NCA Agrees £190m Settlement With Malik Riaz After Frozen Funds Investigation

NCA

National Crime Agency in the UK agrees £190m settlement with Malik Riaz after frozen funds investigation

The National Crime Agency (NCA) has agreed on a settlement figure with a family that owns large property developments in Pakistan and elsewhere. The settlement includes a UK property valued at approximately £50 million.

The £190 million settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a 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 totaling 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 the 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.

Broadcast journalist Arshad Sharif highlighted this issue way back in 2016 where he claimed that the property sold to Malik Riaz was in fact owned by Hasan Nawaz.

3 December 2019

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