ISLAMABAD: An anti-corruption court on Thursday acquitted Prime Minister Shehbaz Sharif and his son Hamza Shahbaz on charges of using public funds to benefit Ramzan Sugar Mills, built by the premier’s father in 1992 and part of the Sharif Group of Companies.
The case, filed by the National Accountability Bureau on Feb. 18, 2019, involved allegations Sharif had used public funds to build a sludge carrier in Chiniot district in Punjab province to benefit Ramzan Sugar Mills, owned by his sons. Sharif was the chief minister of Punjab province at the time. NAB had alleged the project inflicted a loss of Rs213 million to the national exchequer.
“An Anti-Corruption Court Lahore has acquitted Prime Minister Shehbaz Sharif and former Punjab Chief Minister Hamza Shehbaz in the Ramzan Sugar Mills case,” state broadcaster Radio Pakistan said on Thursday. “The verdict was announced by Judge of Anti-Corruption Court Sardar Iqbal Dogar in Lahore.”
Sharif and son Hamza were indicted in the case in 2019. They had pleaded during hearings since that the sludge carrier was not constructed only to cater to the family’s mill but to benefit the area.
“The acquittal came after the NAB informed the court that it had found no evidence of financial corruption or misuse of authority by Shehbaz and stated and stated that the allegations of misuse of authority and corruption against the former prime minister were not substantiated under the National Accountability Ordinance of 1999,” Pakistan’s top news channel, Geo News, reported.
“The premier and former chief minister, in the 2018 reference, was accused of causing massive financial loss to the national kitty by awarding the contract to a construction firm without a competitive bidding process.”
In Nov. 2023, Sharif and 10 others were acquitted by an accountability court in the Lahore in the Ashiana-e-Iqbal Housing Scheme reference.
Sharif, 73, is the younger brother of three-time Prime Minister Nawaz Sharif, who spearheaded their Pakistan Muslim League-Nawaz (PML-N) party’s election campaign for the 2024 general election.
This is Sharif’s second term as prime minister. He first replaced cricketer-turned politician Imran Khan as prime minister after the latter’s ouster in a no-confidence vote in parliament in April 2022.
Sharif is best known for his direct, “can-do” administrative style, which was on display when, as chief minister of Punjab province, he worked closely with China on Beijing-funded projects after 2013. He also planned and executed a number of ambitious infrastructure mega-projects, including Pakistan’s first modern mass transport system in his hometown, the eastern city of Lahore.
Pakistani PM, son acquitted in long-running sugar mills corruption case
https://arab.news/9d2uy
Pakistani PM, son acquitted in long-running sugar mills corruption case
- Case involved allegations of the misuse of authority by Shehbaz Sharif when he was chief minister of Punjab provinces
- Anti-graft authority had charged Sharif with using public funds to built a sludge carrier that would benefit a family-owned mill
Pakistan courts Chinese fintech investment as digital push widens
- Fintopia delegation explores digital lending, SME finance opportunities in Pakistan
- China’s vast fintech ecosystem contrasts with Pakistan’s fast-growing, underbanked market
ISLAMABAD: Pakistan is seeking to attract Chinese fintech investment as it accelerates a broader push to expand digital finance, improve access to credit for small businesses and modernize its largely cash-based economy, the information ministry said on Thursday.
The move was underscored during a meeting in Islamabad between Federal Minister for the Board of Investment Qaiser Ahmed Sheikh and a delegation from Fintopia China, a financial technology firm exploring potential entry into Pakistan’s digital finance market. The outreach comes as the government places increasing emphasis on technology-led growth and foreign investment, particularly in financial services, amid efforts to boost financial inclusion and support small and medium-sized enterprises. Pakistan has in recent years expanded branchless banking, digital wallets and mobile payment systems, while also rolling out regulatory reforms aimed at improving the ease of doing business.
Fintopia is a China-based financial technology group that operates digital lending and consumer finance platforms across several emerging markets, according to company information. China hosts one of the world’s largest fintech ecosystems, driven by mass adoption of mobile payments, digital credit and data-driven financial services, while Pakistan’s fintech sector, though far smaller, has grown rapidly as smartphone use rises and demand for digital financial services expands.
“The delegation expressed keen interest in initiating its digital financing venture in Pakistan and in exploring structured collaboration with relevant public and private sector stakeholders,” the information ministry said, quoting minister Sheikh.
The meeting between Sheikh and the Fintopia China delegation took place in Islamabad and followed the company’s participation in a Pakistan-China business-to-business investment conference held in Beijing in September during Prime Minister Shehbaz Sharif’s visit to China, according to the ministry.
During the talks, Pakistani officials highlighted the country’s market potential, noting that Pakistan is the world’s fifth most populous nation and presents growing opportunities for digital financial services, particularly for small businesses and youth-led enterprises. The delegation was briefed on government reforms, including the Business Facilitation Center and the Asaan Karobar Act, aimed at reducing regulatory hurdles for investors.
Officials also outlined investment incentives available in Pakistan’s special economic zones and reiterated government support for foreign companies seeking to launch pilot projects or long-term digital financing operations in the country, the ministry said.
Pakistan has repeatedly described technology and digital finance as central to its long-term economic strategy, as it seeks to widen the tax base, formalize the economy and improve access to credit for underserved segments of the population.
