LONDON: United Kingdom’s National Crime Agency (NCA) announced it had agreed to a settlement of £190 million with Pakistani Business Tycoon Malik Riaz Hussain to resolve an investigation into his assets in Britain.
Press Released issued by NCA said it had agreed on a settlement with a “family that owns large property developments in Pakistan and elsewhere.” The settlement, it added, was the result of a probe into Hussain’s British assets and includes 1 Hyde Park Place, a property valued at £50 million, and the money in all the frozen accounts.
These assets, it said, would be returned “to the State of Pakistan.”
All assets have been returned to the Government Of Pakistan.
Sharing details of the investigation, the NCA, which is the UK’s equivalent of Pakistan’s Federal Investigation Agency (FIA), said eight account freezing orders were secured in August 2019 at Westminster Magistrates’ Court.
This was in connection with funds worth £120 million.
The NCA presser said another £20 million worth of assets were frozen in December 2018, which were linked to the same investigation.
All of the account freezing orders relate to money held in UK bank accounts, it added.