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Pakistan's one-man commission to probe Broadsheet scandal

09:40 PM | 26 Jan, 2021
Pakistan's one-man commission to probe Broadsheet scandal

ISLAMABAD – The federal cabinet has approved constitution of a one-member inquiry commission to investigate the Broadsheet scandal.

Information Minister Shibli Faraz while addressing a press conference said that former Supreme Court judge Azmat Saeed Sheikh will be the member of the commission, which will also investigate the matters Hudabiyya Mills and Surrey mansion.

He said the commission instead of a committee is being set up under the Commission of Inquiry Act 2017 to probe the revelations made by the Broadsheet, a UK-based asset recovery firm.

Last week, the cabinet had set up an inquiry committee to be headed by a former judge of apex court, giving him 45 days deadline to complete the investigation. One representative each of the Federal Investigation Agency (FIA) and Attorney General of Pakistan office and a lawyer to was to pick for the committee.

The inquiry body was formed on the recommendations of inter-ministerial committee to probe revelations made a British court in the Broadsheet case and fix responsibility on Pakistanis, who had laundered money to abroad.

Pakistan, during the tenure of Pervez Musharraf, roped in Broadsheet in 2000 to track down the foreign assets of purchased by the Pakistani politicians through looted money.

However, NAB ended the asset recovery agreement with the firm in 2003, pushing Broadsheet and another company involved as third party to move the London High Court for damages.

The UK-based companies claimed that Pakistan owned them money according to the terms agreed upon since the government was taking action to seize assets identified by the firm including the Avenfiled apartments of the Sharif family.

Later, an arbitration was held by Sir Anthony, who found the claims of the companies valid. Later, the London High Court endorsed the findings, ordering Pakistan to pay $28 million to Broadsheet.

Meanwhile, in a tweet tonight Minister for Information and Broadcasting Shibli Faraz has stated that Justice Retired Azmat Saeed Sheikh will head the inquiry committee on the Broadsheet case.

The Pakistani government has already paid nearly Rs5 billion to the company.

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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