MNN (Web-Desk); Property magnate Malik Riaz on Tuesday issued a heartfelt call for “serious dialogue and a dignified solution” amid the escalating legal challenges facing Bahria Town.
His statement came as the Islamabad High Court (IHC) reserved its verdict on multiple petitions challenging the planned auction of Bahria Town’s properties. These assets were previously attached as part of a plea bargain deal in the £190 million case. The development follows a series of actions by the National Accountability Bureau (NAB) against Riaz, who is also an absconder in the Al-Qadir Trust case.
Back in 2019, the UK’s National Crime Agency (NCA) reached a £190 million settlement with Riaz’s family. Around the same time, the Supreme Court of Pakistan accepted Riaz’s offer to pay Rs460 billion as settlement for illegally acquiring thousands of acres of land on Karachi’s outskirts.
Riaz claimed the recovered funds would go to the Supreme Court as part of that fine. However, the Supreme Court later noted that only Rs60.72 billion of the agreed amount had been paid — and Bahria Town had contributed just Rs24.26 billion.
Taking to X (formerly Twitter) today, Riaz made an impassioned plea:
“I make a final appeal from the depths of my heart to be given an opportunity for a constructive dialogue and a dignified resolution.”
He expressed full willingness to participate in arbitration, pledging to fully accept and implement any resulting decision. “If the arbitration requires payment from our side, we will pay, God willing,” he said.
Riaz also voiced hope that Pakistani institutions would act with “justice, wisdom, and prudence” to help resolve the crisis.
Describing the worsening situation, Riaz said Bahria Town’s operations across the country had nearly collapsed.
“Our cash flow has been entirely disrupted, we can’t pay salaries to our tens of thousands of staff, and it is now almost impossible to maintain basic services. We are on the brink of shutting down all Bahria Town operations nationwide.”
He warned that while they had not yet taken that final step, they were just “one step away” as conditions continued to deteriorate rapidly.
Last month, the IHC issued notices in response to NAB’s plea to lift the stay on auctioning six Bahria Town properties in Rawalpindi and Islamabad. In June, NAB froze over 450 properties linked to the Bahria Town Karachi land case. The IHC temporarily halted the auction that was scheduled for June 12.
In May last year, Riaz claimed he was facing “political pressure” and suffering major business losses. However, he did not name those behind the alleged pressure or specify their motives. Known for his connections with political figures, media outlets, and members of both the civil and military establishment, Riaz has long been viewed as a powerful, untouchable figure.
