Recoveries tied to £190m case: NAB conducts auction for 6 Bahria Town properties

ISLAMABAD: The National Accountability Bureau (NAB) on Thursday initiated the process of transferring proceeds from the auction for properties linked to real estate tycoon Malik Riaz, as part of efforts to recover funds from a court-approved 2019 plea bargain.

According to an official statement, the NAB conducted a public auction for six commercial properties associated with Malik Riaz and Bahria Town. The move is aimed at recovering unpaid amounts connected to the £190 million settlement case involving Riaz, the founder of Bahria Town.

The six properties up for auction include one in Islamabad and five in Rawalpindi.

The NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Malik Riaz Hussain, the founder of Bahria Town.

The NAB listed the six properties including corporate offices on Plots 7-D (having estimated value of Rs871m) and 7-E (estimated value of Rs881m) in Bahria Town’s Phase-II, Rawalpindi; Rubaish Marquee and Lawn in Islamabad (Rs488m), Arena Cinema (Rs1.1bn), Bahria Town International Academy (Rs1.07bn) and Safari Club (Rs1.2bn), in Bahria Town, Rawalpindi.

The NAB confirmed the Rubaish Marquee was successfully sold for Rs508 million — Rs20 million above the reserved price. The bureau has begun the process of transferring the amount.

Meanwhile, two other properties — Corporate Office-I and Corporate Office-II — received conditional bids of Rs876 million and Rs881.5 million respectively.

It says that three properties remained unsold due to lack of qualifying bids.

A re-auction will be announced soon.

The NAB remains committed to transparent recovery of public funds and strict enforcement of accountability laws.

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