Riaz started his career as a clerk with a construction company(MES) in Rawalpindi.[2] In the 1980s, Riaz moved to become a contractor, and in 1995 Riaz's construction company Hussain Global, signed an agreement with Pakistan Navy's charitable trust known as Bahria Foundation to develop a gated community for Pakistan Navy.[3] The Navy's Bahria Foundation served a legal notice to Riaz to stop using the word "Bahria"/Maritime/Navy for his company's construction projects, but Riaz went on to develop Bahria Town Rawalpindi offering gifts of bungalows, and mansions to politically connected people and army generals.[4]
He expanded his real-estate company and developed gated communities in Karachi, Lahore and Islamabad during the 2000s, developing a combined area of 45,000 square acres.[1] As of 2016, Bahria had 60,000 employees, making it one of the largest private sector employers in Pakistan.[5] Riaz is a controversial figure and has been subject of several corruption investigations.[6][7][8] Bahria Town Karachi is the biggest private project of Asia, which is also owned by Malik Riaz.
Malik Riaz was born to a private contractor who was fairly wealthy.[1] However, his father's business failed,[1] forcing Riaz to drop out of high school after completing his matriculation. He went on to work as a clerk with the Military Engineering Service and often working part-time as a painter. He later moved to become a low-key contractor in the military.[1] According to Dr. Ayesha Siddiqa, Riaz learnt to "work the system". According to Siddiqa, Riaz used his contacts to secure a contract with the Pakistan Navy in the mid-1990s to develop two housing schemes in the outskirts of Rawalpindi. In 2000, the Pakistan Navy transferred its entire shareholding to Hussain and later fought a legal battle with Riaz over contract infringement in which the Supreme Court ruled in Hussain's favor.[9]
Business
Malik Riaz has ambitiously expanded his business empire under the brand name of Bahria Town Group, but a Supreme Court-ordered trial concluded that Riaz cannot use the word Bahria for its gated communities.[3] Riaz is considered as a liberal in his business practices. According to Dr. Ayesha Siddiqa "to think that he is defined by religiosity and traditionalism, however, would be a mistake. His employees' profiles show that he hires a lot of women, especially at the middle and senior management levels, because he finds them "hard-working, efficient and diligent".[10]
Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree and Karachi.[11] Bahria Town Karachi 2 is the biggest private project in Pakistan, which is also owned by Malik Riaz. Riaz had mentioned and ended terms with his former partner, Ahlat Ziar. Ahlat Ziar has no property in Bahria Town despite being his former partner. Ahlat Ziar quoted, "Malik Riaz is a living fraud and a scam," with no other comments.
His net worth is valued at around US$1.5 billion (As of 1 November 2019[update]).[12]
Malik Riaz Hussain was approached by an intermediary of Arsalan Iftikhar Chaudhry, son of Chief JusticeIftikhar Muhammad Chaudhry, that he had inside information and a case and it can be resolved in his favour. Malik Riaz Hussain in an official deposition produced itemised list of how he bankrolled a playboy lifestyle for the son of the country's top judge. Arsalan Iftikhar Chaudhry had allegedly promised to influence his father's rulings.[13]
