Buying gold isn’t an investment: Supreme Court

ISLAMABAD: The Supreme Court of Pakistan on Thursday observed that buying gold is not an investment, adding that the National Accountability Bureau (NAB) case against Sindh Assembly Speaker Agha Siraj Durrani is apparently strong as his assets have swiftly increased after becoming a legislator.

A three-member bench of the apex court, headed by Chief Justice of Pakistan (CJP) Justice Umar Ata Bandial, heard the bail application of Durrani in a reference filed by the NAB for accumulating assets through illegal means.

During the course of hearing, Justice Bandial observed that prima facie the case of the anti-graft body is strong against Durrani as his assets have quickly increased after becoming a legislator.

“Declaring his house as jail means Durrani is a very influential person,” the chief justice remarked, adding that the country’s system allows influential people to get complete facilities. The court directed the National Accountability Bureau (NAB) to give its viewpoint on the proposal that instead of arresting the accused, his movements should be restricted.

“Durrani is at his home even if he was not granted bail,” the CJP remarked, adding that what benefit the NAB could get after sending the accused to jail. The chief justice suggested that the NAB could freeze the assets of Durrani or put his name on the Exit Control List (ECL) till the conclusion of his trial.

Salman Akram Raja, counsel for Durrani, told the court that his client belongs to a wealthy family and making assets is not an issue for him. The counsel submitted that the NAB had determined the income of his client since 2007, but his client had assets and sources of income before. He told the court that his client has started filing tax statements since 2007 and it does not mean that his income was zero before filing tax returns. Durrani and his family have been owners of 900 Acres agriculture land since 1985.

Justice Ayesha A Malik, a member of the bench, asked the counsel how much money the accused earned from 1985 to 2008. “It’s astonishing that he was earning till 2008 and then quickly started spending it as well,” the judge added. Justice Ayesha A Malik observed that if Durrani had been saving the money, it should be known how much he saved and how much he spent. The counsel replied that Durrani sold two houses of four Kanals in 1998 on which Justice Ayesha observed that the price of the sold houses is not known as well.

The counsel told the court that his client possesses hundreds of Tolas of gold. The chief justice observed that buying gold is not an investment, adding that rich people buy gold for securing money. He observed that in the US, to monitor the movements of people involved in corruption, trackers are placed on them. The court adjourned the hearing for today (Friday).