Property Tycoon Turns Over £190M After Funds Frozen In UK
Law360, London (December 3, 2019, 1:58 PM GMT) -- A Pakistani business tycoon has agreed to hand over £190 million ($247 million) in cash and assets to the National Crime Agency after investigators secured nine account-freezing orders in an overseas bribery probe.
The NCA said Tuesday that the agreement follows an investigation into funds held by Malik Riaz Hussain, who owns Bahira Town — one of the biggest private-sector employers in Pakistan and its largest privately-owned property developer — and his family.
The agency has accepted a settlement offer of approximately £190 million, which includes a property overlooking Hyde Park in a desirable district of London worth around £50 million...
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