Pakistani real estate tycoon to hand over £190m to settle UK probe

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

United Kingdom agreed settlement of property and assets worth £190 million belonging to a prominent Pakistani business tycoon in frozen funds investigation, media reported on Tuesday.

Press Released issued by NCA said it had agreed on a settlement with a "family that owns large property developments in Pakistan and elsewhere." .

The agency said the assets would be passed to the government of Pakistan, which has been spearheading an anti-corruption campaign since Prime Minister Imran Khan came to power past year.

A senior communications officer for the NCA confirmed to Newsweek Pakistan via email that "all the assets have now been returned to Pakistan".

These followed an earlier freezing order in December 2018 linked to the same investigation for £20m.

The NCA had formerly guaranteed nine freezing requests addressing 140 million weight when you look at the reports in the reasons that the cash was obtained illegally. The proceedings were against the funds themselves, not against any named individual.

As per the agreement between the parties, further details of the settlement are confidential.

It is to be noted that in the settlement of the British firm, the settlement has been said to give apartments worth five million pounds, while Malik Riaz says he has sold the property so that his money will be paid to the Supreme Court.

The NCA however, said that the settlement with Hussain was "a civil matter, and does not represent a finding of guilt". However, in case of default in payment of the settlement amount during the period agreed to under the deal (which has been reduced to seven years from eight), NAB will be free to file corruption references against the developer, but after prior permission of the court.

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