Pakistani prime minister appears in court in corruption case

Security officials escort Pakistan Prime Minister Shehbaz Sharif (C), as he leave the National Accountability Bureau court after a money-laundering case hearing, in Lahore on October 13, 2020. (AFP/File)
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Updated 20 June 2022
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Pakistani prime minister appears in court in corruption case

  • Shehbaz Sharif granted exemption from further appearances in person in the hearings
  • Case is related to Sharif’s alleged links to a multi-million-dollar housing scam in Lahore

LAHORE: Pakistan’s newly elected Prime Minister Shehbaz Sharif appeared in court on Monday in connection with an old corruption case and was granted exemption from further appearances in person in the hearings, his defense lawyer said.

The case dating back four years is related to Sharif’s alleged links to a multi-million dollar housing scam in the eastern city of Lahore, according to the attorney, Amjad Pervez.

Pervez described the proceedings as a “politically-motivated case,” adding that Sharif was implicated in the case falsely, by the government of his predecessor, Imran Khan. He said he hopes for a full acquittal.

The prosecution claims Sharif abused power while he was chief minister of Punjab province from 2013 to 2018. He is accused of awarding contacts for a housing scheme for low-income citizens to those connected to his Pakistan Muslim League party. He has denied the allegations.

Sharif became prime minister in April, when he replaced Khan, a former cricket star turned Islamist politician who was ousted through a no-confidence vote in Parliament. Khan, who came to power in 2018, claimed he never victimized his political opponents. He insisted that his ouster was US conspiracy — a charge both Sharif and Washington deny.

Pervez, the attorney, successfully argued on Monday that Sharif’s regular appearances in court would negatively impact his daily work as premier, since he would have to travel often to the city of Lahore to attend the hearings. The lawyer added he would continue to represent Sharif until the verdict.

Sharif’s Pakistan Muslim League is a family-run and family-dominated party that has long been tainted by corruption allegations, which it denies. 


Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

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Pakistan’s first non-life Shariah-compliant takaful operator plans share sale in January

  • Pak-Qatar General Takaful Limited plans to raise up to $1.5 million through initial public offering
  • Institutional investors will get 75% of shares, while the remaining 25% will go to retail investors

KARACHI: Pakistan’s first dedicated non-life Shariah-compliant takaful operator said on Monday it will launch an initial public offering this month, seeking to raise up to Rs 420 million ($1.5 million) as Islamic finance gains traction in the country’s capital markets.

The company, Pak-Qatar General Takaful Limited, said it would issue 30 million shares, with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75% of the shares on offer, while the remaining 25% will be allocated to retail investors.

“Arif Habib Limited has been mandated by Pak-Qatar General Takaful Limited to act as the consultant and book runner for raising funds through the initial public offering,” it announced in a statement.

The book-building process for the offering will take place on Jan. 21-22, it added, with investor registration opening on Jan. 16, while public subscriptions are scheduled for Jan. 28-29.

The offering follows the recent listing of Pak-Qatar Family Takaful Limited, which raised Rs 901 million ($3.23 million) last month in Pakistan’s first Islamic insurance sector IPO, an issue that was oversubscribed several times.

Proceeds from the IPO will be used to strengthen the company’s capital base and support investments in technology, infrastructure and branch expansion, said the statement.

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.