Bahria Town, a leading Pakistani real estate developer, has appealed to Army Chief Field Marshal Asim Munir to ensure a transparent auction of its disputed properties, the firm announced this week. The plea comes amid ongoing investigations by the National Accountability Bureau (NAB) into the company's founder, Malik Riaz Hussain, on charges of money laundering and illegal use of state lands.
Background of the Case
NAB is probing several cases against Malik Riaz Hussain, one of Pakistan's wealthiest businessmen. He is accused of laundering money and using state lands for private housing societies. Hussain has denied all allegations, claiming he is being targeted for political motives and that the cases have caused him significant financial losses.
Letter to the Army Chief
In a letter dated July 3, Bahria Town's acting CEO Muhammad Ilyas urged Field Marshal Munir to review the matter through an independent, transparent, and impartial process. Ilyas alleged that the company's assets worth billions of rupees were being auctioned off at throwaway prices, causing irreparable loss to ordinary citizens who had invested their life savings in these projects.
“Our humble appeal is that this entire matter may be immediately reviewed through an independent, transparent and impartial process,” Ilyas wrote. “Further auction of the disputed properties of Bahria Town may be stopped forthwith. The complete record of all auctions conducted may be called for and examined.”
Allegations of Discriminatory Treatment
Ilyas highlighted that Bahria Town was being subjected to discriminatory treatment. He requested an arbitration opportunity to resolve all matters lawfully, stating, “If any lawful liability or default is determined against Bahria Town, it is ready to pay the same in accordance with the law.”
NAB's Findings and International Actions
Last month, NAB announced that its probe had established that Bahria Town utilized an illicit Hawala/Hundi network within Pakistan to launder crime proceeds abroad. The bureau accused Hussain's son, Ahmed Ali Riaz (CEO of Bahria Town), and his wife, Mubashara Ali Malik, of holding two foreign bank accounts in Silver Bank, Mauritius.
In April, NAB Chairman Lt. Gen. (retd.) Nazir Butt confirmed that Interpol had issued Red Notices for Hussain and his son at the anti-graft body's request. He stated that NAB would bring Hussain back from the United Arab Emirates, where he currently resides, to face charges of money laundering worth over Rs700 billion ($2.5 billion).
Al-Qadir Trust Corruption Case
Riaz was declared a proclaimed offender in the Al-Qadir Trust corruption case in 2024. The case involves allegations that former Prime Minister Imran Khan and his wife, during Khan's premiership from 2018 to 2022, were gifted land by Hussain as a bribe for illegal favors. All three parties deny any wrongdoing.
