The UK National Crime Agency agrees with Malik Riaz to settle £ 190m after an investigation into the frozen funds

The UK National Crime Agency agrees with Malik Riaz to settle £ 190m after an investigation into the frozen funds

9 views

A settlement figure has been negotiated by the National Crime Agency (NCA) with a group holding large property projects in Pakistan and elsewhere. The deal involves an estate estimated at around £50 million in the UK.

The £ 190 million settlement is the outcome of an NCA inquiry into a Pakistani businessman, Malik Riaz Hussain, whose company is one of Pakistan’s largest private-sector employers.

In August 2019, eight freezing orders were received in conjunction with funds worth a total around £ 120 million at the Court of Westminster Magistrates. These accompanied a previous freezing order for £ 20 million in December 2018 in association with the same investigation. These freezing account orders are related to money held in UK bank accounts.

The NCA has approved a £ 190 million settlement offer that includes a property in the UK, 1 Hyde Park Place, London, W2 2LH, valued at about £ 50 million and all the funds in the frozen accounts. The assets will be returned to the State of Pakistan.

Broadcast journalist Arshad Sharif addressed this issue back in 2016, claiming that Hasan Nawaz actually owned the property sold to Malik Riaz.

About author

Rava Desk

Rava is an online news portal providing recent news, editorials, opinions and advice on day to day happenings in Pakistan.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Your email address will not be published. Required fields are marked *