ISLAMABAD – Assets Recovery Unit of Pakistan has facilitated repatriationof 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 ofcourt settlement in a pending investigation with a Pakistani family thatowns large property developments in Pakistan and elsewhere.
The NCA also agreed for immediate repatriation of funds to the State ofPakistan.
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 RiazHussain, a Pakistani national, whose business is one of the biggest privatesector employers in Pakistan.
In August 2019, eight account freezing orders were secured at WestminsterMagistrates’ Court in connection with funds totaling around 120 Millionpounds.
These followed an earlier freezing order in December 2018 linked to thesame investigation for 20 Million pounds. All of the account freezingorders relate to money held in UK bank accounts.
Read Top Stories
The proceedings were against the funds themselves, not against any namedindividual.
The settlement also includes a UK property located at 1 Hyde Park Place incentral London which was previously owned by the son of the former PrimeMinister of Pakistan Nawaz Sharif, namely Hassan Nawaz and was sold to thefamily in March 2016.
As per the agreement between the parties, further details of the settlementare confidential.
