Insider trading doesn't need to be declared in nomination forms: SC
PTI leader Jahangir Tareen and chairman Imran Khan are accused of not declaring assets and owning offshore companies by PML-N's Hanif Abbasi
November 07, 2017
ISLAMABAD: The Supreme Court observed on Tuesday that insider trading does not have to be declared in the election nomination papers.
The remarks were made by Justice Umar Ata Bandiyal during the hearing of the disqualification case against Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and secretary general Jahangir Tareen.
Pakistan Muslim League-Nawaz leader Hanif Abbasi has filed a petition in the apex court seeking the disqualification from Parliament of Tareen and Imran over their alleged non-declaration of assets and ownership of offshore companies.
A three-member Supreme Court bench, headed by Chief Justice Mian Saqib Nisar, heard the case.
Azid Nafees, Abbasi’s counsel, argued that the disqualification has to be undertaken on the matter of dishonesty and not over submission of nomination papers. He alleged that Tareen acquired illegal money.
The chief justice, during the hearing, questioned the counsel whether every illegal act makes someone dishonest. He further remarked that these are new arguments for which Tareen’s counsel Sikandar Bashir Mohmand's opinion will be sought.
Meanwhile, hearing Abbasi's counsel for Imran's case, Akram Sheikh’s arguments, the chief justice remarked that judges are also working under the ambit of the law.
He remarked further that election tribunals are the appropriate forum for resolving issues with someone’s election.
The hearing was then adjourned until tomorrow.
The last hearing of the case, with regards to Tareen, was held on October 25 when the chief justice observed that Tareen was yet to submit a trust deed to the court regarding his UK property.
Over the last weekend, Tareen submitted the ‘trust deed’ to the Supreme Court regarding a 12-acre property he owns in the United Kingdom.
According to the documents, Tareen is a ‘settlor’ for the trust which owns 12 acres in the UK through its company, Shiny View Limited.
The trust was created in 2011 for 150 years, the documents state further.
Tareen and his wife have also been listed as the trust’s ‘discretionary lifetime beneficiaries’.
They also state that Tareen can direct the trustees to transfer the income from the trust fund to any of the discretionary beneficiaries, including him.
The documents also elaborate that in case Tareen dies, his wife, children and grandchildren will be named as discretionary beneficiaries.
