Pakistan’s £1 million frozen by London bank following court order in favour of Broadsheet

• Around $1,222,037.90 plus costs have been frozen until next orders of the London High court in June.
• The United National Bank (UBL) has complied with court orders that no payments shall be released unless the judgment debt and interest of around £1 million to Broadsheet is settled.
• Broadsheet CEO Kaveh Moussavi says he would be going to the court for further recovery of legal fees.

LONDON: The United National Bank (UBL) London branch has frozen around £1 million held in Pakistan’s account in compliance with an Order issued three weeks ago by the London High Court in favour of the Broadsheet LLC.

The UBL has informed the Broadsheet LLC and the London High Court in writing that Pakistan Government’s account, operated by Pakistan High Commission London, with around £1 million in it has been frozen until next orders of the London High court.

On 15 February 2021, the London High Court froze funds that Pakistan High Commission holds with United National Bank in London up to the value of $1,222,037.90 plus costs to be determined by the court at a hearing in June.

Geo.tv has received a copy of the letter that Broadsheet’s lawyers Crowell & Moring have written to the National Accountability Bureau (NAB) and the Attorney General’s Office. It states: “We have received a written confirmation from lawyers instructed by United National Bank that funds to that total value have been frozen and will be held pending further order. We would invite your client to consent to a final order allowing the frozen funds to be paid out forthwith to our client.”

Kaveh Moussavi, the Broadsheet CEO, confirmed to Geo.tv that Pakistan’s account with £1 million (equivalent of $1,222,037.90) has been frozen but he said he would be going to the court for further recovery of legal fees.

He said that Pakistan’s failure to make payment of the outstanding balance due on the outstanding High Court judgments left him with no alternative but to issue further enforcement proceedings. Moussavi said he had to obtain a new Third Party Debt order from the High Court in London over Pakistan High Commission’s accounts with United National Bank.

Moussavi added: “Further sums owed by NAB as legal fees are accumulating. They really are their own worst enemies. I have heard that the Government of Pakistan plans to sue United Bank in London. For what exactly? For obeying the Order of the High Court. Need I say anymore about how much respect the GoP has for the Rule of Law?”

The UK High Court of Justice had issued a new freezing order three weeks ago in favour of Broadsheet LLC and against NAB ordering that no payments shall be released to the Government of Pakistan by the UBL or to any other party from the accounts held by the Pakistan government unless the judgment debt and interest of around £1 million is settled.

The order was made on the application of Broadsheet LLC after Pakistani government failed to respond to Broadsheet’s communication for the payment in the remaining judgment debt – after Pakistan paid around $28 million to Broadsheet at the end December 2020 after Pakistan’s accounts were frozen.

A Pakistan High Commission said that it was using accounts “without any restrictions”.

UBL sources said that the bank has complied with the Court Order.