Money Laundering case: Petition of Shehbaz Sharif, Hamza fixed for hearing

Money Laundering case: Petition of Shehbaz Sharif, Hamza fixed for hearing

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WASHINGTON: The World Bank warned Tuesday that global growth will decelerate “significantly” this year, but the Omicron variant of Covid-19, which is spreading rapidly around the world, could make it worse and exacerbate labor shortages and supply chain disruptions .

In its latest Global Economic Outlook report, the Washington-based development bank lowered its forecast for world economic growth this year to 4.1 percent after rebounding 5.5 percent last year.

The petitioner claimed that the Federal Investigation Agency’s (FIA) investigation was illegal and pleaded for the removal of FIR No. 20/39.

Moreover, it has also been requested that FIA should stop investigation until the final decision has been announced while the institutions including NAB have been made the defendants.

It was stated in the petition that FIA had started the investigations with a bad intention. No proof of any unnamed accounts has been discovered.

Earlier today, Pakistan Muslim League-Nawaz (PML-N) President and Opposition Leader in National Assembly (NA) Shehbaz Sharif had challenged the inquiry of money laundering case being carried out by Federal Investigation Agency (FIA) in Lahore High Court (LHC).

“We’re seeing a troubling reversal in poverty, nutrition and health. The reversal and education or reach from school closures will have a permanent impact,” he told reporters. “I’m very concerned about permanent scarring on development.”

Ayhan Kose, head of the bank’s forecasting department, told AFP that the Omicron strain caused fewer restrictions than the initial outbreak, meaning the overall impact was likely to be milder.

However, he warned that “if this continues for longer and cases remain high and continue to put pressure on health systems, then under this scenario, global growth will slow.”

Earlier, FIA had submitted details of 45 bank accounts of Shehbaz Sharif, his sons Hamza and Salman Shahbaz in money laundering case. The concerned officials told that the accused may be sentenced to seven years in jail with fine and seizure of properties.

FIA had also submitted a challan against Shehbaz Sharif and Hamza Shahbaz and declared them as prime accused.

On November 11, 2020, Mian Shehbaz Sharif and his son Hamza Shehbaz Sharif were indicted in money laundering reference by accountability court.

All the accused in the case pleaded not guilty. Shehbaz Sharif, while rejecting allegations of the anti-graft watchdog, said that he was being politically victimized.

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