PTBP Web Desk
The National Accountability Bureau (NAB) has initiated the process of transferring proceeds from the recent auction of commercial properties linked to real estate tycoon Malik Riaz Hussain. This step is part of the bureau’s ongoing efforts to recover outstanding amounts from a court-approved 2019 plea bargain tied to the £190 million settlement case.
According to an official NAB announcement, a public auction was held for six high-value properties associated with Bahria Town and its founder. These assets, located in Islamabad and Rawalpindi, were auctioned as part of the recovery process for unpaid dues connected to the UK-originated settlement.
The six properties listed for auction were:
- Corporate Office on Plot 7-D in Bahria Town Phase-II, Rawalpindi — estimated value Rs871 million.
- Corporate Office on Plot 7-E in Bahria Town Phase-II, Rawalpindi — estimated value Rs881 million.
- Rubaish Marquee and Lawn in Islamabad — estimated value Rs488 million.
- Arena Cinema in Bahria Town, Rawalpindi — estimated value Rs1.1 billion.
- Bahria Town International Academy in Bahria Town, Rawalpindi — estimated value Rs1.07 billion.
- Safari Club in Bahria Town, Rawalpindi — estimated value Rs1.2 billion.
One of the notable successes from the auction was the Rubaish Marquee and Lawn in Islamabad, which was sold for Rs508 million — Rs20 million higher than its reserve price. NAB has now begun the process of transferring the sale proceeds, ensuring transparency and adherence to accountability laws.
Two other properties — Corporate Office-I (Plot 7-D) and Corporate Office-II (Plot 7-E) — received conditional bids of Rs876 million and Rs881.5 million respectively. These offers are currently under review, pending verification and compliance with auction requirements.
However, three properties — Arena Cinema, Bahria Town International Academy, and Safari Club — remained unsold due to a lack of qualifying bids. NAB has confirmed that a re-auction will be scheduled soon to ensure these assets are also monetized for recovery.
The £190 million case dates back to an investigation involving the UK’s National Crime Agency (NCA), which resulted in an out-of-court settlement in 2019 with Malik Riaz. The settlement funds were to be returned to Pakistan, with the amount adjusted against liabilities in the Bahria Town Karachi settlement with the Supreme Court.
NAB’s ongoing auctions are aimed at recovering the unpaid amounts that remain from this high-profile deal. The bureau’s strategy focuses on selling valuable commercial assets while ensuring legal compliance and public transparency.
NAB has reiterated its resolve to maintain transparent recovery mechanisms and strict enforcement of accountability laws. In its official release, the bureau emphasized that such auctions are conducted in line with legal procedures to ensure fair market value and prevent misuse of public assets.
The watchdog also assured that all proceeds will be directed towards the national treasury, reinforcing its mission to return public money to the state.
With the transfer process now underway for the Rubaish Marquee’s proceeds, NAB is preparing for further sales to recover the remaining outstanding amounts. The upcoming re-auction will target the three unsold properties, with the aim of maximizing recovery from assets linked to the settlement case.
These auctions are expected to draw interest from major real estate investors and business groups, given the prime commercial locations of the properties in Bahria Town and Islamabad.
