In December 2019, Pakistani real estate magnate Malik Riaz reached a settlement with the UK’s National Crime Agency (NCA), agreeing to pay £190 million.
The settlement included a luxury property, One Hyde Park Place in London, valued at £50 million.
On Friday, Pakistan’s Law Minister, Azam Nazir Tarar, clarified that the £190 million recovered by the NCA was intended for transfer to the federal government of Pakistan, specifically into the State Bank’s Account Number One.
The £190 million was subsequently transferred to Pakistan. However, during a meeting of Imran Khan’s cabinet, it was decided—through a sealed envelope—that the amount would be applied toward compensating Bahria Town for projects benefiting residents of Sindh, as per a ruling by the Supreme Court of Pakistan.
Azam Nazir Tarar further explained that Prime Minister Shehbaz Sharif had directed the National Accountability Bureau (NAB) to investigate the situation. Additionally, the Attorney General’s Office was instructed to petition the Supreme Court to declare the funds as property of the people of Pakistan and ensure they were returned to the Federal Government.
According to the Law Minister, following the case filing, the Supreme Court ordered the funds to be transferred into the Federal Government’s account.
It’s also worth noting that in November 2024, the Supreme Court ruled that Rs35 billion deposited by Bahria Town during the settlement should be handed over to the federal government.
