Pakistan court acquits ex-PM Sharif in corruption case involving luxury London apartments

Pakistan's former Prime Minister Nawaz Sharif (R) stands beside his daughter Maryam Nawaz (L) as he waves to their supporters along with his brother and former Prime Minister Shehbaz Sharif (back) gathered at a park during an event held to welcome him in Lahore on October 21, 2023. (AFP/File)
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Updated 29 November 2023
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Pakistan court acquits ex-PM Sharif in corruption case involving luxury London apartments

  • Sharif was sentenced to ten years in prison in 2018 for corrupt practices in the purchase of Avenfield apartments
  • Sharif was also sentenced to seven years in prison the same year for failing to prove source of funds to set up steel mills

ISLAMABAD: The Islamabad High Court on Wednesday acquitted former Prime Minister Nawaz Sharif over corrupt practices linked to his family’s purchase of upscale London flats in a case in which the three-time ex-premier was sentenced to 10 years in prison in 2018.

Sharif’s third term as prime minister ran from 2013 to 2017, when he was removed by the Supreme Court amid revelations over his personal wealth in the Panama Papers investigations, and subsequently convicted of corruption in two cases. 

The Avenfield case revolved around the purchase of the upscale Avenfield apartments in London by the Sharif family. In a second case, the Al-Azizia reference, Sharif was convicted for owning assets beyond means and being unable to justify the source of the funds to set up the Al-Azizia Steel Mills and Hill Metal Establishment (HME) in Saudi Arabia. In the second case, Sharif was sentenced to seven years in jail in 2018.

Sharif has consistently denied the accusations, claiming they were politically motivated and blaming the country’s generals for directing the judges to bring him down. The military denies interfering in politics.

“I had left things to Allah, Allah has made me triumphant today,” Sharif told reporters after his acquittal in the Avenfield reference.

Asked about what he expected in the Al-Azizia appeal, the ex-PM said: “I have left that to Allah also.”

Sharif returned to Pakistan after four years in self-exile on Oct. 21 to lead his Pakistan Muslim League-Nawaz (PMLN) party in general elections, scheduled for February.

Ahead of his return, Sharif got protective bail against arrest from a court, and subsequently bail in both the Avenfield and Al-Azizia cases. While he has now been acquitted in the former case, his sentence in the Al-Azizia corruption reference was suspended by the caretaker administration in the Punjab province last month, which is widely considered to be close to the military establishment. The army denies it has any political affiliations.

The suspension of the Al-Azizia sentence and Sharif’s acquittal today in the apartments’ reference has led to widespread speculation that the way is being paved for Sharif’s return to power for a fourth time. 

A number of major political parties, including the Pakistan Tehreek-e-Insaf of ex-PM Imran Khan and the Pakistan People’s Party (PPP) of the Bhutto dynasty, have openly complained of the lack of what has popularly come to be called a “level playing field” — a euphemism for fair competition in elections. Both parties say the PMLN has become a favorite of the powerful military establishment ahead of polls. 


Small emerging market dollar bonds resume selloff, Pakistan drops more than 6 cents

Updated 5 sec ago
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Small emerging market dollar bonds resume selloff, Pakistan drops more than 6 cents

  • Debt in smaller emerging markets has suffered sharp selloffs since Trump announced tariffs
  • The latest rout has pushed borrowing costs higher for countries like Pakistan, Egypt and Sri Lanka

JOHANNESBURG/NAIROBI: International bonds issued by smaller, riskier, emerging economies suffered another sharp selloff on Wednesday after President Donald Trump’s eye-watering 104 percent tariffs on China took effect, re-igniting turmoil across global markets.
Pakistan’s longer-dated dollar-denominated bonds tumbled more than 6 cents to be bid below the 70-cent threshold where debt is seen as distressed, Tradeweb data showed.
Longer-dated bonds, issued by Sri Lanka, Nigeria and Egypt, were all down between 3.5-4.5 cents, although trading was thin, according to market participants.
Debt in smaller emerging markets, known as frontier markets, has suffered sharp selloffs since Trump announced a raft of sweeping tariffs last Wednesday, with many bonds in the asset class losing 10 cents or more over the past week.
The latest rout is boosting the cost of borrowing for those economies, with many of the bonds seeing their yields in the double digits, a threshold that makes it unpalatable for them to tap international capital markets.
“There are some concerns in the market that Frontiers will find it more difficult in the future to raise external funding due to the external market developments and possibly persistent loss in risk appetite,” said Gergely Urmossy, senior frontier markets strategist at Societe Generale.
This could lead to more currency weakness in those economies over the medium term and curtail the space for central banks to lower interest rates to shore up their economies, he added.
Many frontier market governments, especially African sovereigns, had only recently returned to Eurobond markets.
They had lost access for some two years when the fallout from COVID-19 and Russia’s
full-scale invasion of Ukraine sent inflation sharply higher and fueled a global interest rate-hiking cycle that priced those governments out, and helped push Ghana and Zambia into default.
Razia Khan, head of research, Africa and the Middle East at Standard Chartered, said the latest set of tariffs had fueled more concerns over global growth.
“Frontier markets, especially at the lower end of the ratings spectrum, are seen as more vulnerable when risk-off sentiment grips markets,” she said.


