Nawaz, Shahbaz acquitted in Ittefaq Foundries case

E-Paper | March 18, 2026

RAWALPINDI: A Rawalpindi accountability court on Thursday acquitted Prime Minister Nawaz Sharif and Punjab Chief Minister Shahbaz Sharif among others implicated in the Ittefaq Foundries case.

Rejecting a 2011 application filed by the National Accountability Bureau (NAB) for the reopening of investigation into the Ittefaq Foundries case, Accountability Court judge Sohail Nasir acquitted PM Nawaz, CM Shahbaz, Shamim Akhtar, Kulsoom Nawaz, the late Abbas Sharif, and Ittefaq Foundries' directors in the case.

According to a reference filed by NAB in 2014, Ittefaq Foundries and its then directors — Prime Minister Nawaz Sharif, Punjab Chief Minister Shahbaz Sharif, Mian Javed Shafi, Mian Yousuf Aziz, Mian Tariq Shafi and others — were guilty of wilful default to the National Bank of Pakistan to the tune of over Rs1 billion since 1994.

In Dec 2014, Justice Shehzada Mazhar of the Lahore High Court disposed of 18-year-old petitions filed by the National Bank of Pakistan for the recovery of loans from Ittefaq Foundries.

An executive vice president of the bank told the judge on Dec 9, 2014 that the company had cleared all loans.

Pakistan

Malik Asad is an Islamabad-based reporter for Dawn with two decades of experience covering legal affairs, judicial developments, and the civil bureaucracy. He can be found on X at @asadrp.

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Zahid

May 28, 2015 04:47pm

Zardari acquitted... Shareef's acquitted.. Acquitted from Model town.... ....Ladies and Gentlemen....Lesson........Might is right

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mian

May 28, 2015 04:51pm

Result as expected

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haider rehman

May 28, 2015 04:54pm

Two brothers were always honest , a smear campaign by the enemy to derail massive and rapid economic growth of Pakistan.

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Imran

May 28, 2015 05:00pm

Every case in favor of these brothers

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Merchant

May 28, 2015 05:15pm

Prooves mega corrupt Pakistani politicians.

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Aurangzeb

May 28, 2015 05:30pm

No surprises here !

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pervaiz iqbal

May 28, 2015 05:38pm

Zardari and his cronies acquitted by courts during PPP's government. Sharifs and their cohorts getting clean chits from courts during their turn in government. All very familiar happening, nothing has changed.

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Muhammad

May 28, 2015 05:45pm

So innocent are Sharifs and Zardari.. And corruption goes on...

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IZhar

May 28, 2015 05:46pm

When the bank say that amount has been paid so then why they should not be acquitted ?

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Shakil

May 28, 2015 06:03pm

one more clearance :) get as many as you can while you are in power! NAB should be independent of Government! wasting public money it raises cases and then next government it takes it back and culprits enjoying this all at the expense of poor people of PAkistan

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KeyPoints

May 28, 2015 06:09pm

@Zahid Rich and famous get acquited? Why why why?

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Hussain Mittar

May 28, 2015 06:14pm

There are many lot much in the press about methodologies being used by sharif for arranging acquittals.

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Talha

May 28, 2015 06:54pm

These guys are true saints. Even Mother Teresa wasn't as virtuous as these two international icons for humanity. Only Mr Zardari probably might be ahead of them in terms of being a global symbol of purity and morality.

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Nizamuddin Ahmad Aali

May 28, 2015 07:00pm

Any one could have told you. They are saints, can do no wrong.

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Em Moosa

May 28, 2015 07:20pm

What else you were expecting by re opening the case? Who will give justice?

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Farhan

May 28, 2015 07:27pm

No wonder they would be acquitted in all cases. Judiciary is there to serve them.

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Zack Khan

May 28, 2015 08:34pm

@haider rehman LOL!

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Owais Mangal

May 28, 2015 08:46pm

@haider rehman Please wake up before it is too late.

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Rakaposhi

May 28, 2015 08:46pm

"An executive vice president of the bank told the judge on Dec 9, 2014 that the company had cleared all loans." This seems very fishy. An executive president went to court to tell judge? How does that work..and court said good enough? These are financial transaction, the national bank lawyer should have simply withdrawn the case that the matter is resolved, why didn't they do that? They could present documents that sharifs paid the debt but I am guessing there were no documents so executive president had to go to court? :)

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Syed

May 28, 2015 08:51pm

of course.

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Zafar

May 28, 2015 08:56pm

What is the stand of ECP for loan defaulters? Are you qualified to run for office when you have these cases pending against you?

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Riaz

May 28, 2015 08:57pm

Offcourse, surprised anyone?

