What's new

NAB ‘conspired’ to defraud Broadsheet

muhammadhafeezmalik

FULL MEMBER
Jan 21, 2015
840
-6
774
Country
Pakistan
Location
Pakistan

The National Accountability Bureau knowingly ‘conspired’ to financially harm Broadsheet LLC by entering into Settlement Agreement with an unauthorised individual, the arbitration court determined in its judgment.



A copy of the original court ruling that has not been public before is with this correspondent. The judgment documents reveal what the arbitration court had concluded that the claimant [Broadsheet LLC] was entitled to recover damages from the respondents [the Islamic Republic of Pakistan and the National Accountability Bureau] for the "tort of conspiring to cause unlawful economic loss to the Claimant by entering into the Settlement Agreement dated 20 May 2008 with Mr. James and companies controlled by him and/or in making payments to him or them thereunder."

In May 2008, Pakistani authorities had paid around 1.5 million dollars to Jerry James, head of a fake company, blackballing the actual one - Broadsheet LLC, an Isle of Man entity. After the ruling from the London Arbitration court, Broadsheet LLC leaped for the Quantum decision, forcing Pakistan to pay up more than 28 million dollars in damages.

The arbitration court that heard the case - Broadsheet LLC vs. The Islamic Republic of Pakistan and the National Accountability Bureau - was chaired by Sir Anthony Evans. The court's ruling titled Part Final Award (Liability issues) was handed down in August 2016. The case details the whole saga from establishing NAB to signing and then three years later rescinding the agreement between the NAB and Broadsheet LLC, breach of the contract, illegal payments from Pakistan to wrong entities; and all that led the court to ascertain that the NAB was involved in intentional wrongdoings. The NAB and Broadsheet had signed the agreement in June 2000, which was breached by Pakistan in October 2003.

"There was, in my judgment, a deliberate decision by NAB to disregard the known risk of economic harm to Broadsheet IoM or, as Claimant submits, to turn a blind eye to damage that would or might be caused to it by entering into the Settlement Agreement with Mr. James and his Colorado companies and/or in making payments to them under it. I HOLD that that was 'reckless' conduct by NAB which gives rise to tortious liability, as alleged," the judge ruled.

The lengthy judgment lists conclusions that hold, find, declare and award in favor of Broadsheet stating that the company is entitled to recover damages from the NAB and Pakistan for their wrongful repudiation of the (Asset Recovery Agreement) ARA dated 20 June 2000 by their solicitors' letter dated 28 Oct 2008.

 

Norwegian

BANNED
Aug 19, 2014
13,990
9
21,579
Country
Pakistan
Location
Norway
The National Accountability Bureau knowingly ‘conspired’ to financially harm Broadsheet LLC by entering into Settlement Agreement with an unauthorised individual, the arbitration court determined in its judgment.



A copy of the original court ruling that has not been public before is with this correspondent. The judgment documents reveal what the arbitration court had concluded that the claimant [Broadsheet LLC] was entitled to recover damages from the respondents [the Islamic Republic of Pakistan and the National Accountability Bureau] for the "tort of conspiring to cause unlawful economic loss to the Claimant by entering into the Settlement Agreement dated 20 May 2008 with Mr. James and companies controlled by him and/or in making payments to him or them thereunder."

In May 2008, Pakistani authorities had paid around 1.5 million dollars to Jerry James, head of a fake company, blackballing the actual one - Broadsheet LLC, an Isle of Man entity. After the ruling from the London Arbitration court, Broadsheet LLC leaped for the Quantum decision, forcing Pakistan to pay up more than 28 million dollars in damages.

The arbitration court that heard the case - Broadsheet LLC vs. The Islamic Republic of Pakistan and the National Accountability Bureau - was chaired by Sir Anthony Evans. The court's ruling titled Part Final Award (Liability issues) was handed down in August 2016. The case details the whole saga from establishing NAB to signing and then three years later rescinding the agreement between the NAB and Broadsheet LLC, breach of the contract, illegal payments from Pakistan to wrong entities; and all that led the court to ascertain that the NAB was involved in intentional wrongdoings. The NAB and Broadsheet had signed the agreement in June 2000, which was breached by Pakistan in October 2003.

"There was, in my judgment, a deliberate decision by NAB to disregard the known risk of economic harm to Broadsheet IoM or, as Claimant submits, to turn a blind eye to damage that would or might be caused to it by entering into the Settlement Agreement with Mr. James and his Colorado companies and/or in making payments to them under it. I HOLD that that was 'reckless' conduct by NAB which gives rise to tortious liability, as alleged," the judge ruled.

The lengthy judgment lists conclusions that hold, find, declare and award in favor of Broadsheet stating that the company is entitled to recover damages from the NAB and Pakistan for their wrongful repudiation of the (Asset Recovery Agreement) ARA dated 20 June 2000 by their solicitors' letter dated 28 Oct 2008.

Majority of damages claimed by Broadsheet LLC on recoverable assets belong to your favorite Sharif mafia family
image0 (1).jpg

 

Verve

ELITE MEMBER
May 15, 2014
10,073
9
13,692
Country
Pakistan
Location
United Kingdom
The National Accountability Bureau knowingly ‘conspired’ to financially harm Broadsheet LLC by entering into Settlement Agreement with an unauthorised individual, the arbitration court determined in its judgment.



A copy of the original court ruling that has not been public before is with this correspondent. The judgment documents reveal what the arbitration court had concluded that the claimant [Broadsheet LLC] was entitled to recover damages from the respondents [the Islamic Republic of Pakistan and the National Accountability Bureau] for the "tort of conspiring to cause unlawful economic loss to the Claimant by entering into the Settlement Agreement dated 20 May 2008 with Mr. James and companies controlled by him and/or in making payments to him or them thereunder."