Pakistan calls for Gaza ceasefire at OIC meeting

Updated 36 min 28 sec ago
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Pakistan calls for Gaza ceasefire at OIC meeting

  • Pakistan seeks lifting of Israel’s blockade to allow unimpeded humanitarian access across Gaza
  • It reaffirms commitment to working with OIC countries to advance the interests of the Muslim world

ISLAMABAD: Pakistan called for the immediate implementation of a Gaza ceasefire on Tuesday during an Organization of Islamic Cooperation (OIC) ambassador-level meeting in New York, according to a social media post by the country’s Permanent Mission to the United Nations.
The war in Gaza, which began in October 2023 following Hamas’ attacks, has continued despite repeated international appeals for a ceasefire. The Palestinian death toll has reportedly surpassed 50,000, with women and children making up a significant portion of the casualties.
Pakistan, which does not recognize Israel, has consistently supported the Palestinian demand for an independent state based on pre-1967 borders. It has repeatedly raised concerns over the Gaza conflict at various global forums, including the UN Security Council, and has called for a ceasefire and accountability for Israel’s actions.

Pakistan's Permanent Representative to the UN, Asim Iftikhar Ahmad (center), speaks at the Organization of Islamic Cooperation (OIC) ambassador-level meeting in New York, US, on April 8, 2025. (Radio Pakistan)

“Ambassador Asim Iftikhar Ahmad, Permanent Representative of Pakistan to the United Nations, participated in the OIC Ambassadorial-level meeting held today,” Pakistan’s UN mission said in a social media post.
“In his remarks, Ambassador Asim reaffirmed Pakistan’s unwavering support for the Palestinian cause, including the immediate and full implementation of the Gaza ceasefire, lifting of the blockade, unimpeded humanitarian access throughout Gaza, and an end to forced displacement and colonization, including in the West Bank,” the post added.
The OIC meeting also reviewed the situation in Palestine and Syria, and heard briefings from the foreign ministers of Bahrain and Kyrgyzstan regarding their respective candidatures for non-permanent seats on the UN Security Council for the 2026–27 and 2027–28 terms.
The Pakistani mission said the country remained committed to working closely with other OIC member states to advance common causes and the collective interests of the Muslim Ummah.


Pakistan PM pushes for deeper economic and security ties with visiting US delegation

Updated 09 April 2025
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Pakistan PM pushes for deeper economic and security ties with visiting US delegation

  • Shehbaz Sharif encourages US companies to invest in Pakistan’s minerals sector, calls it a ‘priority area’
  • The visiting delegation also discusses Pakistan-US Counterterrorism Dialogue scheduled for June this year

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday reiterated his administration’s desire for closer collaboration with the United States in trade, investment and counterterrorism during a meeting with a visiting American delegation attending the Pakistan Minerals Investment Forum in Islamabad.
The US and Pakistan have had a complex relationship, ranging from close defense cooperation during the Cold War, particularly after the Soviet invasion of Afghanistan in 1979, to more strained and uneven ties in recent decades.
Despite challenges, Islamabad has sought to broaden and deepen relations with Washington. However, its ambition to pivot to an export-driven economy by expanding global trade took a hit when President Donald Trump imposed a 29 percent tariff on Pakistani goods last week.
Still, the visiting US delegation, led by Eric Meyer, Acting Assistant Secretary at the Bureau of South and Central Asian Affairs, praised Pakistan for hosting the investment forum and expressed American interest in the country’s mineral sector.
“While underscoring the significance of Pakistan-US relations not only in the bilateral context but also for regional peace and security, the Prime Minister expressed Pakistan’s desire to work with President Trump and his Administration to strengthen bilateral relations with the United States,” Sharif’s office said in a statement after the meeting.
“The Prime Minister underscored the importance of enhanced cooperation in areas of mutual interest including trade and investment, as well as counterterrorism,” it added.
Sharif also encouraged US companies to invest in Pakistan’s minerals sector, calling it a “priority area” with immense potential.
Meyer congratulated Pakistan on organizing the two-day event and acknowledged the interest of American firms in exploring investment opportunities in Pakistan’s mining industry.
Separately, the American official met Interior Minister Mohsin Naqvi and held detailed discussions on bilateral cooperation in counterterrorism, anti-smuggling and narcotics control.
Both sides agreed to enhance collaboration, with Naqvi highlighting that a Pakistan-US Counterterrorism Dialogue scheduled for June in Islamabad would be “an important step in strengthening joint efforts.”
Meyer condemned last month’s deadly terrorist attack on the Jaffer Express, a passenger train targeted in Balochistan province by separatist militants, and offered condolences for the loss of life.
“Pakistan cannot fight this war alone,” Naqvi said. “The international community must support it.”
He noted that, like the US, Pakistan was also grappling with the issue of illegal immigration, referring to the presence of Afghan nationals in the country whom the government is working to repatriate to the neighboring state.
Naqvi also expressed hope the American delegation’s participation in the minerals forum would serve as a milestone in advancing investment and bilateral ties.


