Nawaz, Shahbaz acquitted in Ittefaq Foundries case

Published May 28, 2015
An application by National Accountability Bureau (NAB) Chairman Admiral (retd) Fasih Bokhari for the re-examination of the Ittefaq Foundry case was rejected by the Lahore High Court (LHC) on Thursday. ─ Reuters/File
An application by National Accountability Bureau (NAB) Chairman Admiral (retd) Fasih Bokhari for the re-examination of the Ittefaq Foundry case was rejected by the Lahore High Court (LHC) on Thursday. ─ Reuters/File

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.

Read more: SC orders proceedings against Ittefaq Foundries’ guarantor

Opinion

Editorial

A grave tragedy
Updated 08 Feb, 2023

A grave tragedy

It is hoped that Pakistan continues to send as many personnel and relief goods as needed to Turkiye, Syria.
Pharma shutdown
08 Feb, 2023

Pharma shutdown

IN the midst of an economic and political maelstrom, a fresh crisis threatens the availability of drugs in the...
PSL season
Updated 08 Feb, 2023

PSL season

PSL has provided a launching pad for several of the team’s current stars, and for them, hitting top form will be key.
No pardon for rape
Updated 07 Feb, 2023

No pardon for rape

Cultural filters and biases can often lead to faulty applications of the law.
Health insurance
07 Feb, 2023

Health insurance

THE planning ministry is reported to have raised objections to Punjab’s flagship universal health coverage...
The people’s demands
07 Feb, 2023

The people’s demands

AS the people of KP are literally on the frontline of the battle against terrorism and violent extremism, they are...