Following the 2017 disqualification of former premier Nawaz Sharif in Panama Papers case, the Supreme Court had directed National Accountability Bureau (NAB) to file three references against the Sharif family regarding their Avenfield Properties, Al Azizia, and Flagship Investment.
1. Al Azizia reference
The three-time prime minister Nawaz Sharif was handed seven years in jail and fined Rs1.5 billion ($25 million) by an accountability court in the corruption reference since he was unable to prove the source of income for the ownership of a Al Azizia and Hill Metal Establishment in Saudi Arabia. Court investigation team said that the real owner of the mills was Nawaz Sharif but his son on his behalf was operating it. The prosecution found it unusual that all transactions for the business by Sharif family were made through verbal agreements and not via formal banking channel.
Verdict: Convicted (7 year jail term and $25 million fine)
2. Flagship Investment
The second case against Sharif family was regarding Flagship Investment and other companies in the United Kingdom, the private firms established by Nawaz’s son, Hassan Nawaz. The former premier was acquitted in the Flagship Investment reference. However, Pakistan’s anti-graft body, NAB, has decided to file an appeal against the acquittal.
Verdict: Acquitted
3. Avenfield Properties
Avenfield Properties case alleged all the Sharif family members of purchasing four flats (16, 16a, 17 and 17a) in Avenfield House on London’s Park Lane through offshore companies incorporated in tax havens. In July 2018, Nawaz Sharif was to sentenced 10 year in jail for owning assets beyond known income. His daughter Maryam was given 7 years for abetting, while his son-in-law Safdar awarded 1-year jail time. However, the Islamabad High Court bailed out the three in September. His two sons — Hassan and Hussain — were also co-accused in all three cases but they were declared absconders for failing to appear before the court. Sharif has denied all the charges against him.
Verdict: Convicted (10 year detention and $10 million fine)
