Latest news with #MalikRiaz
Business Recorder
4 days ago
- Business
- Business Recorder
Apex court rejects stay order plea on auction of Bahria Town properties
The Supreme Court on Friday dismissed a plea seeking a stay order on the auction of properties belonging to Pakistan's leading real estate corporation. A three-member bench headed by Justice Amin-ud-Din Khan heard the petition concerning the auction of Bahria Town properties by the National Accountability Bureau (NAB). The NAB on Thursday initiated the process of transferring proceeds from the auction for properties linked to real estate tycoon Malik Riaz, as part of efforts to recover funds from a court-approved 2019 plea bargain, Business Recorder reported. According to an official statement, the NAB conducted a public auction for six commercial properties associated with Malik Riaz and Bahria Town. The move is aimed at recovering unpaid amounts connected to the £190 million settlement case involving Riaz, the founder of Bahria Town. The six properties up for auction include one in Islamabad and five in Rawalpindi. The NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Riaz, the founder of Bahria Town. Recoveries tied to £190m case: NAB conducts auction for 6 Bahria Town properties During the proceedings, petitioner's counsel, Farooq H Naek, appeared before the court and requested an immediate stay on the auction. Justice Khan, while dismissing the petition, remarked that a stay order could not be granted unilaterally and that the other parties must also be heard before any decision is made. Justice Naeem Akhtar Afghan observed that copies of NAB references should also be attached with the appeals so that the actual extent of embezzlement could be ascertained. He noted that the accused had entered into a plea bargain with the NAB, handing over eight properties as part of the agreement. However, it was now being claimed that the plea bargain was made under duress, not voluntarily, he added. The bench observed that if a request to annul the plea bargain had been made to the NAB chairman, the case would revert to its original stage. In such a scenario, NAB could not proceed with the auction of the properties. Properties' auction: Bahria Town moves SC against IHC order The court added that following the annulment request, the accused would have to face trial on the reference, and only upon conviction could the properties be confiscated. Naek argued that this was precisely the matter at hand — his client's request to annul the plea bargain and the pending NAB reference. The court directed Naek to submit copies of the references filed against Bahria Town owner Malik Riaz and the housing society, and adjourned the hearing until August 13. The auction In the auction, the NAB listed the six properties including corporate offices on Plots 7-D (having estimated value of Rs871m) and 7-E (estimated value of Rs881m) in Bahria Town's Phase-II, Rawalpindi; Rubaish Marquee and Lawn in Islamabad (Rs488m), Arena Cinema (Rs1.1bn), Bahria Town International Academy (Rs1.07bn) and Safari Club (Rs1.2bn), in Bahria Town, Rawalpindi. The NAB confirmed the Rubaish Marquee was successfully sold for Rs508 million — Rs20 million above the reserved price. The bureau has begun the process of transferring the amount. Meanwhile, two other properties — Corporate Office-I and Corporate Office-II — received conditional bids of Rs876 million and Rs881.5 million respectively. It says that three properties remained unsold due to lack of qualifying bids. A re-auction will be announced soon. The NAB remains committed to transparent recovery of public funds and strict enforcement of accountability laws, the accountability bureau said.
Business Recorder
5 days ago
- Business
- Business Recorder
Recoveries tied to £190m case: NAB conducts auction for 6 Bahria Town properties
ISLAMABAD: The National Accountability Bureau (NAB) on Thursday initiated the process of transferring proceeds from the auction for properties linked to real estate tycoon Malik Riaz, as part of efforts to recover funds from a court-approved 2019 plea bargain. According to an official statement, the NAB conducted a public auction for six commercial properties associated with Malik Riaz and Bahria Town. The move is aimed at recovering unpaid amounts connected to the £190 million settlement case involving Riaz, the founder of Bahria Town. The six properties up for auction include one in Islamabad and five in Rawalpindi. The NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Malik Riaz Hussain, the founder of Bahria Town. The NAB listed the six properties including corporate offices on Plots 7-D (having estimated value of Rs871m) and 7-E (estimated value of Rs881m) in Bahria Town's Phase-II, Rawalpindi; Rubaish Marquee and Lawn in Islamabad (Rs488m), Arena Cinema (Rs1.1bn), Bahria Town International Academy (Rs1.07bn) and Safari Club (Rs1.2bn), in Bahria Town, Rawalpindi. The NAB confirmed the Rubaish Marquee was successfully sold for Rs508 million — Rs20 million above the reserved price. The bureau has begun the process of transferring the amount. Meanwhile, two other properties — Corporate Office-I and Corporate Office-II — received conditional bids of Rs876 million and Rs881.5 million respectively. It says that three properties remained unsold due to lack of qualifying bids. A re-auction will be announced soon. The NAB remains committed to transparent recovery of public funds and strict enforcement of accountability laws. Copyright Business Recorder, 2025
Express Tribune
5 days ago
- Business
- Express Tribune
NAB auctions Bahria Town properties
The National Accountability Bureau (NAB) Rawalpindi on Thursday conducted a public auction of six commercial properties linked to real estate tycoon Malik Riaz/Bahria Town, as part of efforts to recover defaulted funds from a court-approved plea bargain. According to a statement issued by NAB, the auction resulted in the successful sale of Rubaish Marquee for Rs500 million, with payment and property transfer processes currently underway. Two other assets — Corporate Office-I and Corporate Office-II — received conditional offers at or above their respective reserve prices. However, their sale is subject to final approval by NAB's competent authority. Meanwhile, three properties remained unsold due to a lack of qualifying bids. NAB stated that a re-auction for these unsold assets will be announced soon. The accountability watchdog reaffirmed its commitment to the transparent recovery of public funds and the strict implementation of accountability laws.
