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Friday Apr 23 2021

Nawaz Sharif's properties, assets to be put up for auction under court orders

File photo of former prime minister Nawaz Sharif.
  • Accountability Court accepts petition filed by NAB Rawalpindi seeking auction of properties owned by former prime minister Nawaz Sharif.
  • The decision comes after Sharif was declared a proclaimed offender in the Toshakhana reference.
  • After the development, the concerned provincial government(s) will be able to dispose of Nawaz Sharif's properties.

An accountability court on Friday accepted a petition filed by the National Accountability Bureau (NAB) Rawalpindi for the auction of assets owned by former prime minister Nawaz Sharif.

NAB's decision to auction the PML-N supreme leader's assets comes after he was declared a proclaimed offender in the Toshakhana reference. 

After the accountability court's approval, the concerned provincial governments will be able to auction Nawaz Sharif's properties wherever they are located.

The court has ordered the Deputy Commissioner Lahore and Sheikhupura to submit a report on the matter within 60 days.

The properties should be auctioned and the money should be deposited in the national treasury, the court said.

Read more: Lahore court stops Punjab govt from cancelling transfer of Raiwind land belonging to Sharifs

Nawaz Sharif's vehicles should also be auctioned within 30 days, the court further ordered. The vehicles will be seized and sold with the help of the police, the court said.

The court also ordered the seizure of any funds in Nawaz Sharif's bank accounts and their deposit in the public exchequer.

However, the accountability court said only those properties on which the Sharif family hasn't raised objections can be auctioned. Maryam Nawaz has objected to the confiscation of the Murree and Changa Gali residences.

Meanwhile, the chairman, Securties and Exchange Commission of Pakstan has been directed to sell shares owned by Nawaz Sharif in four companies. Proceeds from the sale should be deposited in the national treasury, the court said.

An accountability court had ordered the attachment of the properties in question on January 1 last year. 

The former PM, however, had not surrendered to the court even months after the order of attachment.

Read more: NAB decides to auction seized properties of former PM Nawaz Sharif

NAB argued that Nawaz willfully did not surrender despite being a proclaimed offender and so the attached properties are required to be sold out as per the prescribed procedure.

What are Nawaz Sharif's assets?

According to a NAB report, Sharif has shares in four companies: 467,950 shares in Mohammad Bukhsh Textile Mills, 343,425 shares in Hudaibiya Paper Mills Ltd, 22,213 shares in Hudaibiya Engineering Co (Pvt) Ltd and 48,806 shares in Ittefaq Textile Mills Ltd.

He also has eight accounts in private banks, including three foreign currency accounts. NAB said Nawaz had over Rs600,000 in five accounts and 566 euros, $698, and GBP498 in foreign currency accounts.

Nawaz also has nine properties to his name in Lahore, Sheikhupura, Murree and Abbottabad. These include 135 Upper Mall Lahore; 936 kanals, 10 marla and 85 feet of agricultural land in Mauza Manak Lahore; a 12-acre guava orchid; 299 kanals and 12 marla of agricultural land in Mauza Baokisani; 103 kanals and 6 marla of agricultural land in Mauza Mall, Raiwind; 312 kanals and 14 marla of agricultural land in Mauza Sultankay, Lahore; 14 kanals and 5 marla of agricultural land in Mauza Manddiali, Ferozabad; 65 kanals and 4 marla of agricultural land in Mauza Ferozwattan, Sheikhpura; Bungalow 24-A & B and B-3, Hall Road, Murree; and a house measuring 15 kanals and 15 marla in Changla Gali, Abbottabad.

The former PM also has a Toyota Land Cruiser model 2010 (LEB 10-1957), a Mercedes model 1973 (LHD-280), a Mercedes Benz model 1991 (IDH-78), a tractor model 2011 (LES 11-778) and a tractor model 2015 (LES-15-6024).