Updated

Islamabad, Jul 28 (AFP): Nawaz Sharif stepped down as the Prime Minister of Pakistan after the Supreme Court on Friday disqualified him over long-running corruption allegations, a highly anticipated decision that forces him out of office. Pakistan Finance Minister Ishaq Dar was also disqualified by Supreme Court in Panamagate case.

"He is disqualified as a member of the parliament so he has ceased to be holding the office of Prime Minister," Justice Ejaz Afzal Khan told the packed courtroom.

Along with the Pakistan premier, the apex court also disqualified Finance Minister Ishaq Dar in Panama graft case.

The court also asked the national anti-corruption bureau to launch a further probe into the allegations against Sharif, which stem from the Panama Papers leak last year linking the premier's family to lucrative offshore businesses.

No Pakistani prime minister has ever completed a full five-year term.

Most have seen their tenures cut short by the powerful military or interference from the Supreme Court. Others have been ousted by their own party, forced to resign -- or been assassinated.

It is the second time in Pakistan's 70-year history that the Supreme Court has disqualified a sitting prime minister.

In 2012 then-prime minister Yousaf Raza Gilani was disqualified over contempt of court charges for refusing to reopen a corruption case against the sitting president Asif Ali Zardari.

The Supreme Court's unceremonious end to Sharif's tenure represents a record third time he has been ousted as leader before completing his term.

In 1993 he was sacked by the then-president over graft allegations, while in 1999 he was ousted in a military coup.

Earlier Report

Panama Papers: Pakistan Supreme Court disqualifies PM Nawaz Sharif

Islamabad, Jul 28 (IANS): The Pakistan Supreme Court on Friday disqualified Prime Minister Nawaz Sharif after a probe team found his wealth far above his earnings in the Panama Papers case.

In an unanimous decision, the judges ruled that the Prime Minister had been dishonest to the Parliament and the courts and could not be deemed fit to hold office.

Justice Ejaz Afzal Khan, who headed the implementation bench, said all material collected by the Joint Investigation Team would be sent to an accountability court within six weeks. He said cases should be opened against Maryam Nawaz (Sharif's daughter), Captain Muhammad Safdar (Maryam's husband), Hassan and Hussain Nawaz (PM Sharif's sons) as well as Prime Minister Sharif and a judgement should be announced within 30 days.

The five-judge bench announced the much-awaited verdict in Courtroom No. 1 of the Supreme Court in Islamabad.

Justice Asif Saeed Khosa had put a dissenting note in an April 20 judgment with a quote from Mario Puzo's novel "The Godfather" and declared Sharif "disqualified" for not being honest to the nation.

Ahead of the judgment, Sharif held informal consultations with close aides and key ministers in Lahore.

Sources said another meeting would be held to devise a plan of action in the wake of the verdict.

Sharif returned from his trip to the Maldives on Thursday and was received by his brother, Punjab Chief Minister Shahbaz Sharif.