Property tycoon gives £190m to the National Crime Agency

The largest amount of asset recovery ever recorded by the (NCA) National Crime Agency has been agreed with one of Pakistan's wealthiest men. 

 

Within the deal Mr Malik Riaz Hussain is to give up ownership of a £50 million Grade II listed home which overlooks Hyde Park. The property and cash are to be returned to the Pakistani government.T

 

The NCA has also acquired amounts from Mr Hussain's frozen UK bank accounts totalling £140 million, on the grounds that the cash may have been acquired through the proceeds of crime.

 

Although the settlement is a civil legal procedure it does not, said the NCA, represent a finding of guilt. 

 

Pakistan's Prime Minister Imran Khan's anti-corruption drive has to date been unsuccessful in being reunited with the billions that it says businessmen and politicians have stashed abroad, most of which he claims is in London. This deal brings hope that this mission is on the turn.

 

The National Crime Agency said, "…. (we) have agreed a settlement figure with a family that owns large property developments in Pakistan and elsewhere. The £190 million settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national, whose business is one of the biggest private sector employers in Pakistan."

 

Mr Hussain stressed that the agreed settlement "is a civil matter and does not represent a finding of guilt".

 

It is claimed that a family member raised concerns about the welfare of the children on more than one occasion. This has been disputed by the service and a review is expected to take up to six months to be completed. 

 

 

PM Law 

0114 249 6926