Malik Riaz Signals for a comprehensive dialog to end Bahria Town Woes

On Tuesday property tycoon Malik Riaz urged there should be dialogue and a respectable solution in the face of criminal cases against Bahria Town. This is so as the Islamabad High Court (IHC) reserved its decision on the petitions challenging the proposed auction of properties in Bahria Town. 

The attachments were realized in an agreement of a plea bargain that was entered regarding the case that entailed the amount of money, 190 million. The move is the extension of the prior activities by the National Accountability Bureau (NAB) against Riaz, who is the owner of Bahria Town and absconding in the Al-Qadir Trust case. Last month NAB had claimed the tycoon and his son Ali Riaz had struck a plea bargain in a case involving 190 million pounds but did not pay it. 

Therefore, NAB had obtained information on various properties that would be auctioned under Section 33E of the NAB Ordinance, 1999, to recover the amount.

In 2019, the United Kingdom National Crime Agency (NCA) had settled with the family of Riaz on a sum of 190 million. In the same year, the Supreme Court had accepted the settlement compensation dues of Rs460 billion by Riaz due to his Bahria Town, which was established.

Malik Riaz had tweeted hours after the NCA verdict that the recovered amount would be taken to the Supreme Court in opposition to the worth of Rs460bn. The money was then directed to Supreme Court accounts, rather than government accounts. This was recorded by the Supreme Court on October 20, 2023, in which it said that only Rs60.72bn was paid out of Rs460bn. On this payment alone, Bahria Town made payment to the tune of Rs24.26bn only.” Riaz today wrote, X: “I would like to make yet one last appeal, a deep appeal at heart, that we be allowed a chance at serious dialogue and a dignified solution.

To this end, the property tycoon asserted that it will engage in any arbitration and enforce its ruling in full (100 percent). I am also on this occasion to inform you that in case the decision of the arbitration demands payment of any money on our part, we will pay it, God willing. According to Riaz, he was confident that the state institutions of Pakistan would take necessary action in a just, sagacious, and wise manner, and they will contribute towards getting us out of this tight spot.