ISLAMABAD: Pakistan Supreme Court Chief Justice Asif Saeed Khosa on Monday said former military ruler Pervez Musharraf would lose his right of defense in a treason case against him if he did not appear before a special court on May 2.
Musharraf, who seized power in a 1999 military coup and stepped down nine years later amid mass protests, was indicted for high treason in March 2014. In 2016, he was allowed to leave Pakistan for health reasons that his lawyer argued prevented him from standing trial on treason and other charges. Musharraf denies the charges and has since skipped all court hearings in Pakistan.
Musharraf faces the death penalty if convicted of the treason charges over his suspension of the constitution and imposition of emergency rule in 2007, when he was trying to extend his tenure.
The case marked the first time a former military officer of Musharraf’s rank appeared in court before a judge in a country where the military has rarely been challenged by either the government or the judiciary.
Local media extensively reported Monday’s hearing at which the top court warned that if Musharraf did not appear before the special court on May 2, he would lose his right to record a statement under Section 342 of the Code of Criminal Procedures and the court would announce a verdict based on the prosecution’s arguments.
“A fugitive has no rights,” Justice Khosa was quoted by local media as having said in the courtroom. “High treason is not an average crime.”
Musharraf’s lawyer Salman Safdar avoided giving a personal guarantee that the former general would return but said that he wanted to appear personally and record a statement.
Pakistan court orders Musharraf to appear on May 2 or lose right of defense
Pakistan court orders Musharraf to appear on May 2 or lose right of defense
- Chief justice says “fugitive has no rights,” will announce sentence in treason case based on prosecution arguments if ex-military ruler failed to appear
- Musharraf was indicted for high treason in March 2014 but left for Dubai in 2016 to “seek medical treatment,” he hasn’t returned since
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
