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SC conditionally allows Bahria Town to collect money from investors

Islamabad National

SC conditionally allows Bahria Town to collect money from investors

TP 3 years ago

Islamabad (TP): A Supreme Court bench headed by Chief Justice Mian Saqib Nisar on Wednesday allowed Bahrai Town to collect money from investors after the business tycoon Malik Riaz gave in writing to deposit Rs500 with the court as surety.

At the same time, the top court barred the National Accountability Bureau (NAB) from further pursuing the case against Bahria Town against the illegal land allotment case till further orders. The directives came on an appeal of Malik Riaz who had assailed an earlier order of the Supreme Court, barring Baria Town from collecting money from the investors and selling any of his or his wife’s properties.

Earlier, the top court had ordered the SC Karachi registry to open a special account to facilitate the investors to deposit outstanding dues against the allotments after it transpired that the Bahrai Town Karachi management has issued notices to the investors to make payments in the new account of the giant housing society despite court orders against doing so.

Malik Riaz in his written reply assured the apex court that he would deposit Rs5 billion within 15 days and he will not sell his or hs families’ properties unless the court adjudicated the matter.

The top court also barred the NAB from further pursuing the case until the matter was decided by the court. The apex court had summoned the business tycoon on applications that alleged that the housing society has committed irregularities in the acquisition of land to develop housing projects in Karachi, Rawalpindi and Murree.

The apex court, however, made it clear that 20 percent of the receivable money from the investors should be deposited with the court.

The chief justice also observed that a media black out was witnessed about yesterday’s court proceedings against the influential Malik Riaz, who claimed that the mainstream media treated him as a don. The chief justice replied that in the past he may have behaved like a don in the making and breaking of governments. The chief justice also asserted that his days of being influential have long gone.


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