Recovery of Rs485m: Broadsheet instructs lawyers to seize further Pakistan assets

LONDON: The Broadsheet LLC has instructed its lawyers at Crowell & Moring LLP to initiate proceedings to seize further Pakistan assets after failing to get a reply from the Pakistan government’s lawyers at Allen & Overy for the recovery of nearly $2.2 million (Rs485 million) outstanding amount.

This correspondence understands that Kaveh Mousavi, Broadsheet’s CEO, instructed his lawyers on Wednesday to initiate the assets seizure operation.

Broadsheet’s lawyers told that the decision has been taken after Allen & Overy failed to engage with Broadsheet in ten days after assuring on 1st February 2021 that Pakistan desires “to resolve the matter without the need for further enforcement action” but failing to confirm to Crowell & Moring that it has new instructions from Pakistan about the outstanding issues.

“Our client has instructed us to seize further assets to satisfy the sums due to it on the outstanding judgments,” says Broadsheet’s latest legal correspondence to Pakistan’s lawyers.

His lawyers confirmed that the meeting took place and a source at the National Accountability Bureau (NAB) confirmed that Pakistan has received correspondence directly from NAB’s London lawyers.

The News has seen correspondence which shows that a senior official of the NAB and Attorney General of Pakistan’s office have also been copied in the latest correspondence.

Crowell & Moring LLP added: “With respect we refer you simply to the dates of the outstanding judgments. We need say no more. Please don’t suggest that your client has not had time to deal with this situation as frankly that is simply untrue. We will refer the court to the 18 letters that we wrote to you and to your client without response on this very issue and leave the court to draw their own conclusions.” Broadsheet asked Pakistan around three weeks ago to immediately pay the following amounts: US$1,180,799 in respect of further interest owed by Pakistan on judgment debts, accrued after the issue of Broadsheet’s third party debt order on partial payment by funds received from United National Bank on 31 December 2020; $40,677 being the balance of the judgment debt remaining unsatisfied; US$ 5,889 interest accrued on the balance of the judgment debt being and continuing to accrue at the daily rate of $267.72 and Broadsheet’s enforcement cost currently standing at around $ 800,00.

Broadsheet LLC’s lawyers have told Allen & Overy that although it has not received a “substantive response” on the issue of service of notice but “we note that you attended the Third party debt hearing representing your client and that you further negotiated the terms of that order so there is no doubt that you remain instructed on this matter”. Pakistan has already paid around $29 to Broadsheet but Broadsheet wants around $2.2 million and an interest of around $300 is adding up on a daily basis.