Broadsheet LLC writes to NAB counsel in London seeking millions more

  • Pakistan has already paid $28.7 million to Broadsheet LLC
  • London firm is seeking additional payment of $1,180,799.66

LONDON ( WEB DESK )

Broadsheet LLC has written to the National Accountability Bureau (NAB) counsel in the British capital, seeking payment of an additional sum of $1,180,799.66.

The firm has also confirmed receiving $28,706,533.34 ($28.7 million) from the the United National Bank’s London branch following the London High Court’s December 17 2020 order, a copy of the letter showed.

It said the payment partially satisfied quantum and cost orders issued by Justice Teare on October 25 and November 29 in 2019. “However, pursuant to paragraph 3 of both orders, interest continued to accrue following the issue of our client’s Third Party Debt order and an additional sum of $1,180,799.66 had accrued on your client’s judgment debts prior to receipt of the funds from United National Bank.”

“In addition, Deputy Master Lay made a costs award in our client’s favour in the sum of £30,000, equivalent to $40,677,” read the letter. “Those costs have been retained out of the funds received from United National in priority of the Judgment Debts.”

The firm said that the outstanding sum stands at US$1,221,476.66 and added that interest continues to be imposed on that amount at the daily rate of $267.72 from January 1, 2021.

“Our client has also incurred additional enforcement costs, independent of those summarily assessed by Deputy Master Lay. Those costs exceed US$900,000 and are wholly attributable to your client’s failure to engage with us and the Court prior to 17 December,” said the letter.

In the correspondence with NAB counsel the law firm representing Broadsheet LLC, Crowell & Moring, said their client had “previously communicated its intention to satisfy its liabilities in full, please kindly confirm that your client will pay our client the sum of US$2,100,000 (Rs337 million) without further delay”.

The Broadsheet has invited the NAB to “agree terms of settlement, to be enforced by way of a Tomlin Order, pursuant to which your client will pay our client all interest accrued on the Judgment Debts within 14 days”, with a deadline of 8 January 2021.

A source told this scribe that NAB has received the letter from the Broadsheet’s lawyers and is receiving attention.

The UBL London branch debited US$29 into the Broadsheet’s account around 10 days after losing the case and the High Commission of Pakistan’s London accounts were frozen. The court separately ordered that the Sharif family’s London flats cannot be attached with this case.

Pakistan made a payment of $28.706 million (Rs4.59 billion) to the British firm Broadsheet LLC after losing the long-running litigation at the London High Court.

The amount was transferred from the Pakistan High Commission (PHC) on behalf of the National Accountability Bureau (NAB) to the assets recovery firm — 21 years after it was hired to trace alleged foreign assets of dozens of Pakistanis which it failed to find any.

The London High Court’s Financial Division had issued on December 17 a Final Third Party Order for payment to NAB’s former client Broadsheet by December 30 — drawing curtains on a case that has cost Pakistani taxpayers billions of rupees.

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