UK’s National Crime Agency agrees to £190m settlement with Malik Riaz’s family

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The National Crime Agency (NCA) of the United Kingdom has agreed to a settlement worth £190 million with the family of property tycoon Malik Riaz.

“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

The NCA has accepted a settlement offer 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 assets will be returned to the State of Pakistan.

“In August 2019, eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120 million. These followed an earlier freezing order 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,” said the agency.

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