Hearing of Zardaris’ property case adjourned

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From Daily Times

KARACHI: Justice Ataur Rahman of the Sindh High Court delayed on Monday the hearing of an execution application of the defunct Bank of Credit and Commerce International (BCCI) seeking realization of the decretal amount by auctioning the property of a judgment debtor named Hakim Ali Zardari, a director of Zardari Group Private Limited.

Now Asif Ali Zardari, husband of former prime minister Benazir Bhutto, is the chief executive of Zardari Group.

Hakim Ali Zardari being the director of Zardari Group back in the 1980s had obtained financial benefits from the BCCI by pledging several of his properties in the group as securities. Several litigations throughout the world were instituted by the stakeholders, including management of the bank, after the collapse of the BCCI in the late 1980s. The management of the defunct BCCI instituted two suits against Hakim Zardari for the recovery of 858,969.28 and 785,695.94 pounds sterling in London where two of his properties were situated.

The court of adjudicator of London issued decrees in favour of the BCCI in 1997 and in the execution of two properties, flat No 6 in Lennox Garden, London, and 6, Kinnertonyard Kinnerton Street, London, were put to auction. However, the full decretal amount could not be fetched through the auction of the two properties.
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