ISLAMABAD: Assets Recovery Unit (ARU) of Pakistan has facilitated repatriation of Pakistani business tycoon Malik Riaz Hussain’s 190 million GBP (the British pound sterling) through a settlement.

According to a press release issued by the Prime Minister office, the United Kingdom’s National Crime Agency has agreed an out of court settlement in a pending investigation with a Pakistani family that owns large property developments in Pakistan and elsewhere. The NCA also agreed for immediate repatriation of funds to Pakistan.

The settlement is a civil matter and does not represent a finding of guilt. The 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.

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In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totaling around 120 million pounds. These followed an earlier freezing order in December 2018 linked to the same investigation for 20 million pounds. All of the account freezing orders relate to money held in UK bank accounts. The proceedings were against the funds themselves, not against any named individual.

The settlement also includes a UK property located at 1 Hyde Park Place in central London which was previously owned by the son of the former Prime Minister of Pakistan Nawaz Sharif, namely Hassan Nawaz and was sold to the family in March 2016. As per the agreement between the parties, further details of the settlement are confidential.

Former prime minister Nawaz Sharif’s son, Hassan Nawaz, had sold the Hyde Park Palace to the biggest Pakistani builder for whopping 43 million pounds.

Malik Riaz has claimed that the NCA report was being twisted to throw mud at him. “I sold our legal and declared property in UK to pay 190 million pounds to the Supreme Court of Pakistan against Bahria Town Karachi.”