Pakistan share market collapses as Prime Minister Nawaz Sharif dismissed by Supreme Court

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Published: July 28, 2017 2:25:30 PM

Pakistan stock market tumbled after the nation’s Supreme Court on Friday disqualified the Prime Minister Nawaz Sharif from office after a damning corruption probe into his family wealth.

Pakistan, Panama Papers, Panama Papers case,  Pakistan SC, Nawaz Sharif, Nawaz Sharif family, Panama paper verdictPakistan Prime Minister Nawaz Sharif. (Reuters)

Pakistan stock market tumbled after the nation’s Supreme Court on Friday disqualified the Prime Minister Nawaz Sharif from office after a damning corruption probe into his family wealth. The major benchmark indices fell off from the cliff after the top court dismissed Sharif after an investigative panel alleged his family could not account for its vast wealth.

The KSE 100 index slipped about 1.56% to 45,186.28 points, KSE 30 index too fell 1.56% to 23,552.82 points while the All Share index plunged 1.65% to 31,763.54 points. The court has also ordered a criminal investigation against the premier and his family.

In a major blow, the Pakistan Prime Minister Nawaz Sharif was pronounced guilty by the Pakistan Supreme Court in the Panama Papers Case and is set to be removed from his post. Along with this, the Pakistan’s Supreme Court has sent the Panamagate graft case against Prime Minister Nawaz Sharif to anti-corruption court for trial. The Court also disqualified Finance Minister Ishaq Dar according to the local media.

The case is about alleged money laundering by 67-year-old Nawaz Sharif in 1990s, when he twice served as prime minister, to purchase assets in London. The assets surfaced when Panama Papers leak last year revealed that they were managed through offshore companies owned by Sharif’s children. After this decision, Nawaz Sharif who has served as the Pakistan PM for a record three times, faces the possibility of being removed from the post as he was declared unfit to hold it by the Court.

Justice Ejaz Afzal Khan while addressing the media said all the material that was collected by the Joint Investigation Team (JIT) would be sent to an accountability court within 6 weeks. Also, cases would be opened against Captain Muhammad Safdar, Maryam, Hassan and Hussain Nawaz as well as Nawaz Sharif.

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