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Politics

Panama Papers sink Sharif, casting pall on Pakistan's markets

Quick succession plan seen as crucial for calming investor nerves

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Opponents of Prime Minister Nawaz Sharif shout slogans as they exit the Supreme Court in Islamabad on July 28.   © Reuters

ISLAMABAD -- The Pakistani Supreme Court's decision to topple Prime Minister Nawaz Sharif over his family's offshore wealth has investors bracing for more turbulence.

Under character-related clauses in Pakistan's constitution, Sharif was disqualified from holding public office for lying about the source of family finances that have moved from three Gulf Arab countries through Panamanian offshore companies and into high-end properties in London. The Sharif family's offshore companies were revealed in the leak of the Panama Papers from law firm Mossack Fonseca in April 2016.

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