced the 18th Amendment that gave more autonomy to provinces.

The former president faces charges of influencing the authorities during his tenure as the president to get loans released to his front companies, including Park Lane.

He allegedly got a loan of Rs1.5 billion released for another of his front company, Parthenon Private Limited with ill intention, and the money was later transferred for his personal use through fake bank accounts.

NAB accused the former president of causing the national exchequer a loss of Rs3.77 billion through these fake bank account transactions. In its 13-page long reference, NAB alleged that the accused created benami properties through Park Lane Company using Parthenon Private Limited as the front.

Using the money acquired through loans, eight floors were constructed at the IBC Centre.

Initially, a loan of Rs1.5 billion was taken that gradually increased to Rs4 billion. Former executive director of the Security and Exchange Commission of Pakistan (SECP), and two former presidents of the National Bank of Pakistan, are listed as witnesses against Zardari in this reference.

Zardari’s counsel, Farooq H Naek, had earlier requested the court that the Park Lane reference doesn’t fall under the jurisdiction of NAB as it is related to “financial law”.

The money laundering case is part of the investigations being conducted by NAB in pursuance of the Supreme Court’s verdict in the money laundering of billions through fake accounts case wherein it forwarded the joint investigation team (JIT) report with directions to investigate and file references.

Other suspects include Omni Group’s Anwar Majeed and his son Abdul Ghani Majeed, former Pakistan Stock Exchange chairperson Hussain Lawai, Summit Bank Senior Vice-President Taha Raza.