ISLAMABAD: A high court in the United Kingdom has ordered that $28.7 million be debited from the accounts of the Pakistan High Commission in London over non-payment of a penalty by the National Accountability Bureau (NAB) to a foreign firm, Pakistani media reported on Friday.
Broadsheet LLC, a US-based assets recovery firm, was used during the tenure of military ruler General Pervez Musharraf to help the then-government and newly established NAB track foreign assets purchased through illegal money.
Last year, the company filed a claim with the London High Court to enforce the payment of the outstanding $22 million owed to the firm by NAB. Broadsheet had also asked that an interest of $4,758 per day be applied, Dawn newspaper reported.
The deadline for the payment of the penalty owed to the firm was December 31.
An English court in December 2018 issued an order for payment of $22 million to Broadsheet by the government of Pakistan. In July this year, the government unsuccessfully appealed the arbitration.
The arbitrator found that Pakistan and NAB had wrongfully repudiated an asset recovery agreement with Broadsheet and ruled that the company was entitled to damages, Dawn said.
UK court orders Pakistani High Commission to pay $28.7 mln owed by accountability bureau
https://arab.news/rfk9b
UK court orders Pakistani High Commission to pay $28.7 mln owed by accountability bureau
- The row is over non-payment of a penalty by the National Accountability Bureau to a foreign assets recovery firm
- Broadsheet LLC was used during tenure of military ruler Musharraf to help NAB track foreign assets purchased through illegal means
Islamabad says surge in aircraft orders after India standoff could end IMF reliance
- Pakistani jets came into the limelight after Islamabad claimed to have shot down six Indian aircraft during a standoff in May last year
- Many countries have since stepped up engagement with Pakistan, while others have proposed learning from PAF’s multi-domain capabilities
ISLAMABAD: Defense Minister Khawaja Asif on Tuesday said Pakistan has witnessed a surge in aircraft orders after a four-day military standoff with India last year and, if materialized, they could end the country’s reliance on the International Monetary Fund (IMF).
The statement came hours after a high-level Bangladeshi defense delegation met Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu to discuss a potential sale of JF-17 Thunder aircraft, a multi-role fighter jointly developed by China and Pakistan that has become the backbone of the Pakistan Air Force (PAF) over the past decade.
Fighter jets used by Pakistan came into the limelight after Islamabad claimed to have shot down six Indian aircraft, including French-made Rafale jets, during the military conflict with India in May last year. India acknowledged losses in the aerial combat but did not specify a number.
Many countries have since stepped up defense engagement with Pakistan, while delegations from multiple other nations have proposed learning from Pakistan Air Force’s multi-domain air warfare capabilities that successfully advanced Chinese military technology performs against Western hardware.
“Right now, the number of orders we are receiving after reaching this point is significant because our aircraft have been tested,” Defense Minister Asif told a Pakistan’s Geo News channel.
“We are receiving those orders, and it is possible that after six months we may not even need the IMF.”
Pakistan markets the Chinese co-developed JF-17 as a lower-cost multi-role fighter and has positioned itself as a supplier able to offer aircraft, training and maintenance outside Western supply chains.
“I am saying this to you with full confidence,” Asif continued. “If, after six months, all these orders materialize, we will not need the IMF.”
Pakistan has repeatedly turned to the IMF for financial assistance to stabilize its economy. These loans come with strict conditions including fiscal reforms, subsidy cuts and measures to increase revenue that Pakistan must implement to secure disbursements.
In Sept. 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF) program and a separate $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening the country’s economic and climate resilience.
Pakistan has long been striving to expand defense exports by leveraging its decades of counter-insurgency experience and a domestic industry that produces aircraft, armored vehicles, munitions and other equipment.
The South Asian country reached a deal worth over $4 billion to sell military equipment to the Libyan National Army, Reuters report last month, citing Pakistani officials. The deal, one of Pakistan’s largest-ever weapons sales, included the sale of 16 JF-17 fighter jets and 12 Super Mushak trainer aircraft for basic pilot training.
