UK Agrees to Hand Over Assets Worth £190 Million of Pakistani Business Tycoon, Malik Riaz Hussain, to Pakistan

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The National Crime Agency of the United Kingdom on Tuesday announced it had agreed to a settlement of £190 million with Malik Riaz Hussain to resolve an investigation into his assets in Britain.

UK To Return £190 Mn Of Malik Riaz’s Frozen Wealth To Pakistan

UK To Return £190 Mn Of Malik Riaz’s Frozen Wealth To Pakistan

The real estate tycoon and one of the biggest private sector employers in Pakistan, Malik Riaz was facing an investigation into his assets in the UK.

The assets under discussion also include a UK property, located at 1 Hyde Park Place, London, W2 2LH, and valued at approximately £50 million and all of the funds (cash) in the frozen accounts of the family.

In August, investigators from the NCA had secured nine freezing orders covering £140 million in funds in U.K. bank accounts. At the time, the agency had said the accounts were frozen because the money was “suspected to be derived from bribery and corruption.” Legal experts say the freezing orders were on the cash and assets, and not any particular individual. The settlement, they added, is a civil legal procedure that is not considered admission of guilt.

The assets will be given to the government of Pakistan. Malik Riaz Hussain owns Bahria



Town, which is one of the biggest private sector employers in Pakistan and its largest privately-owned property development firm.

The freezing orders were on the cash and assets rather than against any individual, and the settlement is a civil legal procedure that does not represent a finding of guilt.

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