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Shaukat Ali

May 28, 2015 09:08pm

Loan paid; so no case.

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Sandhu

May 28, 2015 09:50pm

Remembering this is sharif govt.

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Sarwat

May 28, 2015 09:58pm

Wasn't that a given? Tell us something that we could not have predicted.

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Malik USA

May 28, 2015 10:26pm

It is good news for us, because it does not look good that our PM or CM could be charged for corruption. It does not give a good impression when our PM or CM go to abroad. Now they will get confidence to talk to world leaders. The others countries will feel more confidence to give business that we have honest PM, CM and parliamentarians.

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Donald Duncan

May 28, 2015 11:14pm

Sure, it is the great time to clean up the mess against you. If PTI comes in power you will be huge trouble with current cases. But don't worry, there will many more coming.

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Zafar

May 28, 2015 11:31pm

@Shaukat Ali When was it repaid? Where are the records? What about the finance charges? You don't go to the court and tell them that a loan worth millions of dollars was repaid without showing proper documentary evidence.

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lahori

May 28, 2015 11:38pm

Sharifs have been super-honest. I am amazed that this case was lodged. Regardless, I am glad that their hands are free now. If anyone disagrees, just come and look at Lahore. Also the fantastic plan of the Economic corridor with China. Now people will say that it increases the distance by 1000 miles simply because the corridor has to go through Punjab and does not touch Sindh or NWFP in any meaningful way. But that will be false propaganda. I now want Sharif's to come back to real business that is holding Altaf and Zardari accountable and building northern Punjab.

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Akib

May 28, 2015 11:55pm

This case was open for almost 14 years and the dues were paid. Nobody else came forward with any other evidence so what else did the skeptics expect. You actually need proof in court to win not fuzzy math and complaints and dharnas. PTI has warped its followers' minds with such nonsense.

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Mir Sohail Bangulzai

May 29, 2015 12:06am

indeed,a good effort, but at a very wrong time.

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Denali

May 29, 2015 12:37am

Nothing new here - by the way how much tax was paid by the two ?

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mumtaz.baig@houstontx.gov

May 29, 2015 12:54am

I do not wonder why every single court decision go in favor of these great brothers. But for how long. There is always a day when you can not escape. That will be the day to watch.

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Think Twice Act Wise

May 29, 2015 12:56am

Judiciary is made of sell out court and Shameless people. Now Pakistan will have peace, security, corruption free society, Law and order and fair and clean election as long as there are corrupt and sell out elements in Judiciary. Another Sad day for Pakistan. It remain to be seen when Pakistani will wake demand justice for all

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Sarcastic

May 29, 2015 03:04am

@Zahid There is no question in Might being right. Question is when the majority of people will realize and show their might?

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MAlvi

May 29, 2015 03:06am

It is a SHAME.

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saneha

May 29, 2015 03:21am

no surprise, in a country like Pakistan if you have power+money: you have all the decisions with you. A great leader of this country is saying the law is for poor and weak, strong gets acquitted. Insaf should be for all.

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sid

May 29, 2015 05:19am

Excellent example of fair justice in pakistan.

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ILYAS KHAN

May 29, 2015 05:21am

@Malik USA YES they are honest to the core.:-) watch the BBC documentary. If they are so innocent why they haven't sued BBC? They could get million of $$ in compensation if BBC aired a wrong documentary without facts

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Abdul

May 29, 2015 05:57am

The acquittal raises some important questions i.e. as to what was the billion plus money borrowed for and secondly as to where did the company find that kind of money to pay off its loan plus interest. It's about time the Tax Man entered the arena but hang on who is in-charge of the taxman? Isn't it Ishaque Dar the ex accountant of the borrower firm "Ittefaq"? Well there you go!

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CYRUS

May 29, 2015 07:51am

@haider rehman ..... We agree on that point.

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CYRUS

May 29, 2015 07:55am

@Merchant ..... The judge thought it would not be smart to jail the only real leader Pakistan has.

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CYRUS

May 29, 2015 07:58am

@pervaiz iqbal A lot has changed. If I were there I'd put one of those you mentioned in handcuffs myself.

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CYRUS

May 29, 2015 07:59am

@Muhammad ........ You will have to make more money yourself and not take notice.

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CYRUS

May 29, 2015 08:02am

@Farhan ..... "The Law is what the judge says it is." Chief Justice Oliver Wendell Holmes

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khanm

May 29, 2015 10:57am

In Pakistan Money will determine whether the accused goes to prison or walks out of the courtroom as a free man...

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Shaukat Ali

May 29, 2015 04:30pm

@Zafar When the bank concerned says loan has been repaid, what else do you need. Better try to get hold of those who have got their loans written off. Be fair please.

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