NAB closes Sharif Trust probe against Nawaz, others

ISLAMABAD: The National Accountability Bureau (NAB) has closed its investigation into the Sharif Trust Case involving Nawaz Sharif and his family members.

According to the NAB announcement shared on its official website, the investigation into the Sharif Trust Case against Nawaz and his family members has been closed following the decision made during the Executive Board Meeting (EBM) of the Bureau, held on January 1, 2024.

The investigation into the Sharif Trust Case was authorised on March 31, 2000. The complaint alleged that the Sharif family had received large sums of money through illicit means in the Sharif Trust. Additionally, it was claimed that the trust’s accounts had not undergone audit scrutiny and that funds had been misappropriated. The allegations further included the acquisition of assets by the Sharif family under the guise of benami properties held in the name of the trust.

In its report, the controversial Panama Joint Investigation Team (JIT) submitted to the Supreme Court of Pakistan had criticised the NAB for delaying the investigation into the Sharif Trust case without proper justification. The JIT recommended that the NAB be directed to take swift action to complete the investigation.

Now, the investigation has been terminated by the Bureau under Section 31-B of the National Accountability Act, 2022, as amended by the Shehbaz Sharif-led PDM government.

Section 31B states: “Withdrawal and Termination of Pending Proceedings: (1) Prior to the filing of a reference, the Chairman, NAB, in consultation with the Prosecutor General, may, having regard to the totality of facts, circumstances, and evidence, partly, wholly, conditionally, or unconditionally withdraw or terminate any proceedings under this Act if such proceedings are unjustified. (2) After the filing of a reference, if the Chairman, NAB, in consultation with the Prosecutor General, is of the view that the reference is partly or wholly unjustified, he may recommend to the Court for approval where the matter is pending that the reference may partly or wholly be withdrawn or terminated, and upon such withdrawal or termination: (i) if it is made before a charge has been framed, the accused shall be discharged in respect of such offence or offences; and (ii) if it is made after a charge has been framed, he shall be acquitted in respect of such offence or offences.”

Apart from the Nawaz Sharif case, five other inquiries have also been closed. These include inquiries against Akbar Nasir Khan, Ex-Chief Operating Officer of Punjab Safe Cities Authority (PSCA), officers/officials of PSCA & others; inquiries against concerned public functionaries and others regarding loan agreement No. PK-C18 between the Government of Pakistan and the Government of Japan for a grant of a loan amounting to US$ 250 Million (the equivalent of Yen 32.032 Million or Rs. 11 Billion) to create a counter fund under the Social Action Program (SAP) during the year 1998; inquiry against officers/officials of CDA regarding Park Enclave Housing Society; inquiry against officers/officials of the Federal Government regarding illegal appointments of favored individuals in public limited companies of Islamabad and provision of funds of billions of rupees in violation of relevant rules; and inquiry against Shahid Malik, Shahbaz Yaseen Malik, Saima Shehbaz Malik, and others.