LONDON: National Crime Agency (NCA – British Agency that handles serious and organised crime) has agreed to a £190 million settlement with the family of Bahria-Town-famed Malik Riaz.
Taking to the Twitter Agency announced: “The NCA has agreed a £190m settlement with a family that owns large property developments in Pakistan and elsewhere after a frozen funds investigation.”
The NCA has accepted a settlement offer in region 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 £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.”
According to National Crime Agency: “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.” The assets will be returned to the State of Pakistan.
Meanwhile, Prime Minister Office here has claimed that Assets Recovery Unit of Pakistan had facilitated repatriation of £190 million through a settlement.
According to the PM Office United Kingdom’s National Crime Agency had agreed an out of court settlement in a pending investigation with a Pakistani family that owns large property developments in Pakistan and elsewhere.
The NCA also agreed for immediate repatriation of funds to the State of Pakistan.
The settlement is a civil matter and does not represent a finding of guilt.
The 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.
In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totaling around 120 Million pounds.
These followed an earlier freezing order in December 2018 linked to the same investigation for 20 Million pounds.
All of the account freezing orders relate to money held in UK bank accounts.
The proceedings were against the funds themselves, not against any named individual.
The settlement also includes a UK property located at 1 Hyde Park Place in Central London which was previously owned by the son of the former Prime Minister of Pakistan Nawaz Sharif, namely Hassan Nawaz and was sold to the family in March 2016.
A relevant piece published earlier:
Bahria Town asks SC to end all inquiries in return for Rs.485b
KARACHI: Bahria Town management has asked the Supreme Court for complete legal immunity in return of its new offer of Rs.485 billion.
The new proposal was submitted in the apex court today by the legal management.’
“After finalisation of the proposal, all criminal and civil liabilities against its directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist,” read the proposal.
On May 4, 2018 the court ruled that the Malir Development Authority illegally granted land to Bahria Town.
The Sindh government had allotted the land to MDA for building a housing scheme. The MDA, however, exchanged the land with Bahria Town, the court said. Bahria Town was even barred from selling any plot or apartment in the housing scheme. The top court has been hearing a case on the implementation of its verdict.
The Bahria Town has made several proposals to get the land transferred to it. The court has rejected all the proposals so far.
Court order: Bahria Town land adjustment case!
KARACHI: The SCP in its order regarding a case apropos Bahria Town land adjustment held: “Pursuant to our previous orders, the land, which is not claimed by the Bahria Town, Karachi to be in its possession either through encroachment or through the defunct exchange, can be identified in purple color on the map filed in the Court today.
“Mr. Ali Zafar after looking at the map also states that the land in purple is not in possession of Bahria Town. A copy whereof be provided to the Deputy Commissioner/District Collector, Malir, who shall ensure that the possession of the State Land shown in purple measuring 7040.347 acres is taken over and handed over to the Nazir of the learned High Court of Sindh, who is also present in the Court.
“However, the District Collector and the local administration shall facilitate retention of the possession of the land. Any failure, in this behalf, on their part will result in proceedings against them in accordance with the law. The compliance report, in this behalf, will be submitted before the next date of hearing. All the law enforcement agencies shall assist the District Collector, Malir, in this behalf, if and when required. How the land in purple is to be dealt with shall be decided later.
“Mr. Asad Ali, Director, Survey of Pakistan, Karachi, present in Court, was also involved in the process of demarcation of the land in question, has placed a copy of Brochure issued by the M/s Prism Estate, which also bears the monogram of the Bahria Town and its name.
The said M/s. Prism Estate is purportedly the authorized dealer of the Bahria Town, Karachi. It is his case that the said authorized dealer is selling the land including the plots on the land colored in purple and measuring 7040.347 acres which is being shown to have nothing to do with Bahria Town.
“Furthermore, all the transactions pertaining to this land even otherwise, in view of the judgment under implementation stand nullified. Let notice be issued to Mr. Masood-ul-Hassan Alvi, Chairman, Prism Estate and all those persons, whose names and mobile numbers have been shown in the said Brochure to be served at Karachi Office i.e. (1) Suit No. 1, First Floor, 40/42-C, Main 26th Street Tauheed Commercial, Phase-5, DHA Karachi (Tele: 21-35304521) and (2) Karachi Site Office: Office No. 25, Main Jinnah Avenue, Precinct-1, Bahria Town, Karachi.
“The District Collector, Malir, present in Court, will conduct an inquiry if any transaction has been conducted in any part of 7040.347 acres (marked in purple on map), then the local police will be directed to initiate proceedings against the persons concerned. The compliance report shall be filed before the next date of hearing.
“The learned Counsel for the Bahria Town, Karachi has made a final offer to purchase 7068 acres of land (the subject matter of original exchange transaction) a sum of Rs. 150 billion and with regard to the remaining land (encroached), which is 9828 acres, a sum Rs.208 billion has been offered.
“He proposes to make payment in installments and the amount due will be secured. The said offer does not appear to be very reasonable. The next course of action, which needs to be adopted, will be determined, after hearing the parties concerned, on the next date of hearing.
“All the other listed cases are adjourned. To come up for further proceedings on 29.01.2019. The District Collector, Malir shall be present in person on the said date of hearing.”
News Pakistan
