Court issues written order for forfeiture of Nawaz Sharif's assets

ISLAMABAD: An accountability court in Islamabad has issued a written order for the forfeiture of disclosed assets of former prime minister Nawaz Sharif in Toshakhana reference, ARY News reported on Wednesday.

The accountability court stated in its written order to forfeit disclosed assets of the proclaimed offender Nawaz Sharif in Toshakhana reference.

The chairman of Securities Exchange Commission of Pakistan (SECP) and the deputy commissioners of Lahore, Sheikhupura, Rawalpindi, Abbottabad have been directed to implement the judicial orders. The Excise and Taxation Officer (ETO) Lahore was ordered to present a report till October 13 after forfeiture of the properties, vehicles and bank accounts of Nawaz Sharif.

Read: Toshakhana reference: Court orders forfeiting properties of Nawaz Sharif

The forfeiture of disclosed assets will include eight accounts including three foreign currency accounts in different banks. Moreover, shares of Nawaz Sharif worth over Rs467,000 in Muhammad Baksh Textile Mills; over Rs48,606 worth shares in Ittefaq Textile Mills; Rs343,000 worth shares in Hudaibiya Paper Mills; Rs22,000 worth shares in Hudaibiya Engineering Company.

It emerged that Nawaz Sharif is possessing Rs612,000 in five bank accounts and in foreign currency accounts, the total amount includes 566 Euros, 698 US Dollars and 498 British Pounds.

Those properties include a bungalow in Murree and 15-kanal residence in Changla Gali in Galyat, and properties in Lahore’s Upper Mall area. A total of 1,752-kanal of land is registered in the name of Mr Sharif and his dependents.

Read: NAB report reveals Nawaz’s properties, shares in companies

The former premier was also found to be owning three vehicles, including one Land Cruiser and two Mercedes, according to the report.  It said the former premier and his dependents have properties in Lahore, Sheikhupura, Murree and Abottabad.

Those properties include a bungalow in Murree and 15-kanal residence in Changla Gali in Galyat, and properties in Lahore’s Upper Mall area and more land in suburban parts of the provincial capital of Punjab. A total of 1,752 kanals of land is registered in the name of Mr Sharif and his dependents.

Earlier on October 1, the accountability court in Islamabad had ordered forfeiting assets and properties of former prime minister Nawaz Sharif in Toshakhana reference.

The accountability court’s judge Asghar Ali released the orders to forfeit assets and properties including land, luxury vehicles, accounts in local and foreign banks belonging to Nawaz Sharif after the details were presented by the National Accountability Bureau (NAB).