The Malik Riaz property tycoon asked for “dialogue and a dignified solution” in the middle of the legal problems of Bahria Town.
Its appeal occurs when the Superior Court of Islamabad (IHC) reserved its verdict on requests against the proposed auction of Bahria Town Properties. The assets were attached in relation to a guilt offer agreement reached in the case of £ 190 million. The development adds to the previous actions of the Office of National Responsibility (NAB) against Riaz, owner of Bahria Town and is an abscasgio in the case of trust of Al-Qadir.
In 2019, the National Crime Agency (NCA) of the United Kingdom had agreed an agreement worth £ 190 million with Riaz’s family. At the beginning of that year, the Supreme Court had accepted the RS460 billion RS460 billion offer as settlement installments by its city of Bahria after it was discovered that it had acquired thousands of acres of land illegally on the outskirts of Karachi in the Malir district. Hours after the verdict of the NCA, Riaz had tweeted that the recovered amount would go to the Supreme Court against the fine worth RS460BN. Subsequently, the money was transferred to the accounts of the Supreme Court, instead of the government account.
On October 20, 2023, the Supreme Court had indicated that “only RS60.72bn of RS460bn was paid. Even of this payment, Bahria Town paid only RS24.26bn.”
In a publication in X Today, Riaz said: “I would like to make a final appeal from the bottom of my heart that we have the opportunity to return to serious dialogue and a dignified solution.
“For this purpose, we assure you that we will participate in any arbitration and implement its decision to 100 percent,” added the Property Magnate. “On this occasion, I also assure you that if the arbitration decision requires the payment of money from our side, we will guarantee your payment, which God wants.”
Riaz said he was confident that Pakistan’s institutions would act “with justice, wisdom and prudence, and play a positive role in getting us out of this difficult situation.”
Riaz also said that the operations of the city of Bahria throughout the country had been severely paralyzed.
“Our cash flow has been completely destroyed, it has become impossible to provide daily services, we cannot pay the salaries of our tens of thousands of staff, and the situation has reached a point where we are forced to completely close all the activities of the city of Bahria in Pakistan,” Ríze said.
However, he added: “We are certainly one step behind this last step, but the situation on the ground is getting worse per minute.”
Last month, the IHC issued notices to the respondents about an NAB request that seeks to cancel the order of stay in its transfer to auctions six properties of the city of Bahria in Rawalpindi and Islamabad.
In June, NAB ordered the freezing of more than 450 real estate properties owned by several individuals appointed in the case of the land of Karachi of the city of Bahria.
In the same month, the IHC had issued an order of stay stopping the planned NAB auction of the properties of Bahria Town. The auction was scheduled to be held the same day, that is, on June 12.
Riaz had said in May last year that he was being pressed for “political reasons”, but said he would not bow to anyone. The real estate tycoon said he had been pushed to the wall and faced constant losses in his business.
But he did not mention who was pressing it and for what. Riaz is known for his links with political parties, the media, as well as the civil and military establishment, and has been considered “untouchable” in the past.
Sunrise He had contacted several political and political experts, but almost all were reluctant to comment on his ‘sad history’, saying that he had not revealed who was responsible for his problems, and the reason he was being pressured.
