KARACHI: Pakistan’s leading real estate company will challenge a court ruling clearing the way for the auction of six of its properties, its lawyer said on Wednesday, as the country’s anti-graft body pushes ahead with a high-profile crackdown involving one of the nation’s most powerful business tycoons.
The Islamabad High Court dismissed a petition by Bahria Town a day earlier against the planned auction of its properties by the National Accountability Bureau (NAB). Shortly after the court issued its short order, NAB announced the auction would proceed as planned on August 7 at its Islamabad office.
“We are going to challenge the decision in the Supreme Court today,” Farooq H. Naik, counsel for Bahria Town, told Arab News.
The six properties up for auction include one in Islamabad and five in Rawalpindi. NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Malik Riaz Hussain, the founder of Bahria Town.
Hussain has spoken publicly for months about being pressured due to “political motives” and facing financial losses as NAB opens cases against his property development projects across Pakistan.
