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London High Court orders NAB, Pakistan govt to pay
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London High Court orders NAB, Pakistan govt to pay
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UK court orders NAB to pay around £920,000 to Broadsheet LLC or face action
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KSE-100 index closes flat despite late recovery Volume at KSE-100 slightly rose from 128 million shares recorded in the previous session to 156 million shares
July 30, 2021
Stocks staged a sharp recovery at Pakistan Stock Exchange (PSX), paring almost all of the intraday losses by the closing bell on Thursday as investors reacted to series of positive news flow during the day. However, the index still closed in red, posting a loss of five points and clocked at 47,312 level.
On Thursday the index opened on a negative note where it lost 363 points on the concerns that the government is mulling over strict measures including imposing a lockdown as Covid positivity ratio has reached 30pc in the business hub of the country – Karachi.
July 30, 2021
LONDON: The Broadsheet LLC and the National Accountability Bureau (NAB) are back in the London High Court after failing to agree on the issue of costs and interests related to the payment of remaining US$ 1,222,037.90 (£892,521.50).
The Pakistan government lawyers at the Allen and Overy have told Broadsheet and its CEO Kaveh Moussavi that they agree to pay the sums of US$ 1,222,037.90 but will not pay the interest of £33,646.84 and costs of £35,000.
The Broadsheet LLC’s lawyers at Crowell & Moring have approached the court asking that Pakistan also pay £33,646.84 and costs of £35,000 when paying US$ 1,222,037.90.
After months of litigation and delays, Pakistan government’s lawyers this week said, ahead of the court hearing, that they have approval from the NAB to pay US$ 1,222,037.90 but the discussions and approvals or otherwise on the remaining demands could take time. The Broadsheet LLC’s lawyers have said that they would ask the court to issue orders