NCA Order of seizing funds from Malik Riaz was not documented in judicial records
During the £190 million corruption reference proceedings, the National Accountability Bureau (NAB) prosecution conceded to the Islamabad High Court that the National Crimes Agency (NCA) order seizing funds from property tycoon Malik Riaz wasn’t documented in the judicial records.
Chief Justice Aamer Farooq and Justice Tariq Mehmood Jahangiri presided over the hearing, where Special Prosecutor Amjad Pervaiz discussed the post-arrest bail petitions of former Prime Minister Imran Khan and his wife, Bushra Bibi.
Responding to Justice Jahangiri’s query about obtaining the certified copy of the frozen funds, Pervaiz stated it was not acquired, although detailed documents from the UK were available.
Pervaiz highlighted the establishment of the Assets Recovery Unit (ARU) by the previous PTI government, led by Mirza Shahzad Akbar, who reported directly to the prime minister. The ARU’s involvement in reporting money laundering by Malik Riaz to the NCA was noted.
Pervaiz also mentioned the Rs460 billion fine imposed by the Supreme Court on Riaz in a land case, with the funds recently transferred to the Sindh government.
The prosecutor discussed Bahria Town’s land purchase and the establishment of the Al-Qadir Trust.
Pervaiz revealed that after the NCA confiscated Riaz’s funds, Akbar prepared a confidential deed to unfreeze them, approved by the federal cabinet without full disclosure.
Justice Jahangiri inquired about the reason behind the NCA’s action, to which the prosecutor explained suspicions of illegal fund transfers.
On December 3, 2019, the UK’s National Crime Agency announced a £190 million out-of-court civil settlement with Malik Riaz, an enormously wealthy and controversial property tycoon from Pakistan.
It was the largest settlement ever made by the NCA, which added that the outcome “did not represent a finding of guilt”.
Further proceedings are adjourned until May 13.