Pakistan’s Imran Khan disqualified from office for hiding assets

Bloomberg

Imran Khan, Pakistan’s former prime minister, was disqualified as a lawmaker and barred from holding public office after officials found him guilty of hiding his assets, the latest legal woe for the ousted leader as he pushes for early national elections in a bid to return to power.
A five-member panel of the election commission issued its order on Friday, writing in a statement that Khan committed “corrupt practices” by not disclosing money he had earned from selling gifts from various foreign dignitaries, Geo TV reported. Khan’s spokesman said the ex-cricket star will appeal the order. Pakistani law does not bar lawmakers from selling such gifts but hiding the transactions is illegal.
The verdict adds more political uncertainty to a country already reeling from economic headwinds. Pakistan’s foreign exchange reserves recently dipped to their lowest level in three years. Fitch downgraded the nation’s credit rating on Friday, something Moody’s had done earlier this month. And devastating floods this year caused tens of billions of dollars in damage.
After the ruling was announced, Pakistan’s benchmark KSE-100 Index extended declines to 0.8%, the most in three weeks, before paring losses to 0.2%. More tumult could soon follow: Pakistan’s law minister, Azam Nazeer Tarar, told reporters that the government may file a criminal complaint against Khan for giving a false statement to Pakistan’s election commission. A conviction would carry a jail sentence, he said.
For now, Friday’s development is unlikely to halt Khan’s quest to force early national elections.
After he was ousted from office in April, Khan has led massive rallies across the country, railing against the nation’s powerful military and tapping into public discontent with a shaky economy.