The National Accountability Bureau (NAB) has officially halted its investigation into the Sharif Trust case involving former Prime Minister Nawaz Sharif and his family. The decision was announced following the executive board meeting held on January 1, 2024, as per the statement released on NAB’s official website.
The Sharif Trust case’s investigation was initiated on March 31, 2000, based on allegations that the Sharif family had clandestinely accumulated millions of rupees in the trust. The complaint further asserted that the audit of trust accounts had not been conducted, and funds had been misappropriated. Additionally, allegations were made that the Sharif family held undisclosed assets in the form of anonymous properties under the trust’s name.
The Panama Papers, consolidated by the Joint Investigation Team (JIT) and submitted to the Supreme Court, had highlighted that NAB had unjustifiably delayed the investigation into the Sharif Trust case since its approval in 2000.
The Panama JIT had recommended that NAB be directed to take prompt action to complete the investigation into the Sharif Trust case. Now, NAB has closed the investigation and suspended the inquiry against Nawaz Sharif’s government on the basis of the amended NAB Act of 2022, Section 31(b).
According to Section 31(b), “Withdrawal and Termination of Partial or Complete References: (1) Before the pursuit of any reference, the Chairman, NAB, in consultation with the Prosecutor General, Executive Board, taking into consideration the totality of facts, circumstances, and evidence, and with mutual consent, may partially or completely withdraw or terminate any action under this Act, subject to it being unfair.
(2) After the filing of a reference, if, after consultation with the Chairman, NAB, in consultation with the Prosecutor General, Executive Board, taking into consideration the totality of facts, circumstances, and evidence, concludes that the reference is partially or completely unfounded, he may recommend that where the matter is sub judice, it may be partially or completely withdrawn or terminated.”
This decision to suspend the investigation not only applies to Nawaz Sharif but also extends to five other inquiries, including the one involving the alleged embezzlement of funds in the Social Action Program (SAP) by federal government employees. It encompasses inquiries into illegal hirings in public limited companies in Islamabad, recruitment irregularities in Park Enclave Housing Society, and investigations against federal employees and officers in the execution of billions of rupees in funds, including Wasiq Malik, Shahbaz Yasin Malik, Saima Shahbaz Malik, and others.
