Islamabad 6 August: Real estate magnate Malik Riaz has appealed for renewed dialogue and a peaceful resolution as legal proceedings intensify against Bahria Town, warning that the company’s operations across Pakistan are nearing shutdown due to financial and legal turmoil.
The appeal came as the Islamabad High Court (IHC) reserved its verdict on petitions challenging the National Accountability Bureau’s (NAB) planned auction of Bahria Town properties in Rawalpindi and Islamabad. The assets were attached as part of a plea bargain in the £190 million Al Qadir Trust case. NAB has declared Riaz an absconder in the matter.
The ongoing legal saga stems from a 2019 settlement between Riaz’s family and the United Kingdom’s National Crime Agency (NCA), in which £190 million was returned. That same year, Pakistan’s Supreme Court accepted a Rs460 billion offer from Riaz to resolve a case involving the illegal occupation of thousands of acres in Karachi’s Malir district by Bahria Town.
However, implementation of the settlement has lagged. A Supreme Court review on October 20, 2023, revealed that only Rs60.72 billion had been paid, of which just Rs24.26 billion was contributed by Bahria Town. The recovered funds were deposited into the Supreme Court’s accounts, not the federal exchequer.
In a message posted on X (formerly Twitter), Riaz made an emotional appeal to authorities for what he described as a “dignified solution” to the crisis.
“I would like to make a final appeal from the bottom of my heart that we be given a chance to return to serious dialogue,” Riaz wrote. “We assure you we will participate in any arbitration process and fully implement its outcome. If it requires payment, we will fulfill that obligation, God willing.”
Expressing confidence in Pakistan’s institutions, he urged decision-makers to act with “justice, wisdom, and prudence,” warning that Bahria Town’s collapse could have far-reaching consequences.
“Our cash flow has been completely destroyed,” Riaz warned. “We are unable to provide daily services, pay salaries to tens of thousands of employees, and we are on the brink of shutting down all Bahria Town activities across Pakistan.”
He added that while a complete shutdown had not yet occurred, it was imminent due to worsening financial conditions and ongoing uncertainty.
In June, NAB ordered the freezing of more than 450 properties linked to individuals named in the Bahria Town Karachi land case. A planned auction of Bahria Town assets in Rawalpindi and Islamabad was halted by a court-issued stay on June 12, the day the auction was set to take place. Last month, NAB filed a petition to lift the stay; the IHC has since reserved judgment.
READ MORE: Bahria Town Opens New Headquarters in Dubai
Riaz has previously alleged political pressure behind the legal proceedings but declined to identify any individuals or entities. In May 2023, he maintained that he would not surrender to coercion, despite mounting losses.
The future of one of Pakistan’s largest private real estate empires now hangs in the balance, with stakeholders awaiting the court’s verdict and clarity on whether a negotiated settlement can still be reached.
