NAB to pay $45m after losing case to Broadsheet in UK: report


The National Accountability Bureau (NAB) has to pay over $45 million after it a lost a case at the London Court of International Arbitration (LCIA) to asset recovery firm Broadsheet LLC, a local media house reported.

The firm was hired in 2000 by NAB during former president Pervez Musharraf’s era to trace assets in the UK and US of more than 200 Pakistanis. As of now the firm failed to produce evidence against Nawaz Sharif’s sons but is set to make a new “claim against NAB for a $25 million fine imposed on the former premier by the accountability court in Al-Azizia reference verdict. The total cost to NAB will be over $60 million when all costs, damages and fines are taken into consideration,” the report stated.

Broadsheet LLC alleges that NAB terminated it in 2000 after breaking terms of the contract and entered into agreements with the ‘targets’ without notifying it and therefore depriving it of the share as agreed.

The hearing against NAB and Broadsheet LLC has been going on for several years but the last hearing took place in end July.