[1] On 20 July 2000, on the orders of the Attorney General's Office and the then President General Pervez Musharraf, the National Accountability Bureau (NAB) of Pakistan hired two asset recovery companies, namely the Isle of Man registered Broadsheet LLC and UK based International Asset Recovery (IAR), to investigate and track the illegally accumulated wealth of Pakistani politicians and other influential figures including the former Prime Minister of Pakistan Nawaz Sharif.
[2] However, Broadsheet claimed that it had not been informed of the settlements and it was entitled to service fees on assets it had recovered.
[1] In the meanwhile, the Broadsheet company went bankrupt and was acquired by Kaveh Moussavi, an Iranian and former head of public interest law at Oxford University.
[4] The Pakistan government appealed to the High Court of England and Wales against the LCIA arbitral award in favour of Broadsheet, on the ground that LCIA had failed to give sufficient reason on how it had valued the award in favour of Broadsheet.
[8] On 22 January 2021, the Federal Government appointed a one-man inquiry commission headed by former Supreme Court judge, Azmat Saeed Sheikh to probe into the Broadsheet scandal.
[9] On 22 March, the commission completed its investigation into the payment made to the British-based asset recovery firm Broadsheet LLC.
It found that the records for the payment had disappeared from the ministries of finance and law, the office of the attorney general as well as the High Commission of Pakistan in London.