ISLAMABAD: An accountability court in Islamabad is scheduled to announce its verdict today (Monday) in the Flagship Investments and Al-Azizia Steel Mills references against the Sharif family ousted prime minister Nawaz Sharif.
Accountability court II, presided over by Judge Mohammad Arshad Malik, had reserved its judgment in both references on December 19.
Entry to the court has been restricted and security across the city has been beefed up. No one will be allowed to attend proceedings on Monday except those having permission of the registrar. Rangers and police officials have been deployed around the court premises.
In a show of power and solidarity, Pakistan Muslim League-Nawaz (PML-N) party leaders and workers have gathered outside the court premises to show their support. PML-N Spokesperson Marriyum Aurangzeb and veteran politician Javed Hashmi have also reached the court premises.
The former Prime Minister Nawaz Sharif arrived in Islamabad on Sunday, for the verdict in the remaining two corruption references filed against the Sharif family being announced by an accountability court on Monday.
Upon his arrival in Islamabad, the PML-N Supremo met with his brother and party president Shahbaz Sharif and other senior party representatives and legal aides.
On July 28, 2017, the SC in its verdict in the Panama Papers case disqualified then Prime Minister Nawaz Sharif from his position and directed the National Accountability Bureau (NAB) to file three references against the Sharif family’s Avenfield Properties, Al-Azizia Steel mills and Flagship Investment.
In September 2017, NAB filed three references and on July 6, 2018, an accountability court, presided over by Judge Mohammad Bashir in the Avenfield reference, sentenced Nawaz Sharif, his daughter Maryam Nawaz and son-in-law Captain (retd) Safdar Awan to 11 years, eight years and one year in prison respectively.
In the remaining two references — the UK-based Flagship Investment Limited and Al-Azizia Steel Mills — Judge Arshad Malik reserved the verdict on December 19, later announcing December 24 as the day on which the verdict would be announced. The judge reached Accountability Court II on Sunday to write the verdict.
Hassan Nawaz Sharif, the former premier’s youngest son, set up an investment firm in 2001 by the name of Flagship Investment Limited with an office registered in the United Kingdom. At the time he was 25-years-old. The court, in this case, was tasked to determine the source of Hasan’s income to set up the investment firm.
With regards to Al-Azizia Steel Mills, Hussain Nawaz Sharif, the deposed prime minister’s older son, claimed that he received a sum of $5.4 million from his grandfather to establish the steel conglomerate in Saudi Arabia. The payment was made by a Qatari royal on the request of the older Sharif. Thereafter, scrap machinery was transported from their Ahli Steel Mills in Dubai to Jeddah to establish Al-Azizia in 2001.
Sharif gets verdict in graft cases against him today
Sharif gets verdict in graft cases against him today
- Accountability court will announce joint verdict in two graft cases against him
- He is already convicted in Avenfield case and is out on bail
Pakistan, Algeria discuss investment cooperation in energy, mining, digital sectors
- MoU planned between Algerian investment agency and Pakistan’s SIFC
- Talks also cover digital governance and smart agriculture collaboration
ISLAMABAD: Pakistan and Algeria have agreed to pursue closer investment cooperation in energy, mining and digital development, Pakistan’s Special Investment Facilitation Council (SIFC) said on Friday, as Islamabad steps up efforts to attract foreign capital and expand international collaborations.
The SIFC is a hybrid civil-military body formed in 2023 to fast-track decisions related to international investment in sectors including tourism, livestock, agriculture and mines and minerals. It has been central to Pakistan’s efforts to attract foreign investment and streamline regulatory approvals amid recurring balance-of-payments pressures.
Federal Secretary SIFC Jamil Qureshi said in a social media post that he met Algeria’s Ambassador to Pakistan, Dr. Brahim Romani, and discussed signing a memorandum of understanding to strengthen institutional collaboration between the Algerian Investment Promotion Agency and the SIFC.
“Both countries share strong potential to expand cooperation in strategic sectors such as energy, mining, digital transformation, and industrial development,” he said.
“Algeria’s experience in leveraging natural resources through institutions like Sonatrach, developing large-scale mining projects, and promoting industrial localization through partnerships with global firms such as Stellantis offers valuable lessons for Pakistan as we advance priority initiatives including Reko Diq, renewable energy expansion, and EV manufacturing,” he continued.
Qureshi said the two sides also explored collaboration in digital governance and smart agriculture, similar to Algeria’s satellite-driven agricultural and climate monitoring initiatives.
Islamabad has in recent months intensified outreach to Middle Eastern, Central Asian and African partners as it seeks long-term investment rather than short-term financial support.
Pakistan’s economy has stabilized under an International Monetary Fund program, with the government actively seeking foreign investment and collaborations to boost growth, improve exports and ease pressure on foreign exchange reserves.
“We look forward to translating this shared vision into concrete projects that generate jobs, enhance exports, and strengthen Pakistan–Algeria economic partnership,” Qureshi added.
Qureshi did not provide a timeline for signing the proposed memorandum of understanding.
