ISLAMABAD, Aug 6: The newly elected president of Pakistan Muslim League (N) Mian Shahbaz Sharif is co-accused in two cases of money laundering and bank default of over Rs two billion, National Accountability Bureau said on Tuesday.

In these two references pending at the accountability court, Attock, Mian Nawaz Sharif is the principal accused and all the directors of Hudabiya Sugar Mills and Ittefaq Foundry are co- accused, Prosecutor General Raja Bashir told a press conference.

In the case of Hudabiya Sugar Mills, the charge is of money laundering to the tune of over Rs600 million whereas in the case against Ittefaq Foundry, the directors are accused of bank loans default involving a total sum of Rs1.6 billion.

“The law will take its course,” Prosecutor General Raja Bashir said on a question about fate of Shabaz Sharif if he returned.

A key legal functionary of the government expressed his complete ignorance about the agreement which the government claims it had signed with the Sharif family for allowing them to leave the country.

“I have no knowledge about the agreement,” he said on a question whether he was privy to the deal reportedly signed between the Sharif family and the government.

Raja Bashir did not rule out the possibility of Shahbaz Sharif being arrested in case he returned for contesting the elections.

Former prime minister Nawaz Sharif had left the country along with 18 other family members in December, 2000, after striking a deal with the military government.