Flash Note: Pakistan Politics: Accountability Court Sentences Nawaz Sharif to 7-Year Imprisonment in Al-Azizia Reference
- The accountability court today announced the much awaited verdict (reserved on Dec 19, 2018) on Al-Azizia and Flagship references. After Panama scandal was unearthed, three references (Avenfield, Al Al-Azizia and Flagship) were filed by National Accountability Bureau (NAB) on Supreme Court's (SC) order against ousted Prime Minister Nawaz Sharif, which were concluded today after a trial period of 15 months.
- In its today’s decision, the accountability court sentenced Nawaz Sharif for 7 years imprisonment in Al-Azizia Steel Mills corruption reference while the court acquitted him in the Flagship Investments reference.
- We believe that a legal course for the former PM will be to file a petition in the Islamabad High Court (IHC) to challenge today’s verdict, similar to what happened in Avenfield reference. To recall, Nawaz Sharif and his daughter Maryam Nawaz were sentenced to 10 years and 7 years in prison, respectively on Jul 6, 2018 in Avenfield reference but were released on Sep 19, 2018 after the sentence was suspended by IHC.
- As per media outlets, PML-N leadership in a party meeting held yesterday decided to launch a protest campaign in parliament and on streets if the verdict came out against Nawaz Sharif.
- In an another development today, SC held hearing on the report submitted by Joint Investigation Team (JIT) on fake accounts case involving Pakistan’s former President and PPP co-chairman Asif Ali Zardari. The report made some startling revelation about fake bank accounts and how they are linked with Zardari. After going through the report’s findings, the court banned the trading and transfers of the properties of Zardari Group, Bahria Town & Omni Group and adjourned the case till Dec 31, 2018.
- While mass-scale protest drive is less likely due to ongoing corruption cases against key political figures, we believe that any agitation from the opposition may unnerve the market in the near term.
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