35 objections filed in Kohistan scam
NAB reports that several individuals have lodged formal objections with the accountability courts, challenging the legitimacy of the asset freezing orders. The petitioners have raised multiple concerns and requested that the frozen assets be defrozen.
All 35 objections are currently under review in four special accountability courts in Peshawar.
The Upper Kohistan scandal investigation remains ongoing. So far, eight individuals have been arrested, with seven having been sent to jail on judicial remand after completion of initial investigations. One suspect, Fazal Rahim, remains in NAB custody under physical remand for further questioning.
The Kohistan scandal allegedly involves the embezzlement of over Rs40 billion from the national exchequer under the guise of development projects.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
15 hours ago
- Business Recorder
Properties' auction: Bahria Town moves SC against IHC order
ISLAMABAD: M/s Bahria Town (Private) Limited challenged the Islamabad High Court's order, allowing the National Accountability Bureau (NAB) to proceed with the auction for its properties, in the Supreme Court. A division bench of IHC, comprising Chief Justice Sardar Mohammad Sarfraz Dogar and Justice Muhammad Asif on August 05, 25 dismissed Bahria Town's petition, through a short-impugned order; 'The injunctive order issued on 15.04.2025 passed in writ petition No. 1368 of 2025 and order dated 04.06.2025 passed in W.P No. 2248 of 2025 are hereby recalled.' M/s Bahria Town (Private) Limited, on Wednesday, through Farooq H Naek, filed an appeal against the IHC order under Article 185(3) of the Constitution. It asked the apex court that a regular bench hear the appeal, as no vires of any law have been challenged or interpretation of any constitutional provision is involved in the case. The petition raised questions whether, in view of the amended proviso to Section 25(b) of the National Accountability Ordinance, 1999, the plea bargain agreement automatically becomes inoperative and unenforceable upon the accused's failure to fulfill the terms and conditions stipulated therein? Whether the NAB authorities can lawfully determine or attribute any liability arising out of a plea bargain agreement in the absence of the accused and without associating the accused in such proceedings? Whether NAB can impose any financial or legal liability upon a person without first preparing and concluding an investigation report in accordance with law? According to the petition, Zain Malik, son-in-law, was accused in three references and investigations of NAB. He later entered into plea bargain agreement with the NAB under Section 25(b) of the National Accountability Ordinance, 1999. The said plea bargain agreement was duly approved by the Accountability Court, Islamabad, vide orders dated 11.08.2020 and 24.08.2020. Upon the request of Zain Malik, the petitioner/Bahria Town (Private) Limited, mortgaged its eight commercial properties (Media House, Rawalpindi; Agricultural Land, Islamabad; Bahria Town Corporate Office-I and II, Rawalpindi; Rubaish Marquee, Islamabad; Arena Cinema, Rawalpindi; Bahria Town International Academy, Rawalpindi; and Safari Club, Rawalpindi) through Memorandum of Title Deeds in favour of NAB as security for the liability of Zain Malik. Out of the eight properties, NAB released two properties (Media House and Agricultural Land) upon payment of two installments by Zain Malik, while six properties still remained mortgaged in favour of the NAB. Zain Malik failed to make further payments in accordance with the terms of the plea bargain agreement which were duly approved by the Accountability Court, Islamabad. As a consequence of this non-compliance, the plea bargain agreement automatically became inoperative with respect to the rights and obligations of the parties. It said that despite amended Section 25(i) of National Accountability (Second Amendment) Act, 2022, the NAB vide letter dated 6-2-2024 called upon Zain Malik to appear in person and justify the reason of delay of payment of outstanding installments in compliance of plea bargain agreement and orders of Accountability Court I, Islamabad. The petitioner being aggrieved by the actions of the NAB, approached the Accountability Court (AC), Islamabad, seeking cancellation and withdrawal of the impugned notices and letter. However, the AC the application on 19-03-25. The petitioner then challenged the Accountability Court's order before the IHC, which on 15-04-25 passed restraining order. However, the IHC on August 5, 25 dismissed the petition through short impugned order. Farooq H Naek contended that the IHC order infringing upon the petitioner's proprietary rights and violating the applicable statutory and constitutional provisions. It shows that it has been passed in a mechanical manner and the Honourable High Court, Islamabad has ignored all the material attached with the writ petition and the relevant law regarding the subject matter, he added. It said that the courts below ignored the fact that the NAB is unlawfully attempting to impose its illegal demand upon the petitioner without any legal justification, while acting beyond its legal authority and disregarding the law and constitutional guarantees under the constitution. It prayed that leave to appeal against the impugned order dated 05.08.2025, passed by IHC may very kindly be granted. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business Recorder
Dollar drifts as investors await Fed governor replacement
