The UK approves £ 19m settlement from Malik Riaz
The UK approves a £ 19m settlement from Malik Riaz |UK National Crime Agency approves a £ 19m settlement from Malik Riaz. The British National Crime Agency NCA has agreed to settle a £ 19 million settlement with the family of the property tycoon Malik Riaz in exchange for money or assets. The agency’s statement said that ‘the settlement of £ 19 million in assets or assets will be settled as a result of an NCA investigation into Pakistani citizen Malik Riaz Hussain, who is a key member of Pakistan’s private sector. Are the most entrepreneurial. The NCA has accepted a £ 19m settlement offering, including an apartment building on London’s One Hyde Park Place in London’s property, which is worth £ 5m, with frozen accounts. All funds available are included. These assets will be returned to the State of Pakistan. In August 2019, about 12 million pounds of funds were received from Westminster Magistrates’ Court for freezing of 8 accounts, a statement from the National Crime Agency said.
According to the statement, these orders for freezing accounts were received in December 2018 following orders related to the same inquiry in the amount of £ 200 million, while all orders for freezing accounts were related to the amount contained in British bank accounts. It may be recalled that in March this year, the Pakistani Supreme Court accepted the offer of settlement of Malik Riaz-owned company Bahria Town Private Limited in cases related to Malir or Karachi superhighway for Rs 460 billion. The deal was accepted when Malik Riaz’s lawyer offered to raise the settlement amount from Rs 450 billion to Rs 460 billion.
Justice Sheikh Azmat Saeed said after a brief hearing regarding the implementation of the May 4, 2018 court order that “the offer is accepted.” The court ordered that the Sindh Government grant a grant to the Malir Development Authority (MDA) for the land, change of land from the private developer of the land (Bahria Town) and the provisions of the 1912 Act on the colonization of public land. Everything that was done by the provincial government under the Act was illegal. After accepting the offer, the Supreme Court stopped the National Accountability Bureau (NAB) from filing references against Bahria Town directors and officials. However, according to the deal, NAB would be free to file references against the developer if it did not pay the settlement amount within the stipulated time period which was reduced from 8 to 7 years but would need to obtain prior approval from the court. Will be