Malik Riaz Hussain, the Chairman of Bahria Town Pvt. Ltd., has been at the center of some controversies and allegations. The allegations are mostly that he pays to get things done his way. An excerpt from pakistanherald.com states that "National Accountability Bureau (NAB) is currently looking into another application filed by a former military officer Lt-Col (retd) Tariq Kamal Khan, which states that the land on which Bahria town is constructed, and is further expanding, was not acquired through legal means. It is alleged that Hussain has strong ties with Pakistan’s military which assisted him in building a huge empire. Some claims go as far as saying that a handful of the important serving army officers, bureaucrats and lawyers are practically on Hussian’s payroll."[14]
In October 2019, the parents of Amanda Halse, one of the 20 victims of the Schoharie limousine crash in the U.S. state of New York a year earlier, named Riaz as a defendant in a wrongful death suit they filed over the accident, since they allege that he had helped finance the businesses of two distant relatives who were principals in the company that owned and operated the limousine.[15]
In Aug 2022 a protest was called in Bahria Town by the residents and Bahria Realtors Alliance for illegally cutting and selling public parks, mosques and graveyards. Malik Riaz and his son Ali Riaz allegedly bribed and influenced the police station and bribed the SHO ibrar shah to arrest the president of the association, Mr Ali ghurki. Both Ali Riaz and Malik Riaz had filed bogus terrorism FIRs against the whole association. Roads were dug outside their houses and Ali ghurki was severely tortured and beaten. [16]
UK NCA £190M court settlement
After being alerted by Pakistani authorities to sources of his income and cash expenditure, the UK's National Crime Agency (NCA) began an investigation into Malik Riaz Hussain. In December 2018, £20M was frozen by the UK High Court under the Proceeds of Crime Act 2002. By August 2019, a total of nine court orders were in place, enabling UK authorities to hold £140M. All of the court orders were made against the assets and cash, and not their actual or beneficial owner. In December 2019, Malik Riaz came to a civil agreement with the NCA, handing over £140M in cash, and the Grade II listed house 1 Hyde Park Place, valued at £50million. The NCA commented that the multimillion-pound settlement did “not represent a finding of guilt”. Control of the £190M of assets and cash will be returned under a UK High Court order to the Pakistani Authorities, who have advised that they will ask the UK Courts to sell any assets and return the sum in cash.[17][18] The amount was transferred to the account set up by Supreme Court for the recovery of 460 billion rupees fine imposed on Bahria Town in a separate case, going towards the reimbursement of the fine.[19][3]
Personal life
Riaz married Beena Riaz and they have one son and four daughters.[20]
References
^ abcde"Profile: Malik Riaz Hussain". Dawn. June 10, 2012. Retrieved July 20, 2019.
^Team, Melange (July 23, 2018). "Malik Riaz: From rags to riches".
^ abcAsad, Malik (August 19, 2018). "Property tycoon loses plea for using Bahria Town as brand name". DAWN.COM.
^Goodwin, Mike; Rulison, Larry (October 22, 2019). "Brake system neglect to blame in Schoharie limo crash, expert for police says". Albany Times-Union. Retrieved October 24, 2019.
^"Pakistani tycoon agrees to hand over £190m to UK authorities". the Guardian. December 3, 2019.
^"Pakistani property tycoon Malik Riaz Hussain agrees to hand over £190m to UK authorities". Sky News.
^Reporter, The Newspaper's Staff (December 7, 2019). "Money returned by tycoon to be used on welfare". DAWN.COM. Retrieved December 10, 2019.
^"Malik Riaz Hussain A Visionary Businessman - Bahria Town Listings". September 2, 2022. Retrieved March 15, 2023.
