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Panama Case verdict: Supreme Court disqualifies PM Nawaz Sharif

12:08 PM | 28 Jul, 2017
Panama Case verdict: Supreme Court disqualifies PM Nawaz Sharif

ISLAMABAD - On Friday, the Supreme Court of Pakistan disqualified Prime Minister Nawaz Sharif for not disclosing his employment with FZE Capital, in a landmark decision in the Panamagate case.

https://en.dailypakistan.com.pk/pakistan/full-text-of-panama-case-verdict-released-by-supreme-court/

The 5-o verdict was announced by a five-judge bench, headed by Justice Asif Saeed Khosa - the same judge who had commenced his dissenting note in the April 20 judgment with a quote from The Godfather, a novel by Mario Puzo about a mafia family in Italy. The verdict declared Prime Minister Nawaz Sharif ‘disqualified’ for concealing his employment.






    • NAB ordered to decide against Sharif family in six months


    • PM Nawaz Sharif additionally disqualified from holding his office for life


    • Finance Minister Ishaq Dar, PM's son-in-law MNA Capt (r) Safdar also disqualified


    • President Mamnoon Hussain asked to appoint new prime minister


    • ECP ordered to notify Nawaz Sharif's disqualification





"Following the verdict, Nawaz Sharif has resigned from his responsibilities as prime minister," a spokesman for PM's office said in a statement.


https://en.dailypakistan.com.pk/pakistan/pm-nawaz-gives-up-his-post-federal-cabinet-stands-dissolved/

Supreme Court Justice Asif Saeed Khosa initiated the announcement of the court's verdict on the Panama Papers case shortly after 12:00 pm.

Apologising for the delay, he then gave the podium to Justice Ejaz Afzal Khan, who headed the implementation bench.

Justice Khan said that all material collected by the JIT would be sent to an accountability court within six weeks, and judgement should be announced within 30 days.

Cases would be opened against Captain Muhammad Safdar, Maryam, Hassan and Hussain Nawaz as well as Prime Minister Nawaz Sharif.

One judge will oversee the implementation of this order.

The prime minister was additionally disqualified from holding office for life. The judges ruled that the prime minister had been dishonest to the parliament and the courts and could not be deemed fit for the prime minister's office.

The judgement is unanimous.


The petitioners included Pakistan Tehreek-e-Insaf Chairman Imran Khan, Awami Muslim League chief Sheikh Rasheed and Jamaat-e-Islami head Sirajul Haq while the respondents include the prime minister, his family members, and several government officials and departments.

Around 3,000 personnel of Police, Rangers and Frontier Constabulary have been deployed at the Supreme Court and the Red Zone to tackle any confrontation.

Panama Papers & Sharif family


The historical verdict follows an investigation into Sharif family's wealth after the 2016 Panama Papers dump linked the PM’s children to offshore companies.

https://en.dailypakistan.com.pk/headline/pm-nawaz-sons-and-daughter-among-world-leaders-who-use-tax-havens-to-hide-their-wealth/

The prime minister - who himself is not named in the Panama Papers - denies all allegations and insists they are politically motivated. There were also questions over the make-up of the SC-sanctioned Joint Investigation Team (JIT) that helped the court in probing the case.

Sharif's four children - Maryam, his presumptive political heir, and his sons Hasan and Hussein - were implicated in the papers.

At the heart of the case was the legitimacy of the funds used by the Sharif family to purchase several high-end London properties via offshore companies.

The PML-N insists the wealth was acquired legally, through Sharif family businesses in Pakistan and the Gulf.

The top court had in April declared there was "insufficient evidence" to oust Sharif over the allegations surrounding his family, and ordered an investigation team to probe the matter.

The team of civilian and military investigators found there was a "significant disparity" between the Sharif family's income and lifestyle, mentioning this in a report submitted to the court earlier this month.

The Sharifs and their allies have consistently and vehemently rejected the claims, with his ruling PML-N party this month dismissing the investigation team's report as "trash".

https://en.dailypakistan.com.pk/headline/jit-set-to-submit-final-report-in-panama-case-to-sc-as-deadline-ends-today/

What will happen next?


Nawaz Sharif has been ousted by graft allegations once before, during the first of his three terms as prime minister in 1993.

He has not yet completed a term as prime minister, having been toppled in his second term by a military coup in 1999.

Friday's verdict is a massive blow to the ruling Pakistan Muslim League-Nawaz (PML-N) ahead of general elections due to be held next year.

PML-N currently has no clear successor in place. PM's daughter Maryam Safdar does not hold public office, while his brother Shehbaz Sharif, the current chief minister of Punjab province, holds only a provincial seat.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 10 Dec 2023

Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.

Dollar Rate in Pakistan Today

On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.

Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.4 285.95
Euro EUR 307 310
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 755.82 763.82
Canadian Dollar CAD 209 211
China Yuan CNY 39.82 40.22
Danish Krone DKK 41.14 41.54
Hong Kong Dollar HKD 36.37 36.72
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 922.14 931.14
Malaysian Ringgit MYR 60.82 61.42
New Zealand Dollar NZD 175.33 177.33
Norwegians Krone NOK 26.12 26.42
Omani Riyal OMR 738.71 741.76
Qatari Riyal ‎QAR 78.07 78.77
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.32 27.62
Swiss Franc CHF 324.5 327
Thai Bhat THB 8.08 8.23

Gold price drops in Pakistan; Check out today gold rates here

Gold prices decreased in local markets in line with the trend in the international market.

Gold Rates in Pakistan Today - 10 December 2023

On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.

Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.

In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 216,300 PKR 2,486
Karachi PKR 216,300 PKR 2,486
Islamabad PKR 216,300 PKR 2,486
Peshawar PKR 216,300 PKR 2,486
Quetta PKR 216,300 PKR 2,486
Sialkot PKR 216,300 PKR 2,486
Attock PKR 216,300 PKR 2,486
Gujranwala PKR 216,300 PKR 2,486
Jehlum PKR 216,300 PKR 2,486
Multan PKR 216,300 PKR 2,486
Bahawalpur PKR 216,300 PKR 2,486
Gujrat PKR 216,300 PKR 2,486
Nawabshah PKR 216,300 PKR 2,486
Chakwal PKR 216,300 PKR 2,486
Hyderabad PKR 216,300 PKR 2,486
Nowshehra PKR 216,300 PKR 2,486
Sargodha PKR 216,300 PKR 2,486
Faisalabad PKR 216,300 PKR 2,486
Mirpur PKR 216,300 PKR 2,486

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