Bahria Town Crisis – Supreme Court Accepts Rs 460 Billion Offer As Settlement

The most awaited judgment came along last week when the Supreme Court accepted Bahria Town Karachi’s offer of Rs. 460 billion in settlements for its Karachi Super Highway project and restrained National Accountability Bureau (NAB) from filing more references against them.

The development came as a three-judge bench of the apex court headed by Justice Sheikh Azmat Saeed Sheikh heard the case pertaining to the real estate company owned by Malik Riaz.

Bahria Town will now have to pay the amount during the next seven years after payment of Rs 25 billion by till August 27.

It will submit Rs 2.5 billion monthly during the first four years and the outstanding amount will be paid in the next three. According to the judgment, Bahria Town will start paying the installments from September this year and their director will have to submit an affidavit to the court regarding the payment.

The Supreme Court also halted the National Accountability Bureau from filing further references against Bahria Town, following the settlement.

Nimra Arshad

Read Previous

Veena Malik lashes out at PPP Chairman Bilawal Bhutto on Twitter

Read Next

Pakistan Day Celebrations: Nation Observes Military Might In Capital