Wednesday, 12 August, 2020


Pakistani Tycoon To Hand Over $244 Million To Settle UK Probe

Pakistani tycoon agrees to hand over $244 million to settle UK probe Pakistani Tycoon To Hand Over $244 Million To Settle UK Probe
Bennie Garza | 04 December, 2019, 16:05

Malik Riaz Hussain, a Pakistani real estate tycoon, has agreed to hand over 190 million pounds ($244m) held in Britain to settle a corruption investigation.

The settlement also includes a United Kingdom property located at 1 Hyde Park Place in Central London, which was previously owned by the son of the former prime minister Nawaz Sharif, namely Hassan Nawaz and was sold to the family in March 2016.

As per the details of the case, in August 2019, eight accounts freezing orders were issued by Westminster Magistrates' Court in connection with funds totaling around £120 million. In December 2018, account freezing orders were also sought for the investigation of £20 million.

The settlement rekindles hopes for Prime Minister Khan's anti-corruption drive, which has so far failed to bring back the billions of dollars that his government accuses the opposition politicians have stashed overseas.

"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", read a statement by the agency.

The NCA had previously secured nine freezing orders covering 140 million pounds in the accounts on the grounds that the money could have been acquired illegally. However, no individuals were named.

Furthermore, the ARU revealed that the property included in the settlement was sold to the family in 2016 by Hassan Nawaz, former premier Nawaz Sharif's son.

It is to be noted that in the settlement of the British firm, the settlement has been said to give apartments worth five million pounds, while Malik Riaz says he has sold the property so that his money will be paid to the Supreme Court.

The deal was struck when the counsel representing the developer agreed to enhance their offer to Rs460bn from the earlier Rs450bn.

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