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Bahria Town gives new settlement offer of Rs485b to SC

Bahria Town gives new settlement offer of Rs485b to SC
March 12, 2019
ISLAMABAD (92 News) – Bahria Town on Tuesday gave new settlement offer of Rs485 billion to the Supreme Court (SC) for ending all inquiries against its management. The new proposal was submitted in the SC, in which, Bahria Town has asked for complete legal immunity including Karachi, Muree and Rawalpindi projects of its directors and management in return of its new offer of Rs485 billion. In its new offer, Bahria Town has said that it will pay Rs485 billion for acquiring land illegally. It will pay Rs440 billion for the 16,896-acre Karachi Superhighway project, Rs22 billion for Takht Pari Rakh forest land, which spreads over 5,472 kanals, and Rs23 billion for Sulkhtar and Manga land. Bahria Town said that it will make the down payment of Rs20 billion for Karachi land in six months, however, it wants the Rs10.75 billion it deposited in the court and Rs4.7 billion paid to the Sindh government to be readjusted in its Rs20 billion offer. In six months, it will pay R4.55 billion. The payment will be made through daily installments of 30% of sales proceeds collected or depositing in BTPL’s accounts relating to project land. The remaining Rs420 billion will be paid in monthly installments of Rs2 million during the first five years and “average” monthly installment of Rs8.33 billion in the subsequent three years. The Bahria Town said that it may transfer any of the developed property or asset to the government in lieu of the payments outstanding and or sell any property or asset anywhere else to pay the outstanding amounts. The proposal – which was submitted in the apex court – stated that after finalisation of the proposal all criminal and civil liabilities against its directors (past and present), shareholders, management of BTPL and/or its associated entities shall cease to exist. All on-going inquiries, investigations by all agencies (NAB, FIA, FBR, Anti-corruption) in said matters is said to be ceased/waived/discharged, according to the proposal. It asks for the court to refrain investigating agencies from investigations against the management for all times to come. However, the SC will hear the Bahria Town case tomorrow.
NAB prepares first corruption reference against Malik Riaz
The new offer was given by the Malik Riaz a day after, when the National Accountability Bureau (NAB) prepared first corruption reference against Bahria Town owner and business tycoon Malik Riaz in Takht Pari case. According to the details garnered, the NAB has completed the first reference related to Takht Pari case against Malik Riaz. The reference has been sent to NAB Chairman Justice (r) Javed Iqbal for approval. The reference alleged that Malik Riaz is accused to construct the phase 7 and 8 on the land of Forest Department in Takht Pari. It was also reported that Malik Riaz has been nominated as accused in the reference. In the reference, it alleged that the Bahria Town owner constructed phase 7, 8 on the forest land and earned billion rupees from the general public which caused loss of national exchequer. However, it said that the reference has been sent to the anti-graft watchdog chief for approval. It also said that after the approval of reference against property tycoon, it will be presented in Rawalpindi Accountability court. On the other hand, before the corruption reference, many cases also have been lodged against Bahria Town owner related to the possession of government land.