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July 18, 2019

NAB freezes Shahbaz family’s assets

Top Story

July 18, 2019

LAHORE: The National Accountability Bureau on Wednesday directed the Securities and Exchange Commission of Pakistan (SECP) to freeze shareholdings of Shahbaz Sharif and his sons in 14 companies registered with the SECP.

The NAB has decided to freeze assets of the Shahbaz family during an investigation related to assets beyond means and money laundering cases against former CM Shahbaz Sharif, his both wives Nusrat Shahbaz, Tehmina Durrani and sons Hamza Shahbaz and Suleman Shahbaz.

The NAB Lahore has directed the chairman SECP through a letter, a copy of which is available with The News, that caution may be marked upon transfer of shareholdings of the Shahbaz family in companies including Ramzan Sugar Mills, European Asian Trading Corporation Pvt Ltd, Madina Trading Pvt, Sharif Feed Mills Pvt Ltd, Madina Construction Company Pvt Ltd, Sharif Poultry Farms Pvt Ltd, Sharif Dairy Farms Pvt Ltd, Ramzan Energy Limited, Sharif Milk Production Pvt Ltd, Crystal Plastic Pvt Ltd, Chiniot Power Ltd, AG Energy Consultants Pvt Ltd, Al-Arabia Sugar Mills Ltd and Unitas Power Ltd.

The NAB has issued directions to the SECP under Section 23 of the National Accountability Ordinance 1999. As per Section 23, after initiation of any inquiry or investigation by the NAB, the accused or any other person on behalf of the accused cannot transfer the property owned by the accused or in his possession. Moreover, while the inquiry, investigation or proceedings are pending before the NAB or any other court, the transfer of any right, title or interest or creation of a charge on such property shall be void.

The Section 23(B) of the NAO 1999 reads that any person who transfers or creates a charge on property in contravention of sub-section (a) shall be punishable with rigorous imprisonment for a term, which may extend to three years and shall also be liable to fine not exceeding the value of the property involved.

The NAB has also directed the Excise and Taxation Department to freeze transfer andsale of two Land Cruisers owned by Shahbaz Sharif. Moreover, the secretary, Judicial Employees Cooperative Housing Society Lahore, has been directed to freeze the transfer and sale of four plots (49, 50, 51, 52) owned by Hamza Shahbaz in the Judicial Employees Cooperative Housing Society Lahore. Each plot measures more than one Kanal. Moreover, a letter has been written by the NAB to the DG, Galiyat Development Authority Abbottabad, to freeze a property measuring 9 Kanals in Nishat Lodges, Donga Gali, owned by Nusrat Shahbaz.

Moreover, the secretary, Model Town Lahore, has been asked to freeze two more properties owned by Nusrat Shahbaz in Model Town 96-H and 86-H. The Defence Housing Authority (DHA) Lahore has been directed to freeze two properties owned by Tehmina Durrani located in phase-V.

Earlier, the NAB Lahore had written to the chairman NAB to freeze properties of Shahbaz Sharif which were allegedly raised through illegal means. The chairman approved the request of the NAB Lahore after which departments concerned have been directed to freeze assets of the Shahbaz family.

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