Business Recorder
02-06-2025
- Business
- Business Recorder
FBR recovers Rs36.14bn in legal victories, including major win against Bahria Town
The Federal Board of Revenue (FBR) has made significant legal victories, including a major win against Bahria Town (Private) Limited, unlocking revenue to the tune of Rs36.14 billion previously stuck in litigation. The development comes amid special interest and firm instructions from Prime Minister Shehbaz Sharif to improve FBR's legal strategy and push for results in court, the Ministry of Finance said in a statement on Monday. 'FBR has significantly improved its legal framework and achieved major success in resolving long-pending cases. 'Acting on the PM's directives, FBR vigorously pursued pending cases in the Islamabad High Court. As a result, last week the court ruled in favor of FBR in cases collectively valued at Rs36.14 billion,' read the statement. Malik Riaz has occupied govt, private lands: NAB Among last week's major wins for the federal tax collecting authority were three high-value tax cases, with the most significant being the case against Bahria Town (Private) Limited. 'In this case, the IHC upheld a recovery decision in favour of FBR amounting to Rs26.446 billion.' The case had been pending at various appellate forums for the past two and a half years. Moreover, in two other corporate cases involving a total of Rs9.7 billion, the IHC also ruled in FBR's favour. 'These victories are clear evidence of the government's commitment to economic reforms,' read the statement. According to the Ministry of Finance, revenue to the tune of trillions of rupees remains stuck in various legal disputes, hindering national revenue collection. Thus, a coordinated legal strategy was developed for representation and litigation, which has now started yielding notable results for FBR, it added.
Arab News
29-05-2025
- Business
- Arab News
Pakistani high court to hear Imran Khan's appeal in Al-Qadir land bribe case on June 5
ISLAMABAD: The Islamabad High Court (IHC) will take up the Al-Qadir Trust case involving former Prime Minister Imran Khan and his wife on June 5, marking the first hearing since the couple was sentenced over four months ago, the opposition Pakistan Tehreek-e-Insaf (PTI) party said Thursday. A Pakistani court sentenced Khan to 14 years and his wife, Bushra Bibi, to seven years in prison last January. The centers on allegations that they received land as a bribe from real estate tycoon Malik Riaz Hussain through their charitable foundation, the Al-Qadir Trust. The trust, founded in 2018 while Khan was still in office, is accused by authorities of being used as a front for illegal benefits. The PTI has long maintained the case lacks merit and repeatedly requested the high court to hear their petition to suspend the convictions. This is the first time the IHC has scheduled proceedings since the lower court verdict in January, which was delayed at least three times before being delivered. 'Al-Qadir Trust case is scheduled for hearing on June 5,' the PTI said in a statement during the day. The hearing will be conducted by a two-member IHC bench led by acting Chief Justice Sardar Muhammad Sarfraz Dogar and Justice Muhammad Asif, according to the court's cause list. PTI Chairman Barrister Gohar Khan, speaking to reporters outside the Supreme Court earlier this week, said the party had met with the chief justice to press for the case to be listed. 'Release [of Khan and his wife] will take place once the case is heard,' Gohar told reporters. 'We still hope the case will be heard on June 5.' The Al-Qadir case stems from £190 million that the UK repatriated to Pakistan in 2019 after the Pakistani real estate tycoon settled a British investigation into suspected criminal assets. Authorities allege that instead of depositing the funds in Pakistan's national treasury, Khan's government used the money to help Hussain pay court-imposed fines in a separate case related to land acquired illegally in Karachi at below-market rates. Khan, who has been in jail since August 2023 and is facing a slew of legal cases, says all charges against him are politically motivated. He accuses Prime Minister Shehbaz Sharif and the country's powerful military of orchestrating the crackdown to sideline him, a claim both Sharif and military officials deny.
