Renowned property magnate Malik Riaz, on Tuesday, earnestly advocated for “dialogue and a dignified solution” in the face of Bahria Town’s ongoing legal predicaments.
This appeal comes at a pivotal time as the Islamabad High Court (IHC) withholds its decision on petitions challenging the slated auction of Bahria Town properties. These assets are tied to a plea bargain in a £190 million case.
This development further entangles the National Accountability Bureau’s (NAB) ongoing proceedings against Riaz, the proprietor of Bahria Town, who is also facing absconding charges in the Al-Qadir Trust case.
NAB had previously disclosed last month that Riaz, alongside his son Ali Riaz, had engaged in a plea bargain concerning the 190 million pounds dispute but subsequently defaulted on the payment. As a consequence, NAB requested a detailed account of various properties intended for auction to recuperate the agreed amount, as stipulated by Section 33E of the NAB Ordinance, 1999.
Back in 2019, the National Crime Agency (NCA) of the United Kingdom ratified a £190 million settlement with Riaz’s family. Earlier the same year, the Supreme Court had endorsed Riaz’s Rs460 billion offer as settlement for his Bahria Town after it was discovered that they had unlawfully obtained thousands of acres on Karachi’s outskirts in district Malir.
Shortly after the NCA’s determination, Riaz tweeted that the recovered sum would cover the Rs460 billion fine owed to the Supreme Court. Consequently, the funds were deposited into the Supreme Court’s accounts instead of the government’s repository.