ISLAMABAD: The Islamabad High Court (IHC) on Tuesday acquitted Pakistan Muslim League-Nawaz (PML-N) quaid Nawaz Sharif in the Al-Azizia Steel Mills reference.
A Division Bench, comprising Justice Aamer Farooq and Justice Miangul Hassan Aurangzeb, announced the verdict, which had earlier been reserved after hearing the arguments from both sides, the official news agency reported.
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It may be mentioned that the accountability court had announced a seven-year sentence along with Rs1.5 billion fine on Nawaz Sharif on December 24, 2018 on charges of assets beyond the source of income.
Hussain Nawaz, who is the elder son of the former prime minister, claimed that he had received a sum of $5.4 million from his grandfather to establish the steel conglomerate in Saudi Arabia. The payment was made by a Qatari royal on the request of Nawaz. Thereafter, scrap machinery was transported from their Ahli Steel Mills in Dubai to Jeddah to establish Al-Azizia in 2001.
Meanwhile, the JIT constituted to investigate the graft allegations insisted that the real owner of the mills was Nawaz, and it was being operated by his son on his behalf. At that time, Hussain was 29 years old. The JIT also held that Nawaz received 97 percent profit as ‘gifts’ from Hill Metals Establishment, another company established by Hussain in 2005, in Saudi Arabia.
Nawaz transferred 77 percent of the said amount to his daughter, Maryam Nawaz Sharif. Here as well, the National Accountability Bureau claimed that since Nawaz Sharif received a large profit from Hussain’s companies, he is the real owner and not his son.
However, during the proceedings, the NAB could not substantiate its claim through documentary evidence and instead placed the burden of proof on the accused.
Nawaz Sharif is looking to become the country’s prime minister for the fourth time in his political career.
