NAB to Appoint a ‘Receiver’ on Properties of the Sharif Family
- Under Section 12 of NAB Ordinance, NAB has decided to appoint ‘Receiver’ on assets of the Sharif family.
- Earnings from Sharif family’s assets will be deposited in special bank accounts until cases are decided.
- NAB has also started the process of freezing Sharif family’s assets.
- NAB’s Disbursement Management Cell will look after the affairs of the properties owned by the Sharif family until the final decision on the corruption charges.
The National Accountability Bureau (NAB) decided to appoint a receiver on the earnings from the properties of the Sharif family.
If this happened, the Sharif family will not get any revenue from the said properties. They will be not allowed to use the earning and profits of their properties until the final decision of their corruption cases.
Earnings worth Billions will not be given to the Sharif Family:
National Accountability Bureau (NAB) will appoint a receiver on the income of more than 25 companies including Ramzan Sugar mills, Power Plant and 2500kanal commercial properties of Sharif family.
Profits and earnings worth billions of rupees on the properties and companies of Sharif family will not be given to Maryam Nawaz, Shahbaz Sharif, Hamza Shahbaz, Suleman Shahbaz, Yousaf Abbas or other shareholders because the earnings will be deposited in special bank accounts by the receiver.
The Disbursement Management Cell of the National Accountability Bureau (NAB) will look after the affairs of the properties and companies owned by the Sharif family until the final decision on the corruption charges.
The decision to appoint a Receiver:
The decision of appointing a receiver on the Sharif family’s properties was taken in a high-level meeting. The National Accountability Bureau (NAB) has found solid evidence and proofs and then decided to take an extraordinary step of appointing a Receiver over the properties of the Sharif family.
NAB will also file a telegraphic transactions (TT) scandal and income beyond sources against Shahbaz Sharif and his sons Hamza and Salman.
Here is what Sources said:
“NAB is all set to take this extraordinary step to stop the Sharif family from taking benefits from the earnings of their properties allegedly made with corruption money.”
Section 12 of NAB Ordinance:
According to Section 12 of NAB Ordinance, Deputy Commissioner/Collector of the district can become the receiver if the property or factory of the accused is away from the regional office of the NAB.
“If any property, company or any factory is far away from the regional office of the NAB, it can take the services of concerned deputy commissioner.”
If the final decision will be against the Sharif family, the deposited amount in a special bank account will be handed over to national exchequer. But, if the final decision will be in favor of the Sharif family, the deposited amount will be transferred to their bank accounts.
Difficulties Increased for the Sharif Family:
The difficulties have been increased for the Sharif family as two key accused Shahid Rafique and Aftab Mehmood has become approver against the Sharif family in money laundering case. Both recorded their statements before the magistrate against Shahbaz Sharif and his family in money laundering.
They confessed that they have laundered money to the accounts of Shahbaz Sharif and his family through fake identities. They also told that they used to operate a money exchange named Usman International in the United Kingdom.
They transferred billion of rupees in the bank accounts of Shahbaz Sharif, Salman Shahbaz, and Hamza Shahbaz through telegraphic transactions (TT).
In July, the National Accountability Bureau (NAB) had initiated a money laundering and income beyond means investigation against the Sharif family.
NAB had also asked the Securities and Exchange Commission of Pakistan (SECP) to mark caution upon the transfer of shareholdings of Ramzan Sugar Mills. NAB had attached properties of Hamza Shahbaz that include four residential plots measuring 1kanal and 5marlas, 1kanal and 4marlas, 1kanal and 7marlas and 1kanal and 8marlas in the Judicial Employees Cooperative Housing Society.
NAB had also banned the sale, purchase, and transfer of all properties belonging to Shahbaz Sharif and his family members. NAB ordered to freeze all properties owned by Hamza Shahbaz, Suleman Shahbaz, and Nusrat Shahbaz.
NAB has traced several telegraphic transfers (TTs) worth billions of rupees by the Sharif family. The beneficiaries included Maryam Nawaz and other owners of the Chaudhry Sugar Mills.
After all this, Maryam Nawaz and Hamza Shahbaz have denied having any business relations with four foreign nationals who allegedly sent billions of rupees as remittances in the accounts of the Sharif family from different countries.
Furthermore, accused Maryam Nawaz also said that her late grandfather might have some understanding with the foreign nationals.
She was confronted that her grandfather died in 2004, while the transaction took place in 2008. Upon this, she didn’t offer any reasonable reply and told that she would consult her family members to give her a response.
The law experts of the accused, when contacted, termed it ridiculous saying that nowadays every kind of false allegation is being made against the accused. They also said that when the case will progress in the court, all the truth will come to the fore, proving the accused innocent.