ISLAMABAD – Pakistani business tycoon Malik Riaz faces a worst setback fromthe British National Crime Agency.
Pakistani biggest business tycoon, Malik Riaz, has agreed to hand over cashand assets worth £190 million to UK investigators.
The £190 million settlement is the result of an investigation by theNational Crime Agency into Malik Riaz Hussain, whose business is one of thebiggest private-sector employers in Pakistan.
The National Crime Agency has agreed on a settlement figure with the familythat 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 £50million.
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In August 2019, eight account freezing orders were secured at WestminsterMagistrates’ Court in connection with funds totalling around £120 million.These followed an earlier freezing order in December 2018 linked to thesame investigation for £20 million.
All of the account freezing orders relate to money held in UK bankaccounts, on the grounds that the cash may be the proceeds of crime.
