SC issues notifications in the Malir land case in Bahria Town, Karachi

SC issues notifications in the Malir land case in Bahria Town, Karachi

ISLAMABAD: The Supreme Court has served summons on ten different organizations and people for allegedly sending remittances totaling $44 million and over £136 million (about Rs35 billion at the time) from outside.

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“It would be appropriate to also issue notices to those who had remitted monies from abroad,” stated the order made by the Supreme Court’s three judges, Chief Justice of Pakistan (CJP) Qazi Faez Isa, Justice Aminud Din Khan, and Justice Athar Minallah, in connection with court proceedings regarding the implementation of its 2019 approval of a Rs460 billion offer by Bahria Town Karachi (BTK) for land in district Malir.

According to the court’s order, notices were sent to Fortune Event Limited, Emirates Dubai, the UAE; Mubashara Ali Malik, Bina Riaz, and Sana Salman; Mashreq Bank; Ulti­mate Holdings MGT LTD; Ahmed Ali Riaz; Premier Investments Global Ltd; and Wedlake Bell LLP; all of which are located in the British Virgin Islands; as well as Wedlake Bell LLP of London, the UK.

It stated that the earlier permission order from March 2019 had specified the land’s price at Rs460 billion, the time frame for payment, and the method of payment. It further stated that failure to pay two consecutive instalments or three instalments in total would constitute a default. The document said that the offer sum was guaranteed by the company’s past and present directors, shareholders, and promoters of Bahria Town.

The order stated that the NAB’s reference filing was halted due to Bahria Town’s pledge and that only a total of Rs60.72bn out of Rs460bn had been paid. Bahria Town only paid Rs. 24.26 billion even after this payment.

Salman Aslam Butt, the Bahria Town attorney, responded to a court inquiry by stating that, according to media sources, some remittances were received and paid in accordance with an agreement and that he would file the necessary paperwork in this regard.

According to the consent order, four people—Malik Riaz Hussain, his son Ahmed Ali Riaz, wife Mrs. Bina Riaz, and Mr. Zain Malik—had pledged to pay if Bahria Town failed to do so.

The SC has scheduled the next hearing for November 8 and stated that no adjournments would be permitted and that any lawyer who would be unable to attend the proceedings should make alternate plans.

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