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SECP to freeze Hussain-Hasan Nawaz shares

01 November, 2017

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ISLAMABAD: An accountability court hearing graft references against the Sharif family directed the Securities and Exchange Commission of Pakistan (SECP) on Tuesday to freeze the shares of Hussain and Hasan Nawaz, sons of ousted prime minister Nawaz Sharif, held in six companies.

Accountability court judge Muhammad Bashir also directed the SECP that after freezing all the shares held by Hasan Nawaz and Hussain Nawaz in various companies in Pakistan, “these be attached and made part of the case” record.

The court noted that after freezing and attachment, the shares would become part of the case’s record and remain in the court’s custody.

The court also directed Hasan and Hussain to appear before it by November 8; otherwise they would formally be declared proclaimed offenders.

Meanwhile, the court adjourned the case’s proceedings, pertaining to the assets of Hasan and Hussain, until November 14.

The court passed these orders after NAB prosecutor Afzal Qureshi submitted before the court a report having details of shares and assets being held by Hasan and Hussain in Pakistan.

The report stated that the NAB had already frozen the assets of Hasan and Hussain Nawaz. It said that as per the SECP record, Hasan and Hussain held shares in six companies in Pakistan. In case the court rules against the accused, the shares will be auctioned in the open market.

Earlier, on October 9, the court, while accepting a NAB plea to declare Hasan and Hussain proclaimed offenders and separate their trial from other accused in three references filed against the Sharif family, had separated their trial from the other accused and held that their non-bailable arrest warrants, issued on October 2, remained in effect.

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