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UK watchdog to pay £190m of Malik Riaz’s frozen assets to Pakistan

SAMAA | - Posted: Dec 3, 2019 | Last Updated: 6 months ago
Posted: Dec 3, 2019 | Last Updated: 6 months ago
UK watchdog to pay £190m of Malik Riaz’s frozen assets to Pakistan

The UK’s National Crime Agency has agreed to a settlement of £190 million or Rs38 billion with Malik Riaz Hussain’s family. This money will be returned to the Pakistani government, the UK’s crime watchdog said in a press release on Tuesday.

The real estate tycoon and one of the biggest private sector employers in Pakistan, Malik Riaz was facing an investigation into his assets in the UK.

The assets under discussion also include a UK property, located at 1 Hyde Park Place, London, W2 2LH, and valued at approximately £50 million and all of the funds (cash) in the frozen accounts of the family.

“The assets will be returned to the State of Pakistan,” the NCA said referring to the settlement amount.

Sharing details of the investigation, the NCA, which is the UK’s equivalent of Pakistan’s FIA, said eight account freezing orders were secured in August 2019 at Westminster Magistrates’ Court. This was in connection with funds worth £120 million.

The NCA presser said another £20 million worth of assets were frozen in December 2018, which were linked to the same investigation for. All of the account freezing orders relate to money held in UK bank accounts, it added.

In a statement on twitter, Riaz said some “habituals” are twisting the NCA report by 180 degrees to throw mud at him. “I sold our legal and declared property in UK to pay £190m to the Supreme Court of Pakistan against Bahria Town,” he wrote.

The NCA press release says the settlement is a civil matter and does not represent a finding of guilt, the property tycoon said in his post.

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  1. Avatar
      Abid Beli  December 5, 2019 11:05 am/ Reply

    Please follow up on this article and share more investigative reporting

    • Avatar
        Mahim Maher  December 5, 2019 12:08 pm/ Reply

      Abid sb, we are trying. Will alert you with any developments.

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