External links
Official website
May 05, 2023
malik, riaz, this, article, about, pakistani, business, magnate, first, governor, balochistan, province, pakistan, riaz, hussain, politician, hussain, urdu, punjabi, ملک, ریاض, حسین, born, february, 1954, sialkot, pakistani, businessman, founder, bahria, town,. This article is about the Pakistani business magnate For the first governor of the Balochistan province of Pakistan see Riaz Hussain politician Malik Riaz Hussain Urdu Punjabi ملک ریاض حسین born February 8 1954 1 in Sialkot is a Pakistani businessman who is the founder of Bahria Town the largest privately held real estate development company in PakistanMalik RiazRiaz in 2016Born 1954 02 08 February 8 1954 age 69 Sialkot Punjab PakistanCitizenshipPakistanOccupationFounder of Bahria TownKnown forDeveloping Bahria town gated communitiesSpouseBeena RiazChildren5Riaz started his career as a clerk with a construction company MES in Rawalpindi 2 In the 1980s Riaz moved to become a contractor and in 1995 Riaz s construction company Hussain Global signed an agreement with Pakistan Navy s charitable trust known as Bahria Foundation to develop a gated community for Pakistan Navy 3 The Navy s Bahria Foundation served a legal notice to Riaz to stop using the word Bahria Maritime Navy for his company s construction projects but Riaz went on to develop Bahria Town Rawalpindi offering gifts of bungalows and mansions to politically connected people and army generals 4 He expanded his real estate company and developed gated communities in Karachi Lahore and Islamabad during the 2000s developing a combined area of 45 000 square acres 1 As of 2016 Bahria had 60 000 employees making it one of the largest private sector employers in Pakistan 5 Riaz is a controversial figure and has been subject of several corruption investigations 6 7 8 Bahria Town Karachi is the biggest private project of Asia which is also owned by Malik Riaz Contents 1 Early life 2 Business 3 Controversies 4 UK NCA 190M court settlement 5 Personal life 6 References 7 External linksEarly life EditMalik Riaz was born to a private contractor who was fairly wealthy 1 However his father s business failed 1 forcing Riaz to drop out of high school after completing his matriculation He went on to work as a clerk with the Military Engineering Service and often working part time as a painter He later moved to become a low key contractor in the military 1 According to Dr Ayesha Siddiqa Riaz learnt to work the system According to Siddiqa Riaz used his contacts to secure a contract with the Pakistan Navy in the mid 1990s to develop two housing schemes in the outskirts of Rawalpindi In 2000 the Pakistan Navy transferred its entire shareholding to Hussain and later fought a legal battle with Riaz over contract infringement in which the Supreme Court ruled in Hussain s favor 9 Business EditMalik Riaz has ambitiously expanded his business empire under the brand name of Bahria Town Group but a Supreme Court ordered trial concluded that Riaz cannot use the word Bahria for its gated communities 3 Riaz is considered as a liberal in his business practices According to Dr Ayesha Siddiqa to think that he is defined by religiosity and traditionalism however would be a mistake His employees profiles show that he hires a lot of women especially at the middle and senior management levels because he finds them hard working efficient and diligent 10 Bahria Town has projects in Lahore Rawalpindi Islamabad Murree and Karachi 11 Bahria Town Karachi 2 is the biggest private project in Pakistan which is also owned by Malik Riaz Riaz had mentioned and ended terms with his former partner Ahlat Ziar Ahlat Ziar has no property in Bahria Town despite being his former partner Ahlat Ziar quoted Malik Riaz is a living fraud and a scam with no other comments His net worth is valued at around US 1 5 billion As of 1 November 2019 update 12 Controversies EditThis article possibly contains unsourced predictions speculative material or accounts of events that might not occur Information must be verifiable and based on reliable published sources Please help improve it by removing unsourced speculative content November 2016 Learn how and when to remove this template message Malik Riaz Hussain was approached by an intermediary of Arsalan Iftikhar Chaudhry son of Chief Justice Iftikhar Muhammad Chaudhry that he had inside information and a case and it can be resolved in his favour Malik Riaz Hussain in an official deposition produced itemised list of how he bankrolled a playboy lifestyle for the son of the country s top judge Arsalan Iftikhar Chaudhry had allegedly promised to influence his father s rulings 13 Malik Riaz Hussain the Chairman of Bahria Town Pvt Ltd has been at the center of some controversies and