Spokesperson for former Pakistani PM’s family calls Hasan Nawaz’s bankruptcy ‘targeted actions’

A Sharif family spokesperson on Monday described the British court's declaration of bankruptcy against Hasan Nawaz, the son of former Prime Minister Nawaz Sharif, as part of a pattern of targeted actions against the family’s businesses.

The bankruptcy came to light on Sunday, although the official order was issued on April 29, 2024, as recorded in the UK Gazette.

The bankruptcy petition was, however, filed on August 25, 2023, following a case brought by Her Majesty’s Revenue and Customs (HMRC) over unpaid debts and liabilities.

In a statement, the Sharif family traced their historical struggles, beginning in 1972 when industries, including their businesses, were nationalized under Zulfiqar Ali Bhutto's government.

The spokesperson stated that the family has been "forced into bankruptcy four times solely to punish them."

The statement emphasized that such challenges are not new for the Sharif family, highlighting their enduring sacrifices for the nation and principles.

It also noted that taxes are not paid during periods of bankruptcy and claimed that the British court validated this stance regarding Hasan Nawaz.

Legal and financial implications

Speaking to Nukta, UK-based barrister Rashad Aslam explained the severe consequences of bankruptcy in Britain. "Bankruptcy in the UK is devastating. Once declared bankrupt, individuals face severe restrictions—they cannot own businesses, buy or sell assets, or even open a bank account," he said.

Aslam clarified that Hasan’s bankruptcy is personal, not corporate, which is significantly more damaging. "He cannot serve as a director of any company or engage in business activities in the future," he noted.

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Addressing potential political angles, Aslam stated, "UK authorities are vigilant regarding politically exposed persons. However, in Hasan's case, there is no indication of preferential treatment regarding his unpaid tax liabilities."

The lawyer warned that the long-term implications of bankruptcy would severely limit Hasan Nawaz’s financial and business activities.

While the bankruptcy order was issued months ago, it has only recently garnered public attention.