Property tycoon agrees to hand over assets worth £190m

A Pakistani property tycoon has agreed to hand over £190m in assets after freezing orders were obtained by National Crime Agency investigators

A Pakistani property tycoon has agreed to hand over £190m in assets after freezing orders were obtained by National Crime Agency investigators

The Pakistani real estate tycoon Malik Riaz Hussain has agreed to hand over 190 million pounds ($244 million) held in Britain to settle a British investigation into whether the money was from the proceeds of crime.

Investigators from the National Crime Agency (NCA) secured nine freezing orders covering £140 million in funds in United Kingdom bank accounts, on the grounds that the cash may be the proceeds of crime.

Hussain is one of Pakistan's richest and most powerful businessmen and biggest private employers, and is known for upmarket gated housing communities.

Malik Riaz would pay the amount for his disputed properties that include a United Kingdom property, One Hyde Park Place, London, W2 2LH, valued at approximately £50 million and funds in the frozen accounts.

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In August 2019, eight account freezing orders were secured at Westminster Magistrates' Court in connection with funds totalling around £120m.

The deal with the family of Malik Riaz Hussain did not find any guilt and will see the money "returned to the State of Pakistan", a statement said.

These followed an earlier freezing order in December 2018 linked to the same investigation for £20m. "I sold our legal & declared property in United Kingdom to pay 190M £ to Supreme Court Pakistan against Bahria Town Karachi". "I am a proud Pakistan and I will remain until I breath my last".

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