Historic achievement for the Assets Recovery Unit of PTI government
ISLAMABAD - Assets Recovery Unit of Pakistan has facilitated repatriation of 190 Million GBP Pounds through a Settlement.
According to a press release issued by the Prime Minister office today (Tuesday), 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 the State of 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.
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.