Pakistan

Malik Riaz Bahria of Town second tweeting trend after NCA announcement

Aftab Ahmed

Islamabad: Soon after the announcement of The National Crime Agency of UK about the settlement of 190 million British pound from Real Estate Tycoon, Malik Riaz Hussain was top tweeting trend in Pakistan– second on the top tweet trend.

“The £190 million settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national, whose business is one of the biggest private sector employers in Pakistan,” read a statement by the agency.

 

The NCA has accepted a settlement offer of £190 million, which includes a UK property – 1 Hyde Park Place, London, W2 2LH – valued at approximately £50 million and all of the funds in the frozen accounts.

The assets will be returned to the State of Pakistan.

“In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million. These followed an earlier freezing order in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to money held in UK bank accounts,” said the agency.

The Assets Recovery Unit (ARU) also confirmed the development, saying that UK’s NCA had “agreed to an out of court settlement […] with a Pakistani family that owns large property developments in Pakistan and elsewhere”.

 

Earlier this year in March, the Supreme Court of Pakistan accepted an offer of Bahria Town (Pvt) Ltd – owned by Malik Riaz – to settle cases pertaining to its Malir or Karachi Superhighway project in lieu of payment of Rs460 billion.

The deal was struck when the counsel representing the developer agreed to enhance their offer to Rs460bn from the earlier Rs450bn.

 

“The offer is accepted,” Justice Sheikh Azmat Saeed had declared after a brief hearing about implementation of the court’s judgement of May 4, 2018 in which it was held that grant of land to the Malir Development Authority (MDA) by the Sindh government, its exchange with the land of private land developers (Bahria Town) and anything done under provisions of the Colonisation of Government Land Act 1912 by the provincial government was illegal and of no legal existence.

The acceptance of the offer by the apex court restrained the National Accountability Bureau (NAB) from filing references against the directors and officials of Bahria Town. However, in case of default in payment of the settlement amount during the period agreed to under the deal (which has been reduced to seven years from eight), NAB will be free to file corruption references against the developer, but after prior permission of the court.

1 Comment

1 Comment

  1. malik safdar hussain

    May 9, 2020 at 12:57 am

    aslamoalykom malik sb i am sfaid posh koronavirous ke waja sybilkul farg hu koey rashen aorna he koey amdad mli halat bhoat khrab ho ghy hay kise ka agha hath be phala nahi saktha app say mali amdad ka talbgar hou ta ka ma apna kam shuru kr ka apnay baco ka pat pal sakou may na aik muhalay may chota sa tnwr leghay whoa hay jis say ma bacho ka guzara mushkul say how raha tha magar as krona na bhout mjbor kr ka rakh dia hay app ko allah nay bhout dia hay aour allah talla ap ko aour day ta kay hum jaisay greeb aour lachar logo ke madad krta rahay ma apke amdad ka muntzar aour marey family ap ku ta zandhe daway datey rahey ghey allah ap ka hamey o naser how marey umer 55year hay aor marey tabieat be theak nahe rehtay aour koy kmanay wala be nahey alla ap ko as ka ajar day gha amdad ka tlab gar

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