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Google "Rashid Rauf - mastermind". On the first page of results you will find CBS, the BBC, the Times, Guardian and Mail all describing Rauf last summer, on security service or police briefing, as the "Mastermind" behind the "Liquid terror bomb plot". So the fact that a Pakistani court has found there is no evidence of terrorism against him cannot be lightly dismissed by the cheerleaders of the plot story.
Rashid Rauf still faces other charges, including forgery, and what is touted as possession of explosives, although what he actually possessed was hydrogen peroxide, which is not explosive. As hydrogen peroxide is readily obtainable without limitation from any chemist or hardware store in the UK, why you would source it in Pakistan to blow up jets in Britain was never very convincing. The Pakistani court perhaps felt so too.
Rashid Rauf has much to answer. He is still wanted in the UK over the murder of his uncle some years ago - a crime which, like the alleged forgery, had no apparent terrorist link. None of which adds to the credibility of the evidence he allegedly gave the Pakistani intelligence services about the liquid bomb plot in the UK.