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February 24, 2021

Broadsheet ends up paying Rs4.5m to Sharif family in London lawsuit

Top Story

February 24, 2021

LONDON: The Broadsheet LLC, hired to recover money and assets from the Sharifs, has ended up making a payment of around 4.5 million rupees to the Sharif family in the lawsuit before the London High Court, according to legal evidence.

The Broadsheet LLC has made a payment of £20,000 (equivalent to 4.5 million Pakistani rupees) to the Sharif family for the settlement of the Sharif family’s legal costs after having withdrawn the Avenfield Apartments attachment application before the English High Court for the seizure and sale of four Avenfield Apartments in the Broadsheet vs Pakistan/National Accountability Bureau (NAB) case. The lawyers acting for the Sharif family have confirmed that the payment has been received in their bank account whereas Broadsheet’s lawyers have also confirmed making the payment. The Sharif family’s lawyers, who dealt with the case at the English High Court, said the reason for Broadsheet’s withdrawal was to avoid the humiliation of having lost against the Sharif family.

The lawyers said: “Had there been any opportunity to win against the Sharifs, Broadsheet would have seized it as it would provide credibility to their stance against the Sharif family since the year 2000. Resultantly, Broadsheet had to pay the Sharif family’s legal costs. As the general rule in litigation is, costs ‘follow the event’, i.e. the losing party pays the successful party’s legal costs. The same rule applies if a claimant backs away before the logical conclusion of his claim in an English Court. Hence, Broadsheet agreed to pay £20,000 to the Sharif family.”

The Sharif family lawyers said: “The Sharifs could have claimed higher amounts from Broadsheet. However, in view of the additional recovery costs and the uncertainties due to Broadsheet’s liquidation, they chose to accept the settlement which was GBP 20,000 (around 4.5 million Pak Rupees). The fact that Broadsheet retreated from a case that formed the basis of its undertakings with NAB answers all questions.”

The Broadsheet LLC was hired by Pakistan in the year 2000 to trace and recover assets of chief ‘target’ Nawaz Sharif, his family members and around 170 other Pakistanis but the deal has ended up costing Pakistan over US$65 million and no assets of Sharifs or anyone else was found – with the only exception of Admiral Mansoorul Haq.

According to legal papers available with this reporter, Broadsheet on 19 June, 2020 started the process in the London High Court for the recovery of money awarded through two court judgments through the sale of four Avenfield Apartments. Before starting the attachment process, Broadsheet obtained arbitration awards from the Court of Arbitration against Pakistan/NAB for breach of contract and damages in the sum of nearly $29 million.