SECP ordered to freeze shares of Hassan and Hussain Nawaz | Pakistan Today

SECP ordered to freeze shares of Hassan and Hussain Nawaz

ISLAMABAD: The accountability court hearing graft cases against the Sharif family directed the Securities and Exchange Commission of Pakistan (SECP) on Tuesday to freeze the shares of Hussain and Hassan Nawaz, sons of ousted prime minister Nawaz Sharif, in six companies.

As the court proceedings against the Nawaz brothers went underway, the National Accountability Bureau (NAB) submitted a report describing assets owned by Hassan and Hussain in Pakistan.

The cases against the two have already been separated from other family members after they did not show up at the graft hearings.

According to the report presented by NAB, SECP records showed that Hassan and Hussain own shares in six companies. Subsequently, the court directed the SECP to freeze shares of the companies owned by Hassan and Hussain and ordered both the accused to appear in court by November 8. Failure to appear in the court would lead the two accused to be termed proclaimed offenders.

The court ordered SECP to freeze Hussain and Hassan’s assets in light of the Supreme Court’s judgement in the Panama Papers case on July 28.

The hearing was then adjourned until November 14.

NAWAZ BROTHERS DECLARED POs:

The accountability court is hearing a total of three corruption cases against the Sharif family filed by NAB.

Hassan and Hussain are accused in all three references: Avenfield properties, Azizia Steel Mills and Hill Metals Establishment, and Flagship Investment Ltd.

The accountability court on October 9 declared Hassan and Hussain Nawaz proclaimed offenders for repeatedly failing to appear before the court in connection with the NAB references.

The court also issued perpetual warrants for the brothers and separated their trial from other members of the family.

The process to declare Hussain and Hassan Nawaz as proclaimed offenders involved publication of notices in the newspapers directing the accused to appear in court. Failure to do so was to result in seizure of property and issuance of further warrants.

The National Accountability Bureau (NAB) on October 11 put up summons for Hassan Nawaz and Hussain Nawaz on the main gate of the Sharif family’s residences at Jati Umra and Model Town.

The action was taken after the accountability court declared the Nawaz brothers proclaimed offenders for their failure to show up for court proceedings in connection with the corruption references filed by NAB.

Both the respondents were also directed to appear before the court within 30 days.

The order also mentioned that the properties of the accused may be seized at any given time.

Hassan and Hussain remain in London along with their father where their mother, Kulsoom Nawaz, is undergoing treatment for lymphoma.

Hassan is a permanent resident of London whereas Hussain too is a non-resident Pakistani.



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