ISLAMABAD: An accountability court on Monday sent former prime minister Imran Khan and his wife, Bushra Bibi, to jail on a 15-day judicial remand in a new case relating to gifts acquired from the state repository, local media reported.
The reference, also called the new Toshakhana case, came to the fore after Pakistan’s accountability watchdog arrested the couple following their acquittal in an illegal marriage case on July 13.
The ex-premier, who has been in jail since last August, was convicted in four cases. Two of the cases have since been suspended and he was acquitted in the remaining two, including the illegal marriage case.
On Monday, Accountability Court Judge Nasir Javed Rana conducted hearing of the new Toshakhana case and remanded Khan and his wife into judicial custody for 15 days, Pakistan’s Geo News channel reported.
“The judge has also ordered to produce both Imran and his wife before the court on September 2,” the report read.
Khan and his wife appeared before the court after the expiry of their 10-day physical remand and submitted a written answer in response to a questionnaire by the accountability watchdog, the National Accountability Bureau (NAB).
Khan’s convictions had ruled the 71-year-old out of the February general elections as convicted felons cannot run for public office under the Pakistani law.
Arguably Pakistan’s most popular politician, Khan says the cases against him are “politically motivated,” aimed at keeping him from returning to power. Pakistani authorities deny this.
The ex-premier is also facing multiple cases relating to May 9, 2023 protests, which saw his supporters attack government and military installations over his brief arrest in a graft case.
Pakistan’s ex-PM Khan, wife sent to jail on 15-day remand in new graft case
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Pakistan’s ex-PM Khan, wife sent to jail on 15-day remand in new graft case
- The case relating to the sale of gifts in a state repository was filed after Khan and his wife were acquitted in four other cases
- Khan says the cases against him are politically motivated to keep him from returning to power, a charge authorities deny
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