allegations The allegations are mostly that he pays to get things done his way An excerpt from pakistanherald com states that National Accountability Bureau NAB is currently looking into another application filed by a former military officer Lt Col retd Tariq Kamal Khan which states that the land on which Bahria town is constructed and is further expanding was not acquired through legal means It is alleged that Hussain has strong ties with Pakistan s military which assisted him in building a huge empire Some claims go as far as saying that a handful of the important serving army officers bureaucrats and lawyers are practically on Hussian s payroll 14 In October 2019 the parents of Amanda Halse one of the 20 victims of the Schoharie limousine crash in the U S state of New York a year earlier named Riaz as a defendant in a wrongful death suit they filed over the accident since they allege that he had helped finance the businesses of two distant relatives who were principals in the company that owned and operated the limousine 15 In Aug 2022 a protest was called in Bahria Town by the residents and Bahria Realtors Alliance for illegally cutting and selling public parks mosques and graveyards Malik Riaz and his son Ali Riaz allegedly bribed and influenced the police station and bribed the SHO ibrar shah to arrest the president of the association Mr Ali ghurki Both Ali Riaz and Malik Riaz had filed bogus terrorism FIRs against the whole association Roads were dug outside their houses and Ali ghurki was severely tortured and beaten 16 UK NCA 190M court settlement EditAfter being alerted by Pakistani authorities to sources of his income and cash expenditure the UK s National Crime Agency NCA began an investigation into Malik Riaz Hussain In December 2018 20M was frozen by the UK High Court under the Proceeds of Crime Act 2002 By August 2019 a total of nine court orders were in place enabling UK authorities to hold 140M All of the court orders were made against the assets and cash and not their actual or beneficial owner In December 2019 Malik Riaz came to a civil agreement with the NCA handing over 140M in cash and the Grade II listed house 1 Hyde Park Place valued at 50million The NCA commented that the multimillion pound settlement did not represent a finding of guilt Control of the 190M of assets and cash will be returned under a UK High Court order to the Pakistani Authorities who have advised that they will ask the UK Courts to sell any assets and return the sum in cash 17 18 The amount was transferred to the account set up by Supreme Court for the recovery of 460 billion rupees fine imposed on Bahria Town in a separate case going towards the reimbursement of the fine 19 3 Personal life EditRiaz married Beena Riaz and they have one son and four daughters 20 References Edit a b c d e Profile Malik Riaz Hussain Dawn June 10 2012 Retrieved July 20 2019 Team Melange July 23 2018 Malik Riaz From rags to riches a b c Asad Malik August 19 2018 Property tycoon loses plea for using Bahria Town as brand name DAWN COM Malik Riaz Robbing Hood Newsline Newsline Retrieved January 12 2017 Malik Riaz on bribes blackmail and launching media empire DAWN COM March 29 2016 Retrieved January 12 2017 Face off Malik Riaz exposes gang of extortionists The Express Tribune The Express Tribune July 23 2015 Retrieved January 12 2017 Malik Riaz offers to reconstruct homes destroyed in earthquake geo tv Javeria Nasir March 12 2013 Malik Riaz inks 20bn deal with US business tycoon aaj tv A true rags to riches story Retrieved August 6 2016 Pakistan beyond liberal and conservative Ayesha Siddiqa Alice News alice ces uc pt Retrieved August 6 2016 administrator June 9 2012 Malik Riaz Trending Topics in Pakistan Retrieved August 6 2016 Pakistan s Elites Top 10 Richest Men Of Pakistan Global Village Space November 1 2019 Retrieved April 30 2021 Pakistani chief justice s son accused of taking gifts to influence father theguardian com June 12 2012 Malik Riaz Hussain Pakistan Herald Goodwin Mike Rulison Larry October 22 2019 Brake system neglect to blame in Schoharie limo crash expert for police says Albany Times Union Retrieved October 24 2019 Ali Ghurki beaten and tortured Youtube Pakistani tycoon agrees to hand over 190m to UK authorities the Guardian December 3 2019 Pakistani property tycoon Malik Riaz Hussain agrees to hand over 190m to UK authorities Sky News Reporter The Newspaper s Staff December 7 2019 Money returned by tycoon to be used on welfare DAWN COM Retrieved December 10 2019 Malik Riaz Hussain A Visionary Businessman Bahria Town Listings September 2 2022 Retrieved March 15 2023 External links EditOfficial website Retrieved from https en wikipedia org w index php title Malik Riaz amp oldid 1152564608, wikipedia, wiki, book, books, library,
