Tuesday November 30, 2021

Broadsheet seeks Rs337m more

January 10, 2021

LONDON: The Broadsheet LLC has written to the lawyers of NAB in London seeking an additional sum of US$1,180,799.66, while confirming that it’s in receipt of funds from United National Bank’s London branch in the sum of US$28,706,533.34.

This reporter saw a copy of the letter, sent to NAB in Pakistan, NAB’s lawyers Allen & Overy and copied to the United Bank Limited’s London Bond Street branch.

The Broadsheet has confirmed that it has received nearly US$29 million “in accordance with the terms of Deputy Master Lay’s order of 17 December 2020”.

It adds: “This payment partially satisfies Mr Justice Teare’s quantum and costs orders (sealed 25 October 2019 and 29 November 2019, respectively). However, pursuant to paragraph 3 of both orders, interest continued to accrue following the issue of our client’s Third Party Debt order and an additional sum of US$1,180,799.66 had accrued on your client’s judgment debts prior to receipt of the funds from United National Bank.

“In addition, Deputy Master Lay made a costs award in our client’s favour in the sum of £30,000, equivalent to US$40,677. Those costs have been retained out of the funds received from United National in priority of the Judgment Debts. The sum now outstanding is US$1,221,476.66. Interest accrues on that sum from 1 January 2021 at the daily rate of US$267.72. Our client has also incurred additional enforcement costs, independent of those summarily assessed by Deputy Master Lay. Those costs exceed US$900,000 and are wholly attributable to your client’s failure to engage with us and the Court prior to 17 December.”

The Broadsheet’s lawyers at Crowell & Moring have written to the NAB lawyers that their client had “previously communicated its intention to satisfy its liabilities in full, please kindly confirm that your client will pay our client the sum of US$2,100,000 (Rs337 million) without further delay”.

The Broadsheet has invited the NAB to “agree terms of settlement, to be enforced by way of a Tomlin Order, pursuant to which your client will pay our client all interest accrued on the Judgment Debts within 14 days”, with a deadline of 8 January 2021.

A source told this scribe that NAB has received the letter from the Broadsheet’s lawyers and is receiving attention.

The UBL London branch debited US$29 into the Broadsheet’s account around 10 days after losing the case and the High Commission of Pakistan’s London accounts were frozen. The court separately ordered that the Sharif family’s London flats cannot be attached with this case.