1. This NAB/Broadsheet case is fascinatingly insightful:
In 1999, General Musharraf established NAB
In 2000, NAB entered into an agreement with Broadsheet to help trace and recover assets of Nawaz Sharif and around 200 other officials, in return for 20% of any recoveries made
In 1999, General Musharraf established NAB
In 2000, NAB entered into an agreement with Broadsheet to help trace and recover assets of Nawaz Sharif and around 200 other officials, in return for 20% of any recoveries made
2. In 2003, NAB ended the deal citing contract breaches. Reportedly, resulting losses forced Broadsheet into liquidation in 2005
Later, one of Broadsheet’s founders created a shell company with same name, and entered into a “sham agreement” with PK to settle firm’s grievances
Later, one of Broadsheet’s founders created a shell company with same name, and entered into a “sham agreement” with PK to settle firm’s grievances
3. The “real” Broadsheet was eventually reinstated, and in 2009, initiated arbitration proceedings against Pakistan
They claimed NAB/PK wrongfully repudiated the asset recovery agreement, entered into “sham” settlements, and deprived the firm of their share in asset recoveries
They claimed NAB/PK wrongfully repudiated the asset recovery agreement, entered into “sham” settlements, and deprived the firm of their share in asset recoveries
4. In 2018, arbitrator decided against NAB/PK, ordering them to pay damages of $22.6 million + interest. NAB/PK appealed, but High Court yesterday refused to intervene in arbitration award
Quite a telling tale about NAB’s shady, questionable methods
law360.com/articles/11777…
Quite a telling tale about NAB’s shady, questionable methods
law360.com/articles/11777…
5. This case raises fundamental questions not just about the secrecy and opacity in how NAB operates, but perhaps more importantly, whether the increasing costs associated with running the Bureau and paying for its shady “deals” can be justified
6. In May 2019, the Law Minister was asked details about this case, incl. whether NAB had conducted any internal inquiries
Ironically, the Law Minister refused to give any details, saying any public disclosure on such inquiries “shall adversely affect the interest of public”
Ironically, the Law Minister refused to give any details, saying any public disclosure on such inquiries “shall adversely affect the interest of public”
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