Saturday 04 July 2020
Select a region

Property tycoon agrees to hand over assets worth £190m

Property tycoon agrees to hand over assets worth £190m

Tuesday 03 December 2019

Property tycoon agrees to hand over assets worth £190m

A Pakistani business tycoon has agreed to hand over cash and assets worth £190 million to UK investigators.

The haul, previously controlled by property developer Malik Riaz Hussain, includes the Grade II listed building 1 Hyde Park Place, valued at £50 million.

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

It announced on Tuesday that an agreement had been reached with Hussain to hand over the cash and ownership of the exclusive address, which overlooks Hyde Park.

The assets will be given to the government of Pakistan.

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.

Sign up to newsletter



Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?