NAB’s clarifies agreement with Broadsheet LLC - AsiaNet-Pakistan

NAB’s clarifies agreement with Broadsheet LLC

January 5, 2021 | | Share:

Islamabad, January 05, 2021 (PPI-OT): The agreement of Government of Pakistan through NAB with M/s Broadsheet LLC was made for detection of foreign assets pertaining to accused person(s) on the 20th June, 2000 with the approval of the then President of Pakistan. On account of dismal performance of M/s Broadsheet LLC, the agreement was terminated in 2003.

The M/s Broadsheet LLC went into arbitration against the Government of Pakistan in the year 2006 and again in 2012. The Attorney General for Pakistan through the appointment of UK based law firm vehemently defended Pakistan’s stance in said arbitration before the Chartered Institute of Arbitrators, London.

The foreign legal team was hired by the Attorney General for Pakistan with the approval of the Ministry of Law and Justice and the then Prime Minister of Pakistan. It is clarified that the agreement with M/s Broadsheet LLC was made in 2000 and the liability award against Pakistan was passed on 01-08-2016 by Chartered Institute of Arbitrator, London, taking into account the disclosure exercise of the M/s Broadsheet LLC and Government of Pakistan.

However, the quantum / cost of said award for US$ 27,226,590/- was passed in 2018 against a claim of US$ 550 Million. The same was challenged before the High Court of Justice, London but no relief was given. The whole matter to defend the Arbitration and subsequent developments were meaningfully shared and supported by the Office of the Attorney General for Pakistan and Ministry of Law and Justice.

It is pertinent to mention here that the present management of NAB has neither taken part in the execution of the agreement with M/s Broadsheet LLC nor in initiation of the arbitration proceedings.

For more information, contact:
National Accountability Bureau (NAB)
Attaturk Avenue G-5/2, Islamabad, Pakistan
Tel: +92-51-111-NAB-NAB (111-622-622)
Fax: +92-51-9214503
Email: chairman@nab.gov.pk, infonab@nab.gov.pk
Website: www.nab.gov.pk

Category: English, Official News