Court orders to complete confiscation of Nawaz Sharif's assets by Oct 29

Confiscation process is underway, says investigation officer

ISLAMABAD:

An accountability court in Islamabad on Tuesday ordered the process of confiscating former premier Nawaz Sharif's assets to be completed by October 29.

During a hearing of the Toshakhana reference, a report was submitted to the court, providing complete details of the confiscation of assets, shares in companies and freezing of bank accounts of the PML-N supremo.

The investigating officer said the confiscation process is underway, to which the court ordered the confiscation to be completed by October 29.

Earlier this month, the National Accountability Bureau (NAB) submitted a report to an accountability court, providing complete details of the movable and immovable assets of convicted former prime minister Nawaz Sharif.

Islamabad Accountability Court-II judge Azam Khan on September 10 declared Nawaz a proclaimed offender in the case after the PML-N chief failed to appear before the court despite repeated summons.

According to the SECP, Nawaz owns 467,950 shares in Muhammad Bakskh Textile Mill, 343,425 shares in Hudabiya Paper Mills, 22,213 shares in Hudabiya Engineering Company and 48,606 shares in Ittefaq Textile Mills.

He also has eight accounts in various private banks, including three foreign currency accounts and has Rs612,000 in five bank accounts and in his foreign currency accounts, Nawaz has €566, $698 and £498 respectively.

Zardari and Sharif have been accused by the country’s top anti-corruption body of illegally retaining expensive vehicles gifted to them by different foreign states and dignitaries instead of depositing them in the Toshakhana.