Pakistani business tycoon, Malik Riaz has agreed to hand over cash and assets worth £190 million to National Crime Agency in the United Kingdom (UK).
NCA in recent tweet disclosed the news about a settlement with a Pakistani businessman. The tweet said, “The NCA has agreed a £190m settlement with a family that owns large property developments in Pakistan and elsewhere after a frozen funds investigation”.
The NCA has accepted a settlement offer in region of £190 million which includes a UK property, 1 Hyde Park Place, London, W2 2LH, valued at approximately £50 million and all of the funds in the frozen accounts.
The agency also said that agreement had been reached with Hussain to hand over the cash and ownership of the exclusive address, which overlooks Hyde Park, adding that the assets will be given to the government of Pakistan.
In August 2019 eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million.
These orders followed an earlier freezing order secured in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to money held in UK bank accounts.
