The arrest and jailing of Imran Khan has triggered uproar in Pakistan after a court convicted the former prime minister in the so-called Toshakhana case on Saturday.
A district and sessions court in Islamabad found Khan guilty of fraudulent practices involving the state gift depository.
Additional and Sessions Judge Humayun Dilawar rejected Khan's appeal for inadmissibility of the case and sentenced him to three years in prison.
Khan, 70, chairman of Pakistan Tehreek-e-Insaf (PTI), was arrested at his home in Zaman Park, Lahore.
He was found guilty of exploiting his position as prime minister to buy and sell gifts which were obtained for the Toshakhana, a Cabinet body that deals with such offerings to the government, during foreign tours. They were valued at more 140 million Pakistani rupees ($635,000).
PTI activists took to the streets in parts of the country in protest against the court's decision. In Lahore, they gathered outside Khan's house.
PTI central leader and former politician Shaukat Yousafzai told The National that the court's decision was unlawful.
“If we see the history of Toshakhana, every prime minister and government has taken gifts from it. How can the incumbent government punish Imran Khan for this,” he said.
Mr Yousafzai claimed that even if Khan was arrested and imprisoned, people would still vote for his party.
“The continuing price hike [cost of living rises] has badly disturbed the masses and the incumbent rulers are bound to lose coming elections,” he said.
“We, the PTI, also appeal to the international community to ensure fair elections in Pakistan. This will prove the real contest and real popularity of political leaders as to which one comes into power as a result of the balloting.”
In Peshawar, the city where Khan's political popularity began to flourish, PTI activists blocked GT Road, the main route of the city, creating problems for commuters.
Party supporters also started protests in Punjab, Khyber Pakhtunkhwa, and other parts of the country.
Ikhtiiyar Wali, a leader of Pakistan Muslim League-N party and a former politician, said that he and his party welcomed the court's decision, adding that everyone should obey the law.
“During his time in government, Imran doubled Pakistan's debts, which was around 25,000 billion rupees at the start of his government and reached around 50,000 billion rupees in his rule, after he had been imposed on the country by the security establishment,” Mr Wali said.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
