Court grants 14-day physical remand of Hamza

LAHORE: An accountability court on Wednesday granted 14-day physical remand of PA Opposition Leader Hamza Shahbaz to the National Accountability Bureau. Hamza is accused of money laundering, assets beyond means and causing a loss of over Rs 210 million to the national exchequer in Ramzan Sugar Mills case.

NAB officials produced Hamza before the court of Jawadul Hassan amid tight security as heavy contingents of police had cordoned off the court premises. The NAB prosecutor pleaded for the physical remand of the accused. The prosecutor informed the court that as per a report of the Financial Monitoring Unit of the State Bank of Pakistan, a huge volume of suspicious transactions in the bank accounts of Hamza Shahbaz were found, following which a money laundering investigation was started against him.

The prosecutor informed the court that Hamza had total assets of Rs 18 million in the year 2003, which increased to Rs 411.630 million in the year 2017. The accused claimed foreign remittances of Rs 181 million as sources of funds for the increase in his assets. However, during the course of investigations, the foreign remittances were found fictitious, the prosecutor added. He argued that Hamza along with his other family members established 12 industrial units and funds received through fictitious foreign remittances were injected as equity or director’s loan to the tune of Rs 244 million. Out of the income claimed as capital gain, gifts and salary from companies established with the proceeds of fictitious foreign remittances, the accused acquired different assets in the form of agricultural, residential and commercial lands worth 167 million. The prosecutor said Hamza's assets increased beyond his known means of income from 2003 till 2017. Moreover, he is accused of causing a loss of over Rs 210 million to the national kitty in the Ramzan Sugar Mills case. The prosecutor said Hamza purchased many commercial and residential properties from 2012 to 2015. The NAB prosecutor said Hamza had also not declared sources of his income to the Federal Board of Revenue (FBR).

The NAB official stated that whenever the NAB questioned Hamza, he said he would give answer in the court and refused to cooperate with the investigation team. Moreover, Hamza was served nine call-up notices but he appeared before the NAB only on five times. The prosecutor implored the court for the physical custody of the accused as the bureau needed to investigate from where Hamza acquired Rs 180 million. On the other end, Hamza’s counsel Amjad Parvez argued that his client had declared all his assets and cooperated with NAB investigators. The counsel alleged that the NAB violated fundamental rights of his client as he was not provided grounds of his arrest. On this, the NAB prosecutor intervened and said the accused was informed about the grounds of his arrest.

Amjad Parvez argued that the Shahbaz family was involved in business prior to joining politics and allegations of money laundering are not more than a joke against his client. He argued that the cases against his client are politically motivated, saying from 2005 to 2008, Hamza was not a public office-holder. The NAB cannot take action against his client on the basis of money laundering act. The counsel implored the court to not grant physical remand of his client and instead send him on judicial remand. The court after hearing arguments of both parties granted the physical remand of Hamza Shahbaz by May 26.