Pakistani business tycoon Malik Riaz faces a worst setback
ISLAMABAD - Pakistani business tycoon Malik Riaz faces a worst setback from the British National Crime Agency.
Pakistani biggest business tycoon, Malik Riaz, has agreed to hand over cash and assets worth £190 million to UK investigators.
The £190 million settlement is the result of an investigation by the National Crime Agency into Malik Riaz Hussain, whose business is one of the biggest private-sector employers in Pakistan.
The National Crime Agency has agreed on a settlement figure with the family that owns large property developments in Pakistan and elsewhere.
The haul, previously controlled by property developer Malik Riaz Hussain, includes the Grade II listed building 1 Hyde Park Place, valued at £50 million.
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, on the grounds that the cash may be the proceeds of crime.