ISLAMABAD: Following an appeal moved by an international firm seeking a copy of Volume-10 of the Joint Investigation Team (JIT) report on the Panama Papers leaks case, the Supreme Court on Monday fixed a hearing under the patronage of Justice Sheikh Azmat Saeed, who heard the appeal in his chambers.
The appeal of Messrs Broadsheet LLC against the court registrar’s earlier decision of rejecting the petition will now be taken up by the SC bench which will decide whether to accept or reject the contentions of the firm.
Broadsheet LLC had approached the apex court for a final decision on the quantum of damages Pakistan may face on an international dispute involving the National Accountability Bureau (NAB).
Earlier, Justice Saeed had asked the counsel for Broadsheet LLC, Sardar Latif Khosa, to submit additional documents, including the interim award granted by sole arbitrator Sir Anthony Evans QC in London against Pakistan.
The Volume-10 of the JIT report deals with mutual legal assistance (MLA) with different countries, which was sealed by the Supreme Court at the request of JIT head Wajid Zia.
Broadsheet LLC has sought the Volume-10 for its onward submission to the International Court of Arbitration (ICA) where Pakistan has locked horns with the firm over arbitration.
Pakistan is facing a lawsuit of $500 million on a dispute raised by Broadsheet with which NAB had signed an agreement to help recover the country’s stolen assets stashed in different offshore companies. But the dispute arose on the payment of service fees which was subsequently referred to the ICA in London where the litigation before arbitrator Sir Anthony Evans concluded in an interim award in terms of liability under sections 4 and 6 of the Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) 2011.
Sir Evans had asked the firm to furnish Volume-10 of the JIT report to proceed further in the case. It will help arbitrate the quantum of damages, the application moved by Broadsheet LLC through Khosa said.
In terms of sections 3 and 4 of the International Obligation Assets Recovery Agreement, all expenses on an investigation into hidden assets were to be borne by the firm which would spend a significant amount of costs and investment under the agreement in the service of Pakistan and NAB.
NAB had signed the agreement with Broadsheet LLC — an Isle of Man registered company — on June 20, 2000 for the recovery of money and assets plundered by Pakistanis and invested in offshore companies.
Broadsheet claimed that it had not received $1.5m from NAB. The firm is pressing for payment of $500m against Pakistan.
NAB concluded the agreement in May 2008 by paying $1.5m through a settlement agreement with a representative of Broadsheet, but the firm took the bureau to the ICA, claiming that it had not received the amount it was supposed to.
The petition filed in the apex court contended that Broadsheet’s obligation under the agreement was to assist in bringing back through NAB the huge wealth of Pakistan hidden abroad unlawfully by high-ranking officials, including Nawaz Sharif and his family. Pursuant to the agreement, 80 per cent of any asset repatriated to Pakistan was to be paid to the republic and NAB.
The petition said that if the Volume-10 was released, the same public policy could be put to use other than the prosecutorial one.
The petition said the sole source of recovery of the quantum of damages was the assets of high-ranking officials unlawfully and corruptly hidden which were beyond the known means available to such officials.
[…] Source: Pakistan Today […]
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