Pakistani real estate tycoon agrees to hand over £190MILLION including his £50m Hyde Park Place mansion to UK authorities to ward off McMafia criminal proceeds order
- National Crime Agency got a freezing order against Malik Riaz Hussain
- He has now agreed to hand over £50million house and £140million in cash
- The money will be handed over to authorities in Pakistan
A Pakistani business tycoon has agreed to hand over a lavish London property, cash and other assets worth £190million to UK investigators.
Property developer Malik Riaz Hussain hads given up his Grade II listed building 1 Hyde Park Place, valued at £50million and £140million in funds frozen by the National Crime Agency (NCA), often called ‘Britain’s FBI’.
Hussain is one of Pakistan’s richest and most powerful businessmen, a billionaire who is also well known for working on upmarket gated housing communities and his charitable activities.
Over the last year he has been fighting court action over business deals in Pakistan, but denied any wrongdoing today.
Pakistani property developer Malik Riaz Hussain has agreed to hand over assets and funds worth £190million to UK authorities, which will be handed over to Pakistan
The agreement includes plans for this luxury property overlooking Hyde Park to be handed over to British authorities. It is expected to be sold and the proceeds given to Pakistan
The UK’s NCA announced today that it had agreed a settlement with the family to take over the property and bank accounts worth nearly £200million.
Sources insist the agreement is a civil matter and does not suggest any criminal guilt.
With the assets seized under the Proceeds of Crime Act 2002, Hussain’s lawyers would have been mindful of recent so-called McMafia orders, officially known as Unexplained Wealth Orders (UWOs).
Investigators from the National Crime Agency (NCA) secured nine freezing orders covering £140 million in funds in UK bank accounts, on the grounds that the cash may be the proceeds of crime.
It announced today that an agreement had been reached with Hussain to hand over the cash and ownership of the exclusive address, which overlooks Hyde Park. The assets will be given to the government of Pakistan.
Hussain owns Bahria Town, which is one of the biggest private sector employers in Pakistan and its largest privately-owned property development firm.
Today, Hussain denied wrongdoing, tweeting: ‘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.
‘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.’
The freezing orders were on the cash and assets rather than against any individual, and the settlement is a civil legal procedure that does not represent a finding of guilt.