KARACHI: Pakistan’s national anti-graft body said it auctioned three properties owned by top real estate firm Bahria Town and its founder Malik Riaz Hussain on Thursday, saying the move was part of its efforts to recover “defrauded funds” from a court-approved plea bargain.
The auction was held a day after the Islamabad High Court dismissed a petition by the firm against the planned auction of its properties by the National Accountability Bureau (NAB). 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 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.
Farooq H. Naik, Bahria Town’s counsel, told Arab News on Wednesday the firm plans to challenge the high court’s decision in the Supreme Court.
“NAB Islamabad/Rawalpindi today conducted a public action of six commercial properties linked to Malik Riaz/Bahria Town, in efforts to recover defrauded funds from a court-approved plea bargain of 2019,” NAB said in a press release.
