Thursday July 25, 2024

Malik Riaz reacts to NCA settlement

Money should be brought back to Pakistan and others like me should do the same, he says

By Web Desk
December 05, 2019

PESHAWAR: Bahria Town Chairman Malik Riaz said on Thursday that he did not commit any financial wrongdoing and neither had the NCA held him guilty for any crime.

The property tycoon was speaking to media while he was inaugurating a Bahria Town office in Peshawar. Riaz said that his children were overseas Pakistanis and British citizens.He said that only a settlement had been conducted on a civil matter.

"The NCA says we didn't commit any crime. The money should be brought back to Pakistan and others like me should also bring their wealth into the country," he said.

During the media talk he also spoke about Bahria Town's settlement with the Supreme Court according to which the company was supposed to pay Rs460 billion for land that it occupies in the Malir District.

"We have an understanding with the Supreme Court. We will pay back the money even if I have to sell my house," he said.

Riaz said that he didn't have any settlement with the government of Pakistan.

"As per the settlement with the court, this money will be given to Pakistan," he said.

Regarding the NCA, Riaz was referring to an out-of-court £190m settlement between him and the agency. The settlement also included a property worth £50 million. It originated as a result of an investigation into Riaz by the UK agency.

"In August 2019 eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million. These followed an earlier freezing order in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to money held in UK bank accounts," read a statement from the NCA.

The UK crime agency had said that all assets would be returned to the state of Pakistan.