London HC London HC directs NAB, Pakistan govt to pay 1.2 million dollars to Broadsheet
London: A London High Court has directed the National Accountability Bureau (NAB) and Pakistan government to pay a sum of 1.2 million dollars to asset-recovery firm Broadsheet LLC by the upcoming week, media reports said on Tuesday.
The Broadsheet case is an ongoing legal case related to the non-payment of service fees to asset recovery company 'Broadsheet LLC' by the Government of Pakistan.
After hearing the arguments from both sides, the court ordered NAB and the Pakistan government to pay $1,222,037 and GBP110 as well as the claimant’s application cost of GBP26,296 to NAB’s solicitors until 4.30pm on August 10.
It said NAB’s solicitors Allen and Overy shall pay all sums received from the government of Pakistan to Broadsheet LLC’s solicitors Crowell and Moring by 4.30pm on August 13, reports Dawn News.
If this payment is not made by the government of Pakistan and NAB to its solicitors, and subsequently to Broadsheet, the court ordered that Broadsheet’s lawyers will notify United National Bank Limited (UBL UK) and that UBL UK will pay the outstanding funds, the newspaper reported.
The failure to pay will trigger the enforcement of a third-party debt order, which allows a creditor to take the money owed to them directly from whoever has the money, Dawn News reported.
NAB and Broadsheet once again met in court after the two could not agree on the payments of legal costs and interests.
Lawyers on behalf of NAB agreed to pay $1,222,037 and GBP110 but contested the payment of interest demanded by Broadsheet amounting to GBP33,646.84 and costs of GBP35,000, reports Dawn News.
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