LHC grants bail to Yousaf Abbas in Chaudhry Sugar Mills case

Lahore: The Lahore High Court (LHC) on Tuesday has granted bail to Yousaf Abbas Sharif in Chaudhry Sugar Mills case, GNN reported.

According to details, LHC has granted bail to former Prime Minister Nawaz Sharif’s nephew Yousaf Abbas Sharif, co-accused in Chaudhry Sugar Mills case along with Pakistan Muslim League-Nawaz (PML-N) vice president Maryam Nawaz.

The reserved verdict was announced two-member bench headed by Justice Baqir Najfi.

The court has also ordered Yousaf Abbas to submit two indemnity bonds worth Rs. 10 million.

On August 8, NAB had arrested Maryam Nawaz, her cousin Yousaf Abbas in the Chaudhry Sugar Mills case.
 
NAB revealed that Sharif Family had used Chaudhry Sugar Mills for money-laundering and illegal transfer of its shares.

During the probe, it was revealed that a $15 million loan was taken on the pretext to set up the mill despite the fact that it had already been established before the loan was acquired, the special assistant claimed. He had added that the loan was never transferred to Pakistan as shown by the record of the State Bank of Pakistan.

He had said more than Rs7 million worth of shares were transferred to PML-N vice president Maryam Nawaz in 2008 through mill’s shares, which were later transferred to Yousaf Abbas Sharif in 2010.