Pakistan’s envoy to UAE says Islamabad pursuing progressive agenda to drive economic growth

Updated 43 min 31 sec ago
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Pakistan’s envoy to UAE says Islamabad pursuing progressive agenda to drive economic growth

  • Ambassador Faisal Niaz Tirmizi hosted a gathering in Abu Dhabi to mark his country’s national day
  • He called for an end to hostilities in Gaza and demanded peaceful resolution of the Palestine dispute

ISLAMABAD: Pakistan’s envoy to the United Arab Emirates (UAE) on Tuesday said the administration in Islamabad was following an agenda to ensure economic progress, as he hosted a reception to mark his country’s national day.
Pakistan annually commemorates its national day on March 23, marking the anniversary of the 1940 Lahore Resolution that called for a separate homeland for the Muslims of the Indian Subcontinent.
Ambassador Faisal Niaz Tirmizi highlighted the Pakistani government’s socio-economic initiatives during the event in Abu Dhabi, which was attended by diplomats and senior Emirati officials, including Sheikh Nahayan bin Mabarak Al Nahyan, the UAE’s Minister of Tolerance and Coexistence.
“[Ambassador Tirmizi] invited attention toward a range of opportunities in Pakistan that remained pivotal in promoting socio-economic development in [his] country,” said an official statement issued by the Pakistan Embassy in Abu Dhabi following the event.
“These included a healthy youth bulge; growing women participation in public life; the potential of agriculture; rich socio-cultural heritage; tourism potential; and the fastest-growing IT sector,” the statement added. “He underscored that the government was pursuing a progressive agenda aimed at making tangible progress toward achieving economic growth and Sustainable Development Goals.”
In his address, the Pakistani envoy also called for an immediate end to hostilities in Gaza and reiterated Islamabad’s support for the peaceful resolution of the Palestine and Kashmir disputes in accordance with United Nations Security Council resolutions.
The ambassador acknowledged the UAE’s impressive economic transformation over the past five decades and paid tribute to the leadership of the late Sheikh Zayed bin Sultan Al Nahyan, whose vision, he said, was being proudly carried forward by President Sheikh Mohammed bin Zayed Al Nahyan.
Tirmizi also praised the growing political and economic partnership between Pakistan and the UAE while highlighting regular high-level exchanges and institutional cooperation between them along with the presence of a 1.7 million-strong Pakistani diaspora in the Gulf state.


Pakistan’s national flag carrier posts first profit in 21 years amid privatization push

Updated 09 April 2025
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Pakistan’s national flag carrier posts first profit in 21 years amid privatization push

  • PIA posted an operational profit of $33.48 million, with a net profit of $94.32 million in FY 2024
  • Airline says its return to profitability will enhance market credibility, support national economy

KARACHI: Pakistan’s financially struggling national air carrier has recorded an operational profit of Rs9.3 billion ($33.48 million) for the first time in 21 years, the country’s defense minister Khawaja Muhammad Asif said on Tuesday.
Pakistan’s cash-strapped administration is looking to privatize the debt-ridden Pakistan International Airlines (PIA) to raise funds and overhaul state-owned enterprises as part of a $7 billion International Monetary Fund (IMF) program.
However, a previous attempt to offload a 60 percent stake in the airline failed last year after it drew just one bid — well below the asking price — highlighting investor concerns over the carrier’s viability. The new development could boost the government’s efforts to revive buyer interest.
“#PIACL Board today has approved its accounts FY 2024, and after 21 years, it has achieved an operating profit of PKR 9.3 billion & net profit of PKR 26.2 billion [$94.32 million] (after deferred tax adjustment),” Asif said in a post on social media platform X, formerly Twitter.
“People of #Pakistan might have lost hope on ‘once a pride of the nation’, but with rigorous steps adopted by the GoP, implementing comprehensive reforms entailing cost & workforce rationalization, routes optimization & financial discipline with balance sheet restructuring, PIA is poised to capitalize on financial performance through privatization process,” he added.
According to a statement from the airline’s spokesperson, the operational margin for 2024 exceeded 12 percent, a performance level the company said matches that of top global carriers.
PIA’s return to profitability is expected to enhance its market credibility and support the broader economy, it added.