Pakistani former prime minister’s daughter acquitted in ‘Avenfield Reference’

Maryam Nawaz, left, daughter of former Prime Minister Nawaz Sharif waves to her supporters outside the Islamabad High Court in Islamabad, Pakistan, on September 29, 2022. (AP)
Short Url
Updated 29 September 2022
Follow

Pakistani former prime minister’s daughter acquitted in ‘Avenfield Reference’

  • Sharifs accused of embezzling public funds to offshore accounts used to purchase four luxury Avenfield properties
  • Graft case also implicated Sharif’s sons, Hassan and Hussain, Maryam Nawaz and husband Safdar Awan acquitted

ISLAMABAD: The Islamabad High Court (IHC) on Thursday acquitted Maryam Nawaz, the daughter of former Prime Minister Nawaz Sharif, and her husband Muhammad Safdar Awan in a case popularly known as the Avenfield Reference that relates to the purchase of a number of upscale properties in London. 


The Sharifs were accused of embezzling public funds to offshore accounts that were used to purchase four high valued Avenfield properties, an apartment block on Park Lane in central London. The graft case also implicated Sharif’s sons, Hassan and Hussain.

The Sharifs say the case is politically motivated.

In July 2018, an accountability court sentenced former PM Sharif to 10 years in prison in the case and gave his daughter Maryam Nawaz seven years for abetment. Sharif’s son-in-law Awan got a one-year sentence for not cooperating with the investigation. 

Th ex-PM and his daughter subsequently filed an appeal against the jail sentence with the Islamabad High Court, asking it to annul the verdict of the accountability court.

"This is how lies come to end," Nawaz said after the acquittal hearing, lauding her legal team for fighting her case for four years.

Prime Minister Shehbaz Sharif, the younger brother of Nawaz Sharif, took to the Twitter:

“The edifice of lies, slander & character assassination has come crumbling down today,” he said.

“Maryam Nawaz's acquittal in the Avenfield Reference is a slap in the face of so-called accountability system that was employed to target Sharif family. My congratulations to Maryam Beti [daughter] & Safdar.”

 

 

 

Sharif was also sentenced in a separate case to seven years in prison in December 2018 and fined $25 million on corruption charges. An anti-corruption court in Islamabad ruled that Sharif was unable to prove the source of income that had led to his ownership of a steel mill in Saudi Arabia.

Sharif left the country to receive medical treatment in London in 2019 and has since not returned.


Pakistan stocks rebound on easing regional tensions, gain over 1,500 points

Updated 13 January 2026
Follow

Pakistan stocks rebound on easing regional tensions, gain over 1,500 points

  • The development came after Iran said it was keeping communication channels with Washington open amid cost-of-living protests
  • It followed a threat by President Donald Trump last week to intervene militarily if Tehran continued cracking down on protesters

ISLAMABAD/KARACHI: The Pakistan Stock Exchange (PSX) edged higher on Tuesday as the benchmark index gained more than 1,500 points, with analysts citing easing regional tensions following signals of potential talks between Iran and the United States (US).

The benchmark KSE-100 index gained 1,567.36 points, or 0.86 percent, to close at 183,951.50 points, compared to the previous close of 182,384.14 points when the market had shed more than 2,000 points, according to PSX data.

Iran has been witnessing public unrest over worsening economic conditions. Around 2,000 people, including security personnel, have been killed in violent protests, Reuters reported, citing an Iranian official.

Tehran said on Monday that it was keeping communication channels with Washington open as US President Donald Trump imposed 25 percent tariffs on countries trading with the Islamic republic.

“Stocks showed sharp recovery at PSX after Iran and US signal talks over unrest in Iran,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.

“Surging global crude oil prices and speculations ahead of corporate results in the earnings season played a catalyst role in bullish close.”

Najeeb Ahmed Khan Warsi, digital and retail business officer at Al-Habib Capital Market, said the index had seen a three-day bearish streak.

“Geopolitics and global volatility driving downturn, profit-taking and economic concerns weigh in,” he added.

Meanwhile, Pakistani market research firm Topline Securities said the benchmark index ended the session on a “positive note” on Tuesday.

“Trading interest remained subdued, as total market volumes reached 1,033 million shares, while the value of shares traded stood at Rs62.9 billion,” it said in a daily market review on X.

United Bank Limited (UBL), National Bank of Pakistan (NBP), Muslim Commercial Bank Limited (MCB), Lucky Cement Limited (LUCK) and Meezan Bank Limited (MEBL) jointly contributed 936 points to the index, according to the research firm.

Fauji Fertilizer Company Limited (FFC), Sazgar Engineering Works Limited (SAZEW) and Haleon Pakistan Limited (HALEON) collectively shaved 158 points off the index.

“Bank of Punjab (BOP) led the volume rankings, emerging as the most actively traded stock with 73 million shares,” Topline Securities added.