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Broadsheet : Pakistan government property freezes in London

At the request of the broadsheet, the London High Court issued a new order, freezing Pakistani property.Government accounts at a London-based Pakistani bank have been frozen due to a dispute between the Broadsheet Company and the National Accountability Bureau (NAB).

The UK High Court of Justice has issued a new freezing order in favour of Broadsheet LLC and against the National Accountability Bureau (NAB) ordering that no payments shall be released to the Government of Pakistan by the United Bank Limited (UBL) to any other party from the accounts held by the Pakistan government unless the judgment debt and interest of around £1 million is settled.

The British High Court has ruled that the bank cannot transfer or pay from related accounts until the matter is resolved.

The broadsheet company has demanded about 1 million outstanding, including interest.

The Master Division of the London High Court has issued a temporary third party debit order to freeze accounts.

The London branch of the bank has confirmed that the decision has been notified.

Judicial sources confirmed that the new order was issued on 15 February at the request of the broadsheet.

The Broadsheet had again approached the High Court on non-receipt of dues from the Government of Pakistan.

The broadsheet freeze Pakistani accounts and received 28 28 million in December.

The final third party debit order will be heard on 30 July this year.

After this order, the bank will have to identify all Pakistani accounts, otherwise restrictions may be imposed or the license can be revoked.

According to sources, bank officials have assured that they will still abide by the order of the British court.

According to the order of the court, the payment of the Bradsheet is 2 892,521,50.

Geo News reported two weeks ago that Kav Mousavi had instructed the lawyers to freeze the assets of the Pakistani government.

Kaveh Mousavi, Broadsheet’s CEO, had instructed his lawyers to initiate the assets seizure operation. Broadsheet’s lawyers told that the decision has been taken after Allen & Overy failed to engage with Broadsheet in 10 days after assuring on February 01, 2021 that Pakistan desires “to resolve the matter without the need for further enforcement action” but failing to confirm to Crowell & Moring that it has new instructions from Pakistan about the outstanding issues.