Malik Riaz settlement with National Crime Agency, £ 190m to be returned to Pakistan

by Jeremy Spirogis
Has Malik Riaz also become a Sacred Cow

London ( BBC – December 4 2019) The UK’s National Crime Agency has confirmed that Pakistan’s leading businessman Malik Riaz Hussain and his family have been settled in exchange for providing £ 19m worth of assets.

According to a statement issued on December 3, the settlement came under investigation by National Crime Agency’s Malik Riaz Hussain and the money and assets will be returned to the state of Pakistan.

As per the settlement, Malik Riaz Hussain and his family, who will give £ 19m of assets under the settlement, have the money in their freezing bank accounts, as well as a building called One Hyde Park Place, located in the central London area. An apartment is also worth around £ 500m.

The statement also said that in August 2019, eight bank accounts were frozen in connection with the same investigation, which contained £ 12m. This is the largest amount of freezing of any account since the introduction of the AFO in the British Criminal Finance Act 2017.

Earlier in December 2018, the amount of two million pounds was frozen in connection with the same investigation.

Following the orders of the magistrate, the National Crime Agency conducted further investigations into these funds. The NCA had shown the possibility that if the money was obtained through illegal means or used in illegal activities, then it would be seized.

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. Could be done.

It is to be noted that Malik Riaz is one of the richest people in Pakistan and he is the founder of the Bahrain Group of Companies which is considered as the largest private company in the construction sector.

Malik Riaz also agreed to pay Rs 460 billion to Pakistan’s Supreme Court in March this year, in return for which the Supreme Court ordered him to abolish all cases relating to the Bahria Town of Karachi.

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