Broadsheet to seize further Pakistani assets after failing to get $2.2m
Broadsheet’s CEO Kaveh Mousavi has instructed his lawyers at Crowell & Morning to initiate the assets-seizure operation
February 11, 2021
- The Broadsheet LLC has instructed its lawyers at Crowell and Moring LLP to initiate new proceedings so that it could seize Pakistani assets
- Move came after the company failed to get a reply from the country regarding the recovery of nearly $2.2 million
- A source at NAB says Pakistan has received correspondence regarding the latest developments and the matter is currently under review
LONDON: The Broadsheet LLC has instructed its lawyers at Crowell and Moring LLP to initiate new proceedings so that it could seize Pakistani assets after the company failed to get a reply from the country regarding the recovery of nearly $2.2 million.
Broadsheet’s CEO Kaveh Mousavi has instructed his lawyers at Crowell & Morning to initiate the assets-seizure operation after previously successfully seizing Pakistani assets through the orders of the London High Court.
Broadsheet’s lawyers have said that the decision has been taken after Allen & Overy failed to engage with Broadsheet despite giving assurances on February 1, 2021, that Pakistan desires “to resolve the matter without the need for further enforcement action," but failing to confirm further whether it had the instructions to deal with the matter or not.
“Our client has instructed us to seize further assets to satisfy the sums due to it on the outstanding judgments,” Broadsheet has said in a letter to Pakistan.
Read more: Tariq Fawad Malik: the founder of messy Broadsheet deal
A source at the National Accountability Bureau (NAB) said that Pakistan has received correspondence regarding the latest developments and the matter is currently under review.
Allen & Overy did not comment but Geo News has seen the communication between the two parties.
In its letter, Crowell & Moring LLP said: “With respect, we refer you simply to the dates of the outstanding judgments. We need say no more. Please, don’t suggest that your client has not had time to deal with this situation as frankly, that is simply untrue. We will refer the court to the 18 letters that we wrote to you and to your client without response on this very issue and leave the court to draw its own conclusions.”
Less than a month ago, Broadsheet asked Pakistan to pay the following amounts: US$ 1,180,799 in respect of further interest owed by Pakistan on judgment debts, accrued after the issue of Broadsheet’s third-party debt order on partial payment by funds received from United National Bank on 31 December 2020; US$ 40,677 being the balance of the judgment debt remaining unsatisfied; US$ 5,889 interest accrued on the balance of the judgment debt being and continuing to accrue at the daily rate of US$ 267.72 and Broadsheet’s enforcement cost currently standing at around US$ 800,00.
