On December 3, National Crime Agency of UK said that It agrees to £190m settlement with Malik Riaz Family after frozen funds investigation.
The £190 million settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national, whose business is one of the biggest private sector employers in Pakistan.
Pakistani business tycoon has agreed to hand over cash and assets worth £190 million to UK investigators.
The NCA has agreed a £190m settlement with a family that owns large property developments in Pakistan and elsewhere after a frozen funds investigation.— National Crime Agency (NCA) (@NCA_UK) December 3, 2019
Read more ➡️ https://t.co/YmPqE7JlWv pic.twitter.com/n6TGySbRT5
The haul, previously controlled by property developer Malik Riaz Hussain, includes the Grade II listed building 1 Hyde Park Place, valued at £50 million.
Investigators from the National Crime Agency (NCA) secured nine freezing orders covering £140 million in funds in UK bank accounts, on the grounds that the cash may be the proceeds of crime
These assets worth £190 million will be returned to the State of Pakistan, Said NCA in it’s press release.
The freezing orders were on the cash and assets rather than against any individual, and the settlement is a civil legal procedure that does not mean anyone has been found guilty.
Malik Riaz owns Bahria Town, which is one of the biggest private-sector employers and housing schemes in Pakistan.