Pakistan readies to pay $27m to broadsheet

160

London

The Pakistani government has issued instructions to United National Bank’s London office to make a payment of around $27 million to Broadsheet after the company moved the London High Court and obtained freezing orders on monies kept in bank accounts in London linked with the Government of Pakistan.
Broadsheet LLC was hired by the National Accountability Bureau during former president Pervez Musharraf’s regime to investigate the alleged hidden assets of a number of Pakistanis abroad, including the Sharif family. The agreement was terminated by NAB in 2003, after which Pakistan owed damages to the company.
Trusted sources have shared that the instructions were issued recently to comply with the London High Court orders pertaining to the Third Party Debt Order which directed the United National Bank last month to freeze financial assets worth around $27 million in the accounts belonging to the state of Pakistan.
A hearing has been scheduled for 3rd of November at the London High Court’s Financial Division where Pakistan government’s team will inform the court about the arrangements it has made to make the payments to Broadsheet LLC.
The source said that the government has directed the London bank to have the monies ready to dispose off all liabilities as per the London High court order.
But the owner of Broadsheet LLC is seeking at least $33 million on account of the accrued interest at the rate of around $5,000 per day.
His lawyers have said that the client will be seeking damages and further payments on account of the alleged breaches of court orders and that means the total payments could go beyond $35 million.—Agencies

Previous articleZTBL can play key role in promoting agriculture: Jawad
Next articleSoftBank sells chip designer Arm to Nvidia in $40 billion deal