Malik Riaz, The Controversial Business Tycoon of Pakistan

Malik Riaz Hussain is a well-known Pakistani business tycoon. He is also the founder chairman of Pakistan’s topmost housing society Bahria Town. Riaz is presently the 7th richest person in Pakistan, with a valued wealth of over a billion dollars. He is one of Pakistan's most protuberant humanitarians.

Born in Sialkot into a rich family which went bankrupt during his childhood. Riaz started his profession as a clerk with a building company in Rawalpindi. In the 1980s Riaz became a contractor, and in 1995 was contracted to make a gated community for Pakistan Navy. The contract was somehow finished, but Riaz went on to develop Bahria Town Rawalpindi.

He extended his real-estate business and established gated communities in Karachi, Lahore, and Islamabad during the 2000s, developing a joint area of 45,000 square acres. As of 2016, Bahria has 60,000 employees, making it one of the major private sector employers in Pakistan. Riaz is a controversial figure and has been subjecting of numerous corruption inquiries. Bahria Town Karachi is the major private project of Asia, which is also owned by Malik Riaz. Later on, Supreme Court of Pakistan ordered Malik Riaz to stop his work because of Investigation by FIA. After that, the Supreme Court of Pakistan ordered Bahria Town to resume his work after deposit Rs. 5 Billion.

Since his days of success, he has been a controversial personality which is surrounded by rumors of all sorts. The latest among these are the following which took him to court, let us see how Malik Riaz Escaped that tactful situation.


Supreme Court stops Malik Riaz from the allotment of Land

Bahria Town’s Chairman Malik Riaz lands into hot waters because the National Accountability Bureau has claimed that it's collected “undeniable” proof against Bahria Town, establishing that the property large illicitly non-heritable thousands of acres of land in Karachi.

The NAB (National Accountability Bureau) has received an order from Supreme Court to research that however, MDA (Multan Development Authority) transferred land to Bahria Town and file cases against all those answerable for committing crime at any level.

A meeting of NAB (National Accountability Bureau) was endured May 9 to review the progress on associate degree investigation against Bahria town, MDA (Multan Development Authority) officers, and different Govt. functionaries.

On May 4, the Supreme Court had barred Bahria Town from commerce or allotting land in its Karachi housing scheme.

“The government land would return to the govt. and therefore the land of Bahria town changed for the govt. the land would return to the Bahria Town,” the judgment aforementioned.

In a handout, the irresponsibleness watchdog aforementioned that the Revenue officers, Malir Development Authority and Sindh Building Management Authority had helped Bahria Town illegally acquire thousands of acres of valuable government land placed on main Superhighway.


SC orders Malik Riaz to Starts his Work

on 26 June, The Supreme Court ordered Bahria Town Chairman Malik Riaz to deposit Rs.5 billion amongst the period of time during a case concerning the property tycoon’s public housing in Karachi.

A three-judge SC bench, headed by the chief justice of Islamic Republic of Pakistan (CJP) Mian Saqib Nisar, additionally directed Riaz to submit an official document at the side of references and to look beforehand the court conjointly on 27 June.

on 26 June, During the hearing, the CJP asked Bahria town chairman “Bahria Town provides uninterrupted electricity to its residents; it's the third biggest mosque; has many academic establishments, old-age homes, leisure points and a world-class hospital". to stay in mind his lifetime as Riaz enumerated his contributions.

“A city that was troubled with Kalashnikovs has become an epitome of developmental projects,” Riaz said in an exceedingly respect to Karachi. He requested the court to prevent NAB from additional investigation till a finding is out. “On Monday, many residents of Bahria town pleaded me to save lots of the investments they need to be created into the housing society,” he added.

Later, the court orders Malik Riaz to submit Rs. 50 million along with recommendations and also an affidavit to look before the bench on 27 June.

Riaz appealed that the court should restrain from passing a finding that would have an effect on its workers, adding that the National Accountability Bureau (NAB) has already cleared the housing society.


Post a comment

login before posting a comment.