Sharif family issues statement over Hasan Nawaz's bankruptcy

The Sharif family issued a statement on the ruling of the High Court of Justice in London  over Hasan Nawaz’s company bankruptcy, ARY News reported. 

In a statement, a Sharif family spokesperson said that asserted that the process of bankruptcy for the Sharif family’s businesses began in 1972, during Zulfikar Ali Bhutto’s tenure when industries were nationalized.

The statement further pointed out that the former president of Pakistan, General Pervez Musharraf followed a similar path by ‘seizing’ personal homes and ‘shutting’ down factories of the Sharif family.

“Similarly, during the time of the former chief justice of Pakistan, Saqib Nisar, the Sharif family’s industries were deliberately ruined,” the spokesperson added.

The statement added that the Sharif family had to bear the losses of their private businesses on multiple occasions, with the businesses being declared bankrupt for a total of four times.

“Despite these financial setbacks, the family continued to stand for the country and its principles. The companies undergoing bankruptcy do not pay taxes, and the British court has rightly upheld Hasan Nawaz’s stance in the case.”

Read More: Hasan Nawaz declared ‘bankrupt’ by London high court

Earlier on November 17, Hasan Nawaz, the son of former Prime Minister and Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif, was declared ‘bankrupt’ by the High Court of Justice in London.

According to the official UK Gazette which is the official record-keeping journal of the United Kingdom, Hasan Nawaz was declared bankrupt in a tax case involving the UK’s Tax and Revenue Department.

The decision was issued under case number 694 of 2023. The London High Court’s ruling on Hasan Nawaz was officially released on April 29, 2024, while the case itself was filed on August 25, 2023.

Sources close to Hassan Nawaz revealed that his legal team is carefully reviewing the case and plans to file a response to the court’s decision soon.