Latest news with #Rs871m
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
