Great work by @FactFocusFF releasing Broadsheet/NAB litigation.

Sum up?

NAB hired shady businessman Jimmy James to hunt foreign assets of NAB “targets” for a 20% commission. James’ business partner at the time had recently been disbarred by Canadian bar for dishonesty (1/x) https://twitter.com/factfocusff/status/1350996947218411520

so they decided to incorporate a new company called Broadsheet (BS) & used it to enter contract with NAB.
BS did hunt down some target assets initially including Adm. Mansoor ul Haq etc & earned commissions. Later, however, NAB started a go-slow on targets identified by BS (2/x)

These targets included people like Aftab Sherpao (who soon after was appointed by Interior Minister by Musharraf), Jamil Ansari/Amir Lodhi (Adm. Haq’s frontmen) & most lucratively, the Sharif family (who had reached a settlement with Mush by then). BS was unhappy at NAB’s (3/x)

reluctance to go after these big fish as it meant losing the 20% commission on their assets. After some squabbling, NAB ended contract with BS and so BS sued for its “lost profits”.
Meanwhile, BS went bankrupt & into liquidation. However, it’s former owner, Jimmy James (4/x)

reached a “settlement” with NAB for 1.5m (or 2.25m) dollars. But James didn’t take the money on behalf of BS. Instead, he set up a new Co. in the US with a similar name and NAB’s lawyer, Ahmer Bilal Soofi, happily made payment to this new Co. w/out even bothering to check (5/x)

with BS & its liquidators! Then a new crook called Moussavi (former associate of James and himself a jail bird) turned up & offered to fund BS & take it out of liquidation & pursue litigation against NAB if it would share any award it got. BS liquidators agreed & game on! (6/x)

The award basically notes that NAB wrongly ended the contract. So BS entitled to lost profits. BS pointed out assets of various targets i.e. Sharif family etc ran into hundreds of millions & if contract had continued, they would have gotten 20%. So arbitrator gave ‘em some (7/x)

GBP 30m including costs. Funny bit is that BS/Moussavi didn’t have a clue abt Sharif family assets. So they just took the Panama JIT report & presented it as evidence! Arbitrator reduced JIT estimate by 8 times but 20% of that still comes to abt GBP 20m! Other funny bit (8/x)

is NAB lawyers argued that assets of go-slow targets like Sherpao should be excluded in BS’s calculation of lost profits coz NAB never intended to go after them. But arbitrator didn’t buy it because he said he had no reason to believe NAB wouldn’t do “its statutory duty” (9/x)

Concl: Crooks on both sides but only our side had the fools. IMHO, arbitral award & estimate of BS damages v. excessive but courts don’t like upsetting arbitral awards. Still surprised court ordered Pak HC account debited. Guessing money in that acc also NAB-related (Malik Riaz?)