Property tycoon agrees to hand over assets worth £190m

Courtesy NCA

Courtesy NCA

A Pakistani business tycoon has agreed to hand over cash and assets worth £190 million to United Kingdom investigators.

The settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national who on Twitter styles himself "Pakistan's Leading Real Estate Developer & Philanthropist".

The NCA has accepted a settlement offer of £190 million, which includes a United Kingdom property - 1 Hyde Park Place, London, W2 2LH - valued at approximately £50 million and all of the funds in the frozen accounts.

The assets will be given to the government of Pakistan. A senior communications officer for the NCA confirmed to Newsweek Pakistan via email that "all the assets have now been returned to Pakistan".

The NCA had previously secured nine freezing orders covering 140 million pounds in the accounts on the grounds that the money may have been acquired illegally. At the time, the agency had said the accounts were frozen because the money was "suspected to be derived from bribery and corruption". The settlement, they added, is a civil legal procedure that is not considered admission of guilt.

Hussain is one of Pakistan's richest and most powerful businessmen and biggest private employers, and is known for upmarket gated housing communities. "I am a proud Pakistan and I will remain until I breath my last".

The acceptance of the offer by the apex court restrained the National Accountability Bureau (NAB) from filing references against the directors and officials of Bahria Town.

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