‘Payment of Rs460bn instalments’: SC issues notices to Malik Riaz, others

21 Oct, 2023

ISLAMABAD: The Supreme Court issued notices to Malik Riaz and his immediate family members, and companies and persons who had remitted monies from abroad for the payment of instalments of Rs460 billion, agreed by Bahria Town Ltd, Karachi (BTLK) for the land provided by Malir Development Authority.

The apex court through its order dated 21st March 2019 had fixed Rs460 billion for the land, the period within which it was to be paid, the mode of its payment, and that if two consecutive instalments or three instalments in toto were not paid it would constitute a default.

The past/ present directors/ shareholders/ promoters of Bahria Town stood as guarantors of the said amount. In view of Bahria Town’s commitment the filing of reference by National Accountability Bureau (NAB) was stayed.

Of the agreed amount of Rs460 billion, paid only about Rs60.72 billion, of which, Bahria Town paid Rs24.26 billion and the allottees paid about Rs1 billion.

Salman Aslam Butt, who represented Bahria Town Ltd, Karachi had told the court that as per media reports certain amounts were remitted from abroad and paid pursuant to an agreement, and that he will be filing requisite documents in this regard.

The court order noted that, as per the consent order dated March 21, 2019, Malik Riaz Hussain son of Malik Aashiq Hussain, Ahmed Ali Riaz son of Malik Riaz Hussain, Bina Riaz wife of Malik Riaz Hussain, and Zain Malik son of Arshad Malik had guaranteed to make payment if Bahria Town failed to pay.

Therefore, since the interest of the aforesaid may be affected, notices be issued to them. The order said: “It would be appropriate to also issue notices to those who had remitted monies from abroad (about UK pounds 136 million), which was converted into Pakistani rupees (about 35 billion rupees).”

It; therefore, issued notices to Fortune Event Limited, Mubashara Ali Malik, Bina Riaz and Sana Salman, Ahmed Ali Riaz, Mashreq Bank, Ultimate Holdings MGT Ltd, Premier Investments Global Ltd, and Wedlake Bell LLP, as well. The SC office was directed to send them notices through registered post and also through the Pakistan Embassy/ High Commission or Pakistan Consulate.

A three-judge bench, headed by Chief Justice Qazi Faez Isa, and comprising Justice Aminud Din Khan and Justice Athar Minallah adjourned the hearing of the case until November 8.

It clarified that no request for adjournment will be entertained, and if any counsel cannot attend he or his client shall make alternate arrangements.

Copyright Business Recorder, 2023

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