Islamabad (Staff Report): Supreme Court of Pakistan on Thursday announced Panama case verdict.

Justice Asif Khosa began reading out a 540-page verdict in the Panamagate case.  

As per details, the apex court has ordered to form an joint investigation team (JIT) to probe into alleged money laundering and corruption.

The court also ordered PM Nawaz Sharif's children to present before the committee and PM Nawaz will also present before the committee if JIT summons him.

The JIT will be formed in seven days and present its report within two months.

The team will comprise representatives from the military, NAB, security exchange commission, FIA and other investigating agencies.

“It needs to be investigated how the money was transferred to Qatar,” the verdict reads.

The detailed SC judgement said: "At the commencement of regular hearing of these petitions it had been decided by this Court with concurrence of the learned counsel for all the parties that it might not be possible for this Court to take stock of the entire gamut of the business activities and personal lives of respondent No. 1 [PM Nawaz Sharif] and his family within the limited scope of these petitions and, therefore, these petitions would be decided by focusing mainly, but not exclusively, on the properties relevant to respondent No. 1 and his children [Maryam Nawaz, Hasan Nawaz and Hussain Nawaz] which were revealed through the Panama Papers."

The verdict is divided in the ratio 3:2. Justice Khosa and Justice Gulzar have called for the disqualification of PM Nawaz.

A five-member bench led by Asif Saeed Khosa had heard the case and reserved the decision of this case on March 23.

Other judges on the bench are Justice Ejaz Afzal Khan, Justice Gulzar Ahmed, Justice Sheikh Azmat Saeed and Justice Ijaz-ul-Ahsan.

Islamabad's Red Zone has been put on 'red alert', with around 1,500 police, Rangers and FC personnel deployed in and around the area for security and to maintain peace. Police officials, including Special Branch officials, have also been deployed for intelligence gathering and timely responses.