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After getting Rs4.59 billion, Broadsheet seeks Rs483m more

Top Story
January 2, 2021
LONDON: The Government of Pakistan has made a payment of nearly $29 million under a London High Court order to the Broadsheet LLC but the litigation is far from over as liquidating agents of the assets recovery firm are seeking several millions more from the National Accountability Bureau (NAB) - $3 million (approx Rs483 million) in interests and costs at the rate of $5,000 per day.
An agent of the Broadsheet LLC has told this reporter that the NAB still owes the Broadsheet $3 million and interest rate of $5,000 per day on the overall award amount. “I can confirm that US$28,706,533.34 (4.6 billion) has been paid into the Broadsheet LLC Liquidator’s account as per the court Order on account of $22 million judgment and $6 million in initial legal costs. The cost of around $3 million legal costs is still owed and it is costing the Pakistan Govt $150,000 per month at the rate of $5,000 per day and growing. We have an enforcement cost Order fr ....

City Of , United Kingdom , Islamic Republic Of Pakistan , Pervez Musharraf , Kendal Freeman , Shahzad Akbar , Imran Khan , Kaveh Mousavi , National Accountability Bureau , Third Party , Solicitors Regulatory Authority , Essex Court , Pakistan High Commission , Vienna Convention , London High Court , London High Court Commercial Division , Allen Overy , Oxford University , United National Bank , United Bank , Third Party Order , Pakistan Govt , Commercial Division , District Judge Master Kay , Defendants The Islamic Republic , United National Bank Limited ,

After getting Rs4.6 bn, Broadsheet seeks Rs483m more

Top Story
January 2, 2021
LONDON: The Government of Pakistan has made a payment of nearly $29 million under a London High Court order to the Broadsheet LLC but the litigation is far from over as liquidating agents of the assets recovery firm are seeking several million more from the National Accountability Bureau (NAB), $3 million (approx Rs483 million) in interests and costs at the rate of $5,000 per day.
An agent of the Broadsheet LLC has told this reporter that the NAB still owes the Broadsheet $3 million and interest rate of $5,000 per day on the overall award amount. “I can confirm that US$28,706,533.34 (4.6 billion) has been paid into the Broadsheet LLC Liquidator’s account as per the court Order on account of $22 million judgment and $6 million in initial legal costs. The cost of around $3 million legal costs is still owed and it is costing the Pakistan Govt $150,000 per month at the rate of $5,000 per day and growing. We have an enforcement cost Order from ....

City Of , United Kingdom , Islamic Republic Of Pakistan , Pervez Musharraf , Kendal Freeman , Shahzad Akbar , Imran Khan , Kaveh Mousavi , National Accountability Bureau , Third Party , Solicitors Regulatory Authority , Essex Court , Pakistan High Commission , Vienna Convention , London High Court , London High Court Commercial Division , Allen Overy , Oxford University , United National Bank , United Bank , Third Party Order , Pakistan Govt , Commercial Division , District Judge Master Kay , Defendants The Islamic Republic , United National Bank Limited ,

Pakistan pays Rs4.59 billion to British firm for lost case

January 2, 2021
LONDON/ISLAMABAD: The Pakistan High Commission has made a payment of $28.706 million (Rs4.59 billion) on behalf of the National Accountability Bureau (NAB) to the assets recovery firm Broadsheet LLC after losing the long-running litigation at the London High Court – 21 years after hiring the firm to trace alleged foreign assets of dozens of Pakistanis and being unable to find any.
The London High Court’s Financial Division had issued on December 17 a Final Third Party Order for payment to the NAB’s former client Broadsheet by December 30 – drawing curtains on a case that has cost Pakistani taxpayers billions of rupees. ....

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After getting Rs4.59b, Broadsheet seeks Rs483m more

Top Story
January 2, 2021
LONDON: The Government of Pakistan has made a payment of nearly $29 million under a London High Court order to the Broadsheet LLC but the litigation is far from over as liquidating agents of the assets recovery firm are seeking several millions more from the National Accountability Bureau (NAB) - $3 million (approx Rs483 million) in interests and costs at the rate of $5,000 per day.
An agent of the Broadsheet LLC has told this reporter that the NAB still owes the Broadsheet $3 million and interest rate of $5,000 per day on the overall award amount. “I can confirm that US$28,706,533.34 (4.6 billion) has been paid into the Broadsheet LLC Liquidator’s account as per the court Order on account of $22 million judgment and $6 million in initial legal costs. The cost of around $3 million legal costs is still owed and it is costing the Pakistan Govt $150,000 per month at the rate of $5,000 per day and growing. We have an enforcement cost Order fr ....

City Of , United Kingdom , Islamic Republic Of Pakistan , Pervez Musharraf , Kendal Freeman , Shahzad Akbar , Imran Khan , Kaveh Mousavi , National Accountability Bureau , Third Party , Solicitors Regulatory Authority , Essex Court , Pakistan High Commission , Vienna Convention , London High Court , London High Court Commercial Division , Allen Overy , Oxford University , United National Bank , United Bank , Third Party Order , Pakistan Govt , Commercial Division , District Judge Master Kay , Defendants The Islamic Republic , United National Bank Limited ,

A messy affair: Pakistan pays Rs4.59b to British firm for lost case

January 1, 2021
LONDON: The Pakistan High Commission has made a payment of $28.706 million (Rs4.59 billion) on behalf of the National Accountability Bureau (NAB) to the assets recovery firm Broadsheet LLC after losing the long-running litigation at the London High Court – 17 years after hiring the firm to trace alleged foreign assets of dozens of Pakistanis and being unable to find any.
The London High Court’s Financial Division had issued on 17 December a Final Third Party Order for payment to the NAB’s former client Broadsheet by 30th of December – drawing curtains on a case that has cost Pakistani taxpayers billions of rupees. Ironically, Broadsheet was hired by NAB during Pervez Musharraf’s government in 2003 to trace assets in the UK and USA of more than 200 Pakistanis (called ‘targets’ in the contract) including generals, politicians, businessmen - Benazir Bhutto, Asif Ali Zardari and Nawaz Sharif as the chief targets. The firm didn’t recover a singl ....

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