In May 2008, Pakistani authorities had paid around 1.5 million dollars to Jerry James, head of a fake company, blackballing the actual one - Broadsheet LLC, an Isle of Man entity. After the ruling from the London Arbitration court, Broadsheet LLC leaped for the Quantum decision, forcing Pakistan to pay up more than 28 million dollars in damages.

The arbitration court that heard the case - Broadsheet LLC vs. The Islamic Republic of Pakistan and the National Accountability Bureau - was chaired by Sir Anthony Evans. The court's ruling titled Part Final Award (Liability issues) was handed down in August 2016. The case details the whole saga from establishing NAB to signing and then three years later rescinding the agreement between the NAB and Broadsheet LLC, breach of the contract, illegal payments from Pakistan to wrong entities; and all that led the court to ascertain that the NAB was involved in intentional wrongdoings. The NAB and Broadsheet had signed the agreement in June 2000, which was breached by Pakistan in October 2003.

"There was, in my judgment, a deliberate decision by NAB to disregard the known risk of economic harm to Broadsheet IoM or, as Claimant submits, to turn a blind eye to damage that would or might be caused to it by entering into the Settlement Agreement with Mr. James and his Colorado companies and/or in making payments to them under it. I HOLD that that was 'reckless' conduct by NAB which gives rise to tortious liability, as alleged," the judge ruled.

The lengthy judgment lists conclusions that hold, find, declare and award in favor of Broadsheet stating that the company is entitled to recover damages from the NAB and Pakistan for their wrongful repudiation of the (Asset Recovery Agreement) ARA dated 20 June 2000 by their solicitors' letter dated 28 Oct 2008.

to save Nawaz Shariff!

Read the judgement! Judge wrote that there is clear evidence of Nawaz's loot found by Broadsheet, hence the $20m charge.
 

koolio

SENIOR MEMBER
Sep 5, 2006
3,332
0
3,822
Country
Pakistan
Location
United Kingdom
Oh my, stunted brain at yet it again, trying to defend one of the biggest looters in Pakistan's history, just let the whole truth come out of Broadsheet scandal.
 

xyxmt

ELITE MEMBER
Apr 27, 2012
22,098
-5
19,757
Country
Pakistan
Location
Canada
1. Corrupt Govts orders NAB to drop cases then blame it on NAB.
2. they did not conspire, they were inept, have no interest, things are either not done or done after deadline.
 

muhammadhafeezmalik

FULL MEMBER
Jan 21, 2015
840
-6
774
Country
Pakistan
Location
Pakistan
Oh my, stunted brain at yet it again, trying to defend one of the biggest looters in Pakistan's history, just let the whole truth come out of Broadsheet scandal.
to save Nawaz Shariff!

Read the judgement! Judge wrote that there is clear evidence of Nawaz's loot found by Broadsheet, hence the $20m charge.
NAB hired shady businessman Jimmy James to hunt foreign assets of NAB “targets” for a 20% commission. James’ business partner at the time had recently been disbarred by Canadian bar for dishonesty so they decided to incorporate a new company called Broadsheet (BS) & used it to enter contract with NAB.

BS did hunt down some target assets initially including Adm. Mansoor ul Haq etc & earned commissions. Later, however, NAB started a go-slow on targets identified by BS.

These targets included people like Aftab Sherpao (who soon after was appointed by Interior Minister by Musharraf), Jamil Ansari/Amir Lodhi (Adm. Haq’s frontmen) & most lucratively, the Sharif family (who had reached a settlement with Mush by then). BS was unhappy at NAB’s reluctance to go after these big fish as it meant losing the 20% commission on their assets. After some squabbling, NAB ended contract with BS and so BS sued for its “lost profits”. Meanwhile, BS went bankrupt & into liquidation.

However, it’s former owner, Jimmy James reached a “settlement” with NAB for 1.5m (or 2.25m) dollars. But James didn’t take the money on behalf of BS. Instead, he set up a new Co. in the US with a similar name and NAB’s lawyer, Ahmer Bilal Soofi, happily made payment to this new Co. w/out even bothering to check with BS & its liquidators! Then a new crook called Moussavi (former associate of James and himself a jail bird) turned up & offered to fund BS & take it out of liquidation & pursue litigation against NAB if it would share any award it got. BS liquidators agreed & game on!

The award basically notes that NAB wrongly ended the contract. So BS entitled to lost profits. BS pointed out assets of various targets i.e. Sharif family etc ran into hundreds of millions & if contract had continued, they would have gotten 20%. So arbitrator gave ‘em some GBP 30m including costs.

Funny bit is that BS/Moussavi didn’t have a clue about Sharif family assets. So they just took the Panama JIT report & presented it as evidence! Arbitrator reduced JIT estimate by 8 times but 20% of that still comes to about GBP 20m! 🤦🏻 Other funny bit is NAB lawyers argued that assets of go-slow targets like Sherpao should be excluded in BS’s calculation of lost profits coz NAB never intended to go after them. But arbitrator didn’t buy it because he said he had no reason to believe NAB wouldn’t do “its statutory duty”

Concl: Crooks on both sides but only our side had the fools. IMHO, arbitral award & estimate of BS damages v. excessive but courts don’t like upsetting arbitral awards. Still surprised court ordered Pak HC account debited. Guessing money in that acc also NAB-related (Malik Riaz?)

(Source: https://threader.app/thread/1351202954301341704)
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom