Pakistan will have to pay over $33 million, as the London High Court has dismissed an appeal against an earlier decision by the London Court of International Arbitration (LCIA) in the Broadsheet LLC case.
According to a report published by The News, the state of Pakistan and the National Accountability Bureau (NAB) had filed the appeal against judgment issued by LCIA late last year under the UK Arbitration Act in March.
Pakistan maintained that the tribunal had failed to conduct the proceedings in accordance with the procedures agreed by the parties and the LCIA did not comply with the requirements of the award.
Broadsheet LLC, a company incorporated in the Isle of Man, was hired by the NAB during Pervez Musharraf's regime to investigate hidden assets of over 150 Pakistanis abroad, including the Sharif family. The agreement, however, was terminated by the NAB in 2003, after which the company filed a claim worth millions of dollars in damages.
The LCIA had ruled that Broadsheet LLC was entitled to damages and asked Pakistan to pay up the amount of almost $22 million, as well as cost of the case to the plaintiff amounting to around $11 million.
According to Washington based law firm, Crowell & Moring hired by Broadsheet LLC, the London High Court dismissed Pakistan's application on Friday and ruled that the reasoning of the tribunal and the claimants were not entitled to seek any further explanation as to how the conclusions were arrived at.
The judgment cited various other instances and stated that there was no basis in the case to conclude that the tribunal might well have reached a different view, the newspaper reported.
Pakistan now has to not only to pay the initial award amounting to $22 million dollars but also $11 million dollars in costs and damages to the company within next 30 days, as well as more than 87,000 pounds in costs within next 15 days.
The latter amount relates to the appeal in the London High Court for which the Pakistan government and NAB have incurred a cost of over 192,000 pounds. Non-payment of the award and cost could result in enforcement actions likely to include seizure of Pakistan's state assets abroad.
According to a report published by The News, the state of Pakistan and the National Accountability Bureau (NAB) had filed the appeal against judgment issued by LCIA late last year under the UK Arbitration Act in March.
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Pakistan maintained that the tribunal had failed to conduct the proceedings in accordance with the procedures agreed by the parties and the LCIA did not comply with the requirements of the award.
Broadsheet LLC, a company incorporated in the Isle of Man, was hired by the NAB during Pervez Musharraf's regime to investigate hidden assets of over 150 Pakistanis abroad, including the Sharif family. The agreement, however, was terminated by the NAB in 2003, after which the company filed a claim worth millions of dollars in damages.
The LCIA had ruled that Broadsheet LLC was entitled to damages and asked Pakistan to pay up the amount of almost $22 million, as well as cost of the case to the plaintiff amounting to around $11 million.
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According to Washington based law firm, Crowell & Moring hired by Broadsheet LLC, the London High Court dismissed Pakistan's application on Friday and ruled that the reasoning of the tribunal and the claimants were not entitled to seek any further explanation as to how the conclusions were arrived at.
The judgment cited various other instances and stated that there was no basis in the case to conclude that the tribunal might well have reached a different view, the newspaper reported.
Pakistan now has to not only to pay the initial award amounting to $22 million dollars but also $11 million dollars in costs and damages to the company within next 30 days, as well as more than 87,000 pounds in costs within next 15 days.
The latter amount relates to the appeal in the London High Court for which the Pakistan government and NAB have incurred a cost of over 192,000 pounds. Non-payment of the award and cost could result in enforcement actions likely to include seizure of Pakistan's state assets abroad.