SC directs NAB to halt action against Bahria Town
Malik Riaz assures apex court he will deposit Rs5 billion with the court
PHOTO: REUTERS/ FILE
ISLAMABAD:
The Supreme Court on Wednesday directed the National Accountability Bureau (NAB) to halt further action against Bahria Town till the apex court decides on an appeal filed by the top property developer in the land allotment case.
The top court also allowed Bahria Town to continue and complete the projects in the larger interest of the public at large and collect payments and dues from allottees and investors so that construction work can be completed in letter and spirit.
Moreover, Bahria Town has been ordered to deposit Rs5 billion as a surety within two weeks before the Supreme Court and 20% from the total amounts collected every month shall be deposited in the specified account set up by the SC..
Bahria Town case: SC orders Malik Riaz to deposit Rs5 billion
As per the order, NAB has been restrained from any investigation into Bahria Town, its directors, and all persons directly or indirectly related to the project.
Bahria Town Chairman Malik Riaz appeared before the Supreme Court and argued that he had done nothing illegal or against the law and earned his name and reputation because of his hard work.
He said he was committed to providing housing facilities to people and nobody in the world had provided such facilities in such a short time. “Bahria Town is providing state-of-art facilities and is always committed to completing projects before the scheduled time.”
Malik Riaz requested the chief justice and other judges of the Supreme Court to personally visit Bahria Town to see development work in progress.
He also told the apex court that every project of Bahria Town has its own water treatment plant.
During the hearing, overseas Pakistanis and other investors of Bahria Town Karachi thanked the chief justice of Pakistan for saving their investment from being wasted.
The Bahria Town chairman assured the apex court of depositing Rs5 billion and refraining from selling any of his or his wife’s properties.
The hearing of the case was adjourned till after the court's summer break.
The Supreme Court on Wednesday directed the National Accountability Bureau (NAB) to halt further action against Bahria Town till the apex court decides on an appeal filed by the top property developer in the land allotment case.
The top court also allowed Bahria Town to continue and complete the projects in the larger interest of the public at large and collect payments and dues from allottees and investors so that construction work can be completed in letter and spirit.
Moreover, Bahria Town has been ordered to deposit Rs5 billion as a surety within two weeks before the Supreme Court and 20% from the total amounts collected every month shall be deposited in the specified account set up by the SC..
Bahria Town case: SC orders Malik Riaz to deposit Rs5 billion
As per the order, NAB has been restrained from any investigation into Bahria Town, its directors, and all persons directly or indirectly related to the project.
Bahria Town Chairman Malik Riaz appeared before the Supreme Court and argued that he had done nothing illegal or against the law and earned his name and reputation because of his hard work.
He said he was committed to providing housing facilities to people and nobody in the world had provided such facilities in such a short time. “Bahria Town is providing state-of-art facilities and is always committed to completing projects before the scheduled time.”
Malik Riaz requested the chief justice and other judges of the Supreme Court to personally visit Bahria Town to see development work in progress.
He also told the apex court that every project of Bahria Town has its own water treatment plant.
During the hearing, overseas Pakistanis and other investors of Bahria Town Karachi thanked the chief justice of Pakistan for saving their investment from being wasted.
The Bahria Town chairman assured the apex court of depositing Rs5 billion and refraining from selling any of his or his wife’s properties.
The hearing of the case was adjourned till after the court's summer break.