Pakistan court to indict ex-PM Khan on Feb. 7 in case involving sale of state gifts

Pakistan's former Prime Minister Imran Khan (C) leaves after appearing before the High Court in Islamabad, Pakistan, on August 31, 2022. (AFP/File)
Short Url
Updated 31 January 2023
Follow

Pakistan court to indict ex-PM Khan on Feb. 7 in case involving sale of state gifts

  • Khan faces the charge of making ‘incorrect declarations’ of earnings to the country’s top election body
  • ECP disqualified him last October while referring the case to the judiciary for further proceedings

ISLAMABAD: A Pakistani court on Tuesday announced to indict former prime minister Imran Khan on February 7 in a case that led to his disqualification by the country’s top election body last year which found him guilty of making “false statements and incorrect declarations” after receiving gifts from various international leaders.

The Toshakhana – or state repository for gifts – reference against Khan gained momentum after the downfall of his Pakistan Tehreek-e-Insaf (PTI) administration in a parliamentary no-confidence vote last April.

Members of the current government of Prime Minister Shehbaz Sharif urged the Election Commission of Pakistan (ECP) to expedite the proceedings before Khan was disqualified under Article 63 of the Constitution.

According to local media reports, an additional sessions court in Islamabad announced to frame charges against the former prime minister in the coming week after his lawyer and the ECP counsel appeared before it and presented their arguments.

“District and Sessions Judge Zafar Iqbal heard the case and fixed February 7 (Tuesday) as the indictment date,” The Express Tribune said. “The former premier was also ordered to pay a bond of Rs20,000.”

The case involves accusations against Khan for misusing his position as prime minister to purchase and sell gifts received during state visits abroad that were worth over Rs140 million – or $5.4 million.

A major charge was that he had also failed to declare some of the earnings in his annual statements of assets submitted before the election commission.

Khan’s disqualification was followed by protests in different parts of the country, though the situation did not deter some local media outlets to continue their investigation into the issue.

Pakistan’s private news channel Geo TV interviewed a Dubai-based businessman Umar Farooq Zahoor who said he had paid Khan $2 million to buy a watch the ex-premier had received after he went to Saudi Arabia on an official trip in 2018.

The account presented by the channel contradicted the ex-premier’s narrative who has consistently claimed innocence in the case while pointing out that all receipts and records regarding the gifts and their sales were already present in the Toshakhana.

Khan subsequently filed a defamation case against the media house and the UAE-based businessman. However, the reference against him has been taken up by the court after the ECP referred the matter to the judiciary in its ruling last October.


Pakistani stocks breach 176,000 points barrier as investors expect further rate cuts

Updated 01 January 2026
Follow

Pakistani stocks breach 176,000 points barrier as investors expect further rate cuts

  • Pakistani financial analyst attributes surge to falling inflation, investors expecting further policy rate cuts
  • Pakistan’s finance ministry said Thursday that inflation had slowed to 5.6 percent year-on-year in December 

KARACHI: Pakistani stocks continued their bullish run on Thursday, breaching the 176,000 points barrier for the first time after trading ended, with analysts attributing the surge to investors expecting further cuts in the policy rate. 

The KSE-100 benchmark gained 2,301.17 points at close of business on Thursday, marking an increase of 1.32 percent to settle at 176,355.49 points. 

Pakistan’s central bank cut its key policy rate by 50 basis points to 10.5 percent last ‌month, breaking a four-meeting ‌hold in a move ‌that ⁠surprised ​markets. Pakistan’s consumer price inflation slowed to 5.6 percent year-on-year in December, while prices fell on a monthly basis as per data from the finance ministry. 

“Upbeat data for consumer price index (CPI) inflation at 5.6pc in December 2025 [with] investors expecting a further State Bank of Pakistan rate cuts on falling inflation data,” Ahsan Mehanti, CEO of Arif Habib Commodities Ltd., told Arab News. 

The stock market witnessed a trading volume of 1,402.650 million shares, with a traded value of Rs48.424 billion ($173 million), compared with 957.239 million shares valued at Rs44.231 billion ($158 million) during the previous session.

Topline Securities, a leading brokerage firm in Pakistan, credited the surge to strong buying at the first session.

“This positivity can be accredited to buying by local institutions on the start of the new calendar year,” it said. 

Pakistan’s Finance Adviser Khurram Schehzad highlighted that the bullish trend at the stock market reflected “strong investor confidence.”

“With lower inflation, affordable fuel, stronger reserves, rising digitization and a buoyant capital market, Pakistan’s economic outlook is clearly improving--supporting greater confidence, better investment sentiment and more positive momentum for 2026,” he said on social media platform X.