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Malik Riaz reacts to NCA report regarding 190M £ settlement

Malik Riaz reacts to NCA report regarding 190M £ settlement
December 3, 2019
KARACHI (92 News) – Reacting to the report of UK’s National Crime Unit (NCA), Business property tycoon Malik Riaz on Tuesday has said that some habituals twisting NCA report 180 degrees mud at him. In his tweet, after the press release issued by the NCA regarding 190M £ settlement, the business tycoon said, “I sold our legal & declared property in UK to pay 190M £ to Supreme Court Pakistan against Bahria Town Karachi.”   In another tweet, giving the explanation, Malik Riaz said that NCA press release says the settlement is a civil matter and does not represent a finding of guilt. “I am a proud Pakistan and I will remain until I breath my last. Pakistan Zindabad,” he tweeted. Earlier today, the UK’s National Crime Agency (NCA) has agreed £190m (Over Rs38 billion) settlement with a Pakistani national after frozen funds investigation. According to the National Crime Agency, the settlement includes a UK property valued at approximately £50 million. The agency has agreed a settlement figure with a family that owns large property developments in Pakistan and elsewhere. The £190 million settlement is the result of an investigation by the NCA into a renowned Pakistani national whose business is one of the biggest private sector employers in Pakistan. In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million. These followed an earlier freezing order in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to money held in UK bank accounts. The NCA has accepted a settlement offer in region of £190 million which includes a UK property, 1 Hyde Park Place, London, W2 2LH, valued at approximately £50 million and all of the funds in the frozen accounts. The assets will be returned to the State of Pakistan. In press release issued by Special Assistant on Accountability Shahzad Akbar said that all of the account freezing orders relate to money held in UK bank accounts. The proceedings were against the funds themselves, not against any named individual. The settlement also includes a UK property located at 1 Ilyde Park Place in central London which was previously owned by the son of the former prime minister Nawaz Sharif, namely Hassan Nawaz and was sold to the family in March 2016. As per the agreement between the parties, further details of the settlement are confidential. The repatriation of funds is a result of an out of court settlement in a civil matter and is a success story of close co-operation between the United Kingdom and Pakistan’s multiple Law Enforcement Agencies and efforts made since last year’s Justice and Accountability’ Partnership created between the two countries. The settlement is a civil matter and does not represent a finding of guilt. The Assets Recovery Unit (ARU) was constituted in September 2018 following the recommendation by the Task Force on Recovery of Unlawfully Acquired Assets Abroad, which was formed in August 2018.
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