Pakistan to get Rs38bn from UK agency in Malik Riaz case

Pakistan to get Rs38bn from UK agency in Malik Riaz case

KARACHI: Pakistan will get around Rs38 billion (£190 million) after National Crime Agency (NCA) of the United Kingdom agreed settlement after frozen funds investigation into a case of Malik Riaz Hussain.

According to a press release issued on Tuesday, the settlement includes a UK property valued at approximately £50 million.

The National Crime Agency has agreed a settlement figure with a family that owns large property developments in Pakistan and elsewhere.

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.

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.

The NCA has accepted a settlement offer in region of £190 million which includes a UK property, 1 Hyde Park Place, London, W2 2LH, valued at approximately £50 million and all of the funds in the frozen accounts.

The assets will be returned to the State of Pakistan, the statement said.