British tabloid Daily Mail’s apology proof of PM’s innocence — Nawaz Sharif

A supporter of Pakistan Muslim League-N (PML-N) holds a party flag with images of Shehbaz Sharif and his elder brother and former prime minister Nawaz Sharif outside the parliament house building in Islamabad on April 11, 2022. (Photo courtesy: AFP/File)
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Updated 10 December 2022
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British tabloid Daily Mail’s apology proof of PM’s innocence — Nawaz Sharif

  • Nawaz Sharif says fake cases were registered against him over the past couple of years
  • Sharif says PM given clean chit by UK government’s crime agency, British tabloid

ISLAMABAD: Former three-time prime minister Nawaz Sharif on Saturday said British tabloid Daily Mail’s apology to his younger brother, Prime Minister Shehbaz Sharif, was proof that he and other leaders of the Pakistan Muslim League-Nawaz (PML-N) party were innocent of corruption charges.

British newspaper ‘The Mail on Sunday’ and online news website ‘Mail Online’ on Thursday apologized to the Pakistani prime minister for publishing a 2019 report that said he was being investigated by Pakistani authorities for embezzling funds meant for earthquake victims.

Shehbaz Sharif sued the newspaper in 2020, claiming the story was “politically motivated” at the behest of then prime minister Imran Khan and his accountability czar, Mirza Shahzad Akbar. Both denied the allegations.

In its apology, Daily Mail made it clear Shehbaz Sharif was never accused by Pakistan’s National Accountability Bureau (NAB) of any wrongdoing in relation to British money or any grant by the UK’s Department of International Development (DfID).

In a video message, the elder Sharif said the apology by the British newspaper carried weight as no political party was in government in the UK and hence, couldn’t influence its decision.

“There is democracy here [in the UK], this country’s newspaper has tendered an apology here,” he said. “What bigger proof can there be of someone’s innocence?”

Sharif said ex-PM Khan “is involved in corruption himself from head to feet”, adding that on the contrary, his younger brother had been given a clean chit by the UK government and a British newspaper.

Sharif was restricted for life from holding any political office by Pakistan’s top court in April 2018, followed by his conviction in a corruption case the same year. He says the cases against him were politically motivated.

He has been living in self-imposed exile in London since 2019, after he was granted bail by a Pakistani court to seek treatment abroad.

“[Politically motivated] cases were registered against us, we had to unnecessarily face exile and face jail time,” he said, adding that charges against him were never proven.

Though Sharif did not speak on the matter, his party has repeatedly said he would return to Pakistan ahead of next year’s general elections to lead the party in the polls.


Pakistan stock market crosses record 174,000 points during intraday trading

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Pakistan stock market crosses record 174,000 points during intraday trading

  • Pakistan Finance Adviser Khurram Schehzad says stock market’s equity investor base has increased by over 120,000 in last 18 months
  • Official says stock market’s record levels reflect growing investor confidence supported by continued macro stability and key reforms

ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed a record 174,000 points on Monday, Finance Adviser Khurram Schehzad said, marking a strong start to the business week. 

According to the data available on the PSX’s official website, the KSE-100 benchmark reported 174,411.72 points during the intraday trading on Monday morning. 

“Another milestone for Pakistan’s equity market,” Schehzad wrote on social media platform X. “The KSE-100 Index has crossed 174,400 points, marking yet another record high.”

Pointing out the stock market’s achievements this year, Schehzad said the PSX has delivered 50 percent plus returns in US dollar terms to investors since January this year, “making it one of the best markets in Asia.”

He noted that investors’ participation in the PSX is rising fast, adding that the equity investor base has increased by over 120,000 to cross the 450,000 figure in the last 18 months, marking a 37 percent increase. 

“These record levels reflect growing investor confidence, supported by continued macro stability, key reforms, and improving prospects for more sustainable, higher future growth,” he said. 

Pakistan’s stocks have surged in recent years, marking a strong performance this year as Islamabad moves to consolidate its financial recovery after years of economic turbulence, which saw it on the verge of a sovereign default in June 2023. 

Pakistan’s foreign exchange reserves have surged past the $21 billion mark, as per the central bank’s latest data. 

In recent years, the South Asian country has also implemented tough structural reforms under the International Monetary Fund (IMF) loan programs, aimed at reducing fiscal deficits and restoring investor confidence.