Pakistan property developer gives up £50m London house after crime agency probe

The UK’s National Crime Agency (NCA) has agreed a £190m settlement with a family that owns large property developments in Pakistan and elsewhere.

The settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national who on Twitter styles himself “Pakistan’s Leading Real Estate Developer & Philanthropist”.

The NCA said his business is one of the biggest private sector employers in Pakistan.

The assets will be returned to the State of Pakistan, the NCA said today.

The settlement includes a London property at 1 Hyde Park Place valued at approximately £50m.

In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120m.

These followed an earlier freezing order in December 2018 linked to the same investigation for £20m. All of the account freezing orders relate to money held in UK bank accounts.

After the NCA announcement, Hussain tweeted: “Some habituals are twisting the NCA report 180 degrees to throw mud at me. I sold our legal & declared property in UK to pay 190M £ to Supreme Court Pakistan against Bahria Town Karachi.”

He then tweeted: “‘NCA press release says the settlement is a civil matter and does not represent a finding of guilt’. I am a proud Pakistan and I will remain until I breath my last.”

Image: The London property at 1 Hyde Park Place is valued at approximately £50m (National Crime Agency)

Source:Global Construction Review

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