Accountability court acquits PM Nawaz, Shahbaz in Ittefaq Foundries case

The court rejected National Accountability Bureau’s request to reopen investigation into the business

RAWALPINDI: A Rawalpindi accountability court acquitted on Thursday Prime Minister Nawaz Sharif, Punjab Chief Minister Shahbaz Sharif and the Sharif family in the Ittefaq Foundries case. 

Read: No dues against Ittefaq Foundries: NBP

Rejecting the National Accountability Bureau's (NAB) request to reopen investigation into the case, accountability court judge Sohail Nasir acquitted all members of the Sharif family.

The court stated that the case against the foundry was based on political revenge and that there is no dispute between the Sharif family and the National Bank.

Read: Ittefaq foundries case: SC reserves judgment over release of ‘guarantor’

According to the NAB’s reference, on December 10, 1999, Zonal Chief and Manager National Bank Wapda House Lahore addressed a complaint to the chairman NAB against Sharif family. He had further stated that since 1994, the company was in default to the NBP to the tune of 1.06 billion (Rs1,063,162,937).

The complainant stated that the incumbent prime minister on June 11, 1998, announced to hand over his assets to the creditor Banks to realise the loans of Sharif Family by selling them.