UK to take Rs38 billion from Malik Riaz, give it to Pakistan
It seems that money has started coming to the country and Pakistani business tycoon Malik Riaz Hussain is the first casualty.
The United Kingdom (UK) would hand over 190 million pounds (38 billion rupees) to Pakistan after taking it from Malik Riaz Hussain. The settlement in this regard has been reached during a probe into frozen funds case in London.
The £190 million settlement is the result of an investigation by the National Crime Agency (NCA) into Malik Riaz, says a report published on NCA’s website.
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In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million. These followed an earlier freezing order in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to money held in UK bank accounts, it said.
The NCA has accepted a settlement offer in region of £190 million which includes a UK property, 1 Hyde Park Palace, London, W2 2LH, valued at about £50 million and all of the funds in the frozen accounts, said the report.
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.
The assets will be returned to Pakistan, the NCA said.
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.”
