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NAB to Freeze Shahbaz Properties

Real Estate News
18 Jul 2019
NAB to Freeze Shahbaz Properties

NAB to Freeze Shahbaz Properties

Lahore: Recently, NAB (National Accountability Bureau) has decided to get all of the movable as well as immovable properties of Shahbaz Sharif; President of Pakistan Muslim League-Nawaz in Pakistan.

Along with Shahbaz Sharif, the properties of his sons i.e. Suleman and Hamza, as well as other family members in the connection, will be seized after an investigation against the income-beyond-means and the money laundering case. These actions are taken by NAB on following a report of a British newspaper alleging that Shahbaz Sharif; the Leader of the Opposition in the NA (National Assembly) during his tenure as Punjab CM (Chief Minister) had misused the UK grant that was actually meant for the relief activities after Earthquake that hit Pakistan back in 2005. Though these allegations are denied by
former CM.

NAB has recently written to SECP (Securities and Exchange Commission of Pakistan), and Director General of Excise and Taxation Department, Judicial Employees Cooperative Housing Society Secretary, Model Town Housing Society Secretary and Director General of Galliat Development Authority to inform them the authorities had taken cognizance of offense committed by Mr. Sharif along with his sons and others in assets disproportionate to get information regarding the source of income and money laundering case. All the movable and immovable properties are going to be frozen with immediate effect.

NAB has also asked SECP to mark caution when transferring the shareholdings of Madina Trading (Pvt) Ltd, Sharif Poultry Farms (Pvt) Ltd, Ramzan Sugar Mills, Sharif Daily Farms (Pvt) Ltd, European-Asian Trading Corporation (Pvt) Ltd, Madina Construction Company (Pvt) Ltd and Sharif Mills (Pvt) Ltd. The watchdogs have even attached properties of Hamza Shahbaz, who is also in the custody of NAB. The properties include four residential plots comprising one kanal and five marlas, one kanal and seven marlas, one kanal and four marlas and one kanal and eight marlas in the Judicial Employees Cooperative Housing Society.

Three properties in Haripur also came in forward that are owned by the wife of Mr. Shahbaz Sharif, named Tehmina Durrani and these properties will also be made part of the case and investigation.

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