Anti-graft body gets final remand of ex-PM Abbasi in Qatar LNG case

File photo of the jointly signed agreement between former federal minister for petroleum and natural resources Shaihd Khaqan Ababsi adn Chairman of Qatar Gas Boarad of Directors Saad Sherida Al-Kaabi in Diwan-El-Amiri in Doha, Qatar on February 10, 2016. Former PM of Pakistan Nawaz Sharif and Amir of Qatar Sheikh Tamin bin Hamad Have witnessed the signing of the MOU's between Pakistan and Qatar. (PID photo)
Updated 12 October 2019
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Anti-graft body gets final remand of ex-PM Abbasi in Qatar LNG case

  • Remand of Abbasi, ex-finance minister Ismail and former PSO MD extended until October 28
  • Abbasi was detained in July in a case opened last year over an LNG terminal project

KARACHI: An accountability court on Friday granted Pakistan’s anti-corruption body a final extension in the remand of former Prime Minister Shahid Khaqan Abbasi, ex-Finance Minister Miftah Ismail and former Pakistan State Oil (PSO) managing director Sheikh Imranul Haq until October 28, local media reported.
Abbasi was detained in July in a case that was opened last year over a liquefied natural gas (LNG) terminal project signed with Qatar.
The spate of arrests of senior opposition politicians this year have roiled a political scene already thick with accusations of corruption and abuse of office and prompted opposition charges that the government was trying to silence criticism.
Pakistan’s new LNG infrastructure, erected at breakneck speed by the previous administration of Prime Minister Nawaz Sharif, has emerged as a major anti-corruption battlefield.
LNG terminals built in 2016 and 2017 were vital to ending a decade of electricity shortages and turned Pakistan into one the world’s hottest LNG markets, with Qatar and Italy’s Eni signing long-term gas deals worth billions.
But new Prime Minister Imran Khan’s Pakistan Tehreek-i-Insaf (PTI) party has for years alleged corruption. In April, on the instructions of the National Accountability Bureau, the government first barred Abbasi, Ismail, and six bureaucrats involved in the Qatar deal for the first terminal from leaving the country. Abbasi, Ismail and Haq were later arrested in the case. They all deny wrongdoing. No allegations of wrongdoing have been made against the Qatari side.
Political analyst Mazhar Abbas said NAB was legally allowed to remand an accused for 90 days but would now have to produce enough evidence to launch formal charges against Abbasi.
“We cannot discuss the merits and demerits of the case as the case is subjudice but if NAB fails to file a reference, it will prove Abbasi right that this case was part of a victimization drive,” Abbas said.
Nawaz Sharif’s PML-N party was already engaged in a bitter stand-off with Khan’s party, which came to power last year accusing Abbasi and his predecessor, Sharif, of large-scale corruption and mismanagement of the economy.
In 2017 the Supreme Court disqualified Sharif from holding public office over accusations that eventually led to a seven-year jail sentence for receiving undeclared income. Abbasi took over as premier and served for less than a year before losing an election to Khan’s party in 2018.
The PML-N accuses the government of being behind the arrest of Sharif and other opposition leaders. The government has rejected opposition accusations of using the National Accountability Bureau to suppress its critics and opponents.
It says corruption by past governments is the main reason for an economic crisis that has forced Pakistan this year to seek a $6 billion loan package from the International Monetary Fund, its 13th IMF bailout since the 1980s.
Last year, the NAB ordered an inquiry against Abbasi, Sharif and others “for granting a 15-year contract of LNG terminal to a company of their liking in violation of rules and by misuse of their powers, which caused (the) national exchequer a loss of billions of rupees”.


Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets

Updated 10 February 2026
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Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets

  • A T+1 settlement cycle means that securities transactions are finalized and settled one business day after trade date
  • Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle

KARACHI: Pakistan’s capital market has officially transitioned to the Trade plus one (T+1) settlement cycle, a landmark reform that strengthens efficiency, reduces risk and aligns the country with international best practices, the Pakistan Stock Exchange (PSX) said on Tuesday.

A T+1 settlement cycle means that securities transactions are finalized and settled one business day after the trade date, which reduces counterparty risk and improves capital efficiency in the exchange of funds and securities. 

Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle. The transition was implemented under the guidance of the Securities and Exchange Commission of Pakistan (SECP) through close collaboration among all stakeholders, according to the PSX.

It aligns Pakistan’s capital market with leading markets such as the United States, Canada, Mexico, Argentina, Jamaica and China, which have already adopted shorter settlement cycles. Europe, the UK and Switzerland are set to follow by 2027. By moving early, Pakistan has demonstrated its commitment to modernization and investor protection.

“The transition to the T+1 settlement cycle brings important advantages for Pakistan’s capital market. It enables faster access to funds and securities, improving liquidity, while reducing settlement and counterparty risk through shorter exposure periods,” the PSX said.

“Quicker trade finalization enhances efficiency and the reform strengthens investor confidence, particularly among institutional and foreign investors. Together, these benefits support a stronger and more resilient market aligned with global best practices.”

Pakistan’s stock market has touched historic highs in recent months as broad institutional buying boosted investor confidence amid ongoing economic reforms under international lending programs. Pakistani state media reported in Jan. around 135,000 new investors had joined the PSX over the last 18 months.

SECP Chairman Dr. Kabir Ahmed Sidhu commended the PSX, the Central Depository Company and the National Clearing Company of Pakistan for the successful implementation of the T+1 settlement system.

“The reform brings Pakistan’s capital market at par with modern jurisdictions by accelerating trade settlement, reducing counterparty and market risks, and enhancing liquidity,” he was quoted as saying by the PSX.

“The adoption of T+1 will strengthen investor confidence and align Pakistan’s capital market with evolving international standards and global best practices.”