Broadsheet seeks Rs337m more
January 10, 2021
LONDON: The Broadsheet LLC has written to the lawyers of NAB in London seeking an additional sum of US$1,180,799.66, while confirming that it’s in receipt of funds from United National Bank’s London branch in the sum of US$28,706,533.34.
This reporter saw a copy of the letter, sent to NAB in Pakistan, NAB’s lawyers Allen & Overy and copied to the United Bank Limited’s London Bond Street branch.
The Broadsheet has confirmed that it has received nearly US$29 million “in accordance with the terms of Deputy Master Lay’s order of 17 December 2020”.
As per the details published in the report, the letter was sent to NAB’s lawyers Allen & Overy and copied to the United Bank Limited’s London Bond Street branch
Top Story
January 2, 2021
LONDON: The Government of Pakistan has made a payment of nearly $29 million under a London High Court order to the Broadsheet LLC but the litigation is far from over as liquidating agents of the assets recovery firm are seeking several millions more from the National Accountability Bureau (NAB) - $3 million (approx Rs483 million) in interests and costs at the rate of $5,000 per day.
An agent of the Broadsheet LLC has told this reporter that the NAB still owes the Broadsheet $3 million and interest rate of $5,000 per day on the overall award amount. “I can confirm that US$28,706,533.34 (4.6 billion) has been paid into the Broadsheet LLC Liquidator’s account as per the court Order on account of $22 million judgment and $6 million in initial legal costs. The cost of around $3 million legal costs is still owed and it is costing the Pakistan Govt $150,000 per month at the rate of $5,000 per day and growing. We have an enforcement cost Order from the court
Top Story
January 2, 2021
LONDON: The Government of Pakistan has made a payment of nearly $29 million under a London High Court order to the Broadsheet LLC but the litigation is far from over as liquidating agents of the assets recovery firm are seeking several million more from the National Accountability Bureau (NAB), $3 million (approx Rs483 million) in interests and costs at the rate of $5,000 per day.
An agent of the Broadsheet LLC has told this reporter that the NAB still owes the Broadsheet $3 million and interest rate of $5,000 per day on the overall award amount. “I can confirm that US$28,706,533.34 (4.6 billion) has been paid into the Broadsheet LLC Liquidator’s account as per the court Order on account of $22 million judgment and $6 million in initial legal costs. The cost of around $3 million legal costs is still owed and it is costing the Pakistan Govt $150,000 per month at the rate of $5,000 per day and growing. We have an enforcement cost Order from the court.
Broadsheet LLC seeks millions more from NAB after getting $28.7 million
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Another $3 million is still owed
As NAB drags its feet, the amount keeps increasing every day due to statutory interest
LONDON: Following a London High Court order, the Government of Pakistan paid $29 million to Broadsheet LLC but the litigation is far from over as the firm is now seeking millions more from the National Accountability Bureau.
An agent of the firm told Geo.tv that the bureau owes $3 million in legal costs. Confirming a payment worth $28,706,533.34 (28.7 million) by the Pakistani government to Broadsheet LLC liquidator s account as per the court ruling on account of $22 million judgment and $6 million initial legal costs, the agent said NAB still owes $3 million legal costs and it is costing the Pakistani government $150,000 per month at a statutory interest rate of $5000 per day.