NAB overlooked Sherpao's 'dubious' transactions, UK arbitrator rules.

ISLAMABAD -- The judgement of the British arbitrator released by Adviser to the Prime Minister on Accountability Mirza Shahzad Akbar disclosed how the National Accountability Bureau (NAB) during former president Gen Pervez Musharraf's era overlooked the 'dubious' transactions of ex-interior minister Aftab Ahmed Khan Sherpao after he joined the former military ruler's cabinet.

Sir Anthony Evans, a London-based arbitrator, ruled in favour of Broadsheet's claim that recovery from Aftab Ahmed Khan Sherpao was inordinately delayed and he was given ample opportunity to safely retrieve $3.5 million.

As per the verdict, in July 2002 Broadsheet informed NAB that it had located assets belonging to Mr Sherpao in a bank account in Jersey.

Broadsheet is a UK-based assets recovery firm.

The account was in the name of a trust owned and/or controlled by him and a total of $3.5 million was held in it. Broadsheet asked NAB to make a formal request to the Jersey authorities for a freezing order in respect of its claims and imposed a temporary freezing order.

Judgement supports Broadsheet's claim that former minister given time to retrieve $3.5m

On Sept 20, 2003 the Crown Advocate in Jersey sought for 'an update as to the Sherpao matter'. Before he could provide one, Broadsheet received NAB's solicitors' letter dated Oct 28, 2003 purporting to terminate the assets recovery agreement (ARA).

On Jan 30, 2004 the lawyer acting for the government of Jersey wrote directly to NAB asking for detailed information regarding any prosecutions, ongoing or otherwise, against Mr Sherpao.

During the cross examination, a witness, Tallat Ghumman, disclosed that in a meeting between NAB chairman Gen Amjad Hafeez and Mr Sherpao, the letter from Jersey was discussed. Mr Ghumman said in evidence that Mr Sherpao 'did not have any answers to our inquiries'.

Mr Sherpao remained under investigation by NAB and a registered target for the purposes of the ARA at least until August 2004.

On August 25, 2004, Mr Sherpao was appointed the interior minister.

In November 2006, NAB filed a Supplementary Reference against Mr Sherpao which accused him of committing 'acts of corruption'.

In August 2007, Mr Sherpao submitted a return to NAB regarding foreign assets, including bank accounts in Jersey, stating that all 'have been generated through agricultural income, on which I pay regular income tax' and claiming that funds were routed to Jersey 'for portfolio investments' via London and...