Daily Times

ISLAMABAD: An accountability court hearing graft references against the Sharif family directed the Securities and Exchange Commission of Pakistan (SECP) on Tuesday to freeze the shares of Hussain and Hasan Nawaz, sons of ousted prime minister Nawaz Sharif, held in six companies.

Accountability court judge Muhammad Bashir also directed the SECP that after freezing all the shares held by Hasan Nawaz and Hussain Nawaz in various companies in Pakistan, “these be attached and made part of the case” record.

The court noted that after freezing and attachment, the shares would become part of the case’s record and remain in the court’s custody.

The court also directed Hasan and Hussain to appear before it by November 8; otherwise they would formally be declared proclaimed offenders.

Meanwhile, the court adjourned the case’s proceedings, pertaining to the assets of Hasan and Hussain, until November 14.

The court passed these orders after NAB prosecutor Afzal Qureshi submitted before the court a report having details of shares and assets being held by Hasan and Hussain in Pakistan.

The report stated that the NAB had already frozen the assets of Hasan and Hussain Nawaz. It said that as per the SECP record, Hasan and Hussain held shares in six companies in Pakistan. In case the court rules against the accused, the shares will be auctioned in the open market.

Earlier, on October 9, the court, while accepting a NAB plea to declare Hasan and Hussain proclaimed offenders and separate their trial from other accused in three references filed against the Sharif family, had separated their trial from the other accused and held that their non-bailable arrest warrants, issued on October 2, remained in effect.

The court had directed the NAB to initiate the process of declaring them proclaimed offenders, which was later initiated by the bureau and has probably been completed. Both the accused were directed to appear before the court within 30 days, starting from October 11. If they do not appear by November 11, they will formally be declared proclaimed offenders by the court.

The court had also issued their perpetual arrest warrants, while separating their trial from other members of the Sharif family, owing to their continued absence from the trial.

Nawaz Sharif and his sons Hasan and Hussain are accused in all three references, which include Avenfield properties, Al-Azizia Steel Mills and Hill Metals Establishment and Flagship Investment Ltd.

Published in Daily Times, November 1^st 2017.