Friday, September 24, 2021

LHC issues notice to NAB in Yousaf Abbas bail petition hearing

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LAHORE: A bench of the Lahore High Court (LHC) on Thursday issued notices to Chairman National Accountability Bureau (NAB) and others over the bail petition of Yousaf Abbas Sharif in Chaudhry Sugar Mills case, ARY News reported.

A division bench of the high court headed by Justice Ali Baqar Najafi heard the petition and summoned reply of the NAB officials on December 16.

Yousaf Abbas has made the Chairman NAB, Director General NAB Lahore and the investigation officer as party in his petition.

Yousaf Abbas in his petition said that Sharifs are a business family and believed in the rule of law.

The NAB arrested him in Chaudhry Sugar Mills money laundering inquiry but presented no evidence against him the petition said.

“The petitioner was detained 48 days on physical remand but nothing produced against him.” The NAB alleged Rs. 410 million money laundering but all transactions were on record and the money was arrived in Pakistan via the banking channels with taxes paid on it.

The petitioner said that the accountability bureau has levelled baseless allegations against him and pleaded to the court for granting him bail in the case.

Background

Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif, Maryam Nawaz, Hamza Shehbaz and Yousaf Abbas are being investigated in the reference filed by the accountability bureau over alleged money laundering through Chaudhry Sugar Mills.

NAB Chairman Justice (retd) Javed Iqbal had issued arrest warrants of Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif on October 04.

The NAB alleged that a $15 million loan was taken on the pretext to set up the Chaudhry Sugar mills despite the fact that it had already been established before the loan was acquired. The loan was never transferred to Pakistan as shown by the record of the State Bank of Pakistan, according to the accountability bureau.

The probe stated that more than Rs7 million worth of shares were transferred to PML-N vice president Maryam Nawaz in 2008 through mill’s shares, which were later transferred to Yousaf Abbas Sharif, son of the late Abbas Sharif, in 2010.

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