While Sharif was fined 8 million pounds (USD 10 million), his daughter Maryam was handed down a 2 million pound (USD 2.6 million) fine.
During his tenure before being disqualified by the Supreme Court in the Panama Papers case, Sharif had a testy relationship with the powerful military as well as the judiciary.
The National Accountability Bureau (NAB) had filed the case, along with two others, on the Supreme Court's directives in the landmark Panama Papers case verdict past year which disqualified Sharif, the three-time prime minister.
Former Interior Minister Chaudhry Nisar Ali Khan said on Friday that it will be decided on the day of election if the Pakistan Muslim League-Nawaz (PML-N) or Pakistan Tehreek-e-Insaf (PTI) are strong or the masses.
Amjad Pervez, counsel of Sharif's daughter Maryam, argued that the law stipulates the presence of the accused when the verdict is read out.
This pertains to ownership of the Park Lane apartments in London, UK, specifically flats 16, 16-A, 17, and 17-A Avenfield House. Maryam's husband, retired army Capt. Safdar Awan, got a one-year sentence for failing to cooperate with the National Accountability Bureau.
At least on Friday, it appeared unlikely that either Nawaz Sharif or his daughter would appear in Pakistan to go to jail.
Sharif has previously described the court proceedings against him as politically motivated and a judicial witchhunt.
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"Pakistani people and PML-N reject this verdict".
Recent surveys show that up to 22 per cent of Pakistani voters are undecided ahead of July 25, he said, and with further serious allegations of corruption against the PML-N leadership there is little chance of Sharif mobilising the "sympathy factor" after the verdict to draw those voters in.
In 1993 he was sacked from his first term as premier for corruption, while in 1999 he was sentenced to life in prison after his second term in office ended with a military coup.
Sharif has argued that the military, in cahoots with top judges, has used cases against him and party members to tip the scales in favour of cricketer-turned-politician Imran Khan ahead of the election.
November 2, 2016 - Supreme Court agrees to set up a judicial commission to probe corruption allegations against Sharif, stemming from Panama Papers leaks.
Accountability Court Judge Mohammad Bashir announced the sentence after several delays. Nawaz Sharif's sentencing is credited to Khan.
It is alleged that the properties were allegedly bought with graft money in 1990s when he served twice as the prime minister.