SINGAPORE: The dollar was rangebound on Wednesday, with investors choosing to stay on the sidelines ahead of U.S. President Donald Trump's pick to fill a coming vacancy on the Federal Reserve's Board of Governors. Trump said on Tuesday he will decide on a nominee by the end of the week and had separately narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four. Data out the same day also showed the U.S. services sector activity unexpectedly flatlined in July even as input costs climbed by the most in nearly three years, underscoring the hit from Trump's tariffs on the economy, which has also begun to bite corporate earnings. Still, those did little to sway the dollar, as traders were hesitant to take on fresh positions ahead of news on who would fill the Fed board vacancy. Concerns are mounting that partisan loyalty would invade the staid world of central bank policy. The dollar was last little changed at 147.54 yen , while the euro ticked up 0.02% to $1.5760. Sterling last bought $1.3304. Moves in currencies overnight had been muted. 'I still think that between now and the end of the week, if Trump is going to make an announcement about who he wants to fill the vacant board seat, depending on… how credible (the markets) view that candidate to be, I think that has the potential to prompt some reaction across everything,' said Ray Attrill, head of FX research at National Australia Bank (NAB). 'For me, that's…potentially the biggest swing factor for the next sort of 48 hours or so.' While moves in the dollar have been more subdued this week, the currency has yet to recover from its steep losses on Friday, when it clocked its largest one-day percentage fall in nearly four months following an alarming jobs report. Against a basket of currencies, the dollar was last at 98.76 , still some distance away from its peak of 100.25 hit on Friday before the nonfarm payrolls figures. Traders continue to price in an over 90% chance of a Fed cut in September, with about 58 basis points worth of easing expected by the year-end. But data such as Tuesday's services ISM report underscore the fine line the Fed has to tread, as policymakers weigh rising price pressures from Trump's tariffs against signs of a weakening U.S. economy. 'The services ISM has obviously got that kind of stagflationary whiff about it… that's obviously a bit of a two-edged sword in terms of what does that mean for policy,' said NAB's Attrill. 'At the moment, I think we're sort of of the view that maybe there's a bit too much confidence in the market about the certainty of a September move.' In other currencies, the Australian dollar rose 0.15% to $0.6479, while the New Zealand dollar gained 0.23% to $0.5914. New Zealand's jobless rate rose slightly in the second quarter as the labour market remained soft, data on Wednesday showed, supporting the view that the central bank will proceed with a flagged 25 basis-point interest cut at its August policy meeting.
Business Recorder
2 days ago
- Business Recorder
IHC allows NAB to auction Bahria Town properties
ISLAMABAD: The Islamabad High Court (IHC), Tuesday, allowed the National Accountability Bureau (NAB) to proceed with the auction of Bahria Town properties. A division bench comprising Chief Justice Sardar Mohammad Sarfraz Dogar and Justice Muhammad Asif turned down the petitions filed against the auction of Bahria Town properties. The IHC short order stated; 'Writ Petitions are hereby dismissed. The injunctive orders issued by this Court vide order dated 15.04.2025 passed in W.P No.1368 of 2025 and order dated 04.06.2025 passed in W.P No.2248 of 2025 are hereby recalled.' During the hearing, Farooq H Naik appeared on behalf of Bahria Town, while prosecutor Rafay Maqsood represented the NAB. Naik argued that NAB's auction notice was illegal, deceptive, and issued with malafide intent. He said that Bahria Town was not a party to the plea bargain case and had been wrongfully targeted. He added that Malik Zain, who had pledged Bahria Town properties as collateral, had applied for cancellation of his plea bargain, and that application was still pending. 'If the plea bargain is under judicial scrutiny, NAB cannot lawfully proceed with the auction,' Naik submitted. He contended that NAB's move to attach and auction Bahria Town's properties lacked legal basis, as the company itself had not been declared an accused in any reference related to the £190 million case. The NAB prosecutor rejected Bahria Town's position, stating that Malik Riaz and his son had entered into a plea bargain with NAB but failed to pay the agreed-upon amount. The NAB decided to auction the properties to recover the outstanding amount under Section 33E of the NAB Ordinance, 1999. Maqsood stated that a similar plea had earlier been dismissed by a trial court, after which the petitioners approached the IHC, which issued the stay order on June 12, on the day of the auction. The NAB, subsequently, filed an application to vacate the stay order. The NAB prosecutor pointed out the Lahore High Court's Rawalpindi Bench had directed the petitioners to approach the auction committee, and that attempts to invoke the IHC's stay order before that bench had been rejected. Bahria Town's counsel described the move as a violation of due process, warning it would damage investor confidence and the business environment. The NAB prosecutor said that Bahria Town granted bail and when the accused is an absconder, action would be taken against the guarantor. This application of Bahria Town is not even admissible. After the arguments of the parties were completed, the court had reserved the decision. Copyright Business Recorder, 2025
