The National Crime Agency of the United Kingdom has announced that it will return all of Malik Riaz Huaain’s assets to Pakistan.
On Tuesday, the United Kingdom’s National Crime Agency announced that it had agreed to a settlement of £190 million with Malik Riaz Hussain following an investigation into his British assets.
The NCA said in a press release that it had agreed to a settlement with a “family that owns large property developments in Pakistan and elsewhere”. It added that the settlement was a result of a probe into Hussain’s assets and included properties such as 1 Hyde Park Place which is valued at £50 million including all the money in the frozen accounts. It stated that these assets would be returned to ‘the State of Pakistan’.
Investigators from the NCA in August secured nine freezing orders covering £140 million in funds in UK bank accounts. The agency at the time claimed the accounts were frozen because the money was “suspected to be derived from bribery and corruption”. Legal experts claim that the freezing orders were not on any particular individual, but on cash and assets. They further added that the settlement is a civil legal procedure and should not be considered an admission of guilt.
Malik Riaz Hussain is a real estate tycoon who owns Bahria Town in Lahore, one of the largest private sector employers in Pakistan.
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