Malik Riaz: Difference between revisions
Added info |
|||
(38 intermediate revisions by 24 users not shown) | |||
Line 5: | Line 5: | ||
| name = Malik Riaz |
| name = Malik Riaz |
||
| image = Malik Riaz .jpg |
| image = Malik Riaz .jpg |
||
| alt = Malik Riaz |
|||
| caption = Riaz in 2016 |
| caption = Riaz in 2016 |
||
| birth_date = {{birth date and age|1954|2|8}} |
| birth_date = {{birth date and age|1954|2|8}} |
||
| birth_place = [[Sialkot]], [[Punjab, Pakistan|Punjab]], [[Pakistan]] |
| birth_place = [[Sialkot]], [[Punjab, Pakistan|Punjab]], [[Pakistan]] |
||
| nationality = Pakistani |
|||
| citizenship = Pakistan |
| citizenship = Pakistan |
||
| education = Intermediate |
|||
| alma_mater = |
| alma_mater = |
||
| occupation = Founder of [[Bahria Town]] |
| occupation = Founder of [[Bahria Town]] |
||
| organization = [[Bahria Town]] |
|||
| known_for = Developing [[Bahria town]] gated communities |
| known_for = Developing [[Bahria town]] gated communities |
||
| spouse = Beena Riaz |
| spouse = Beena Riaz |
||
Line 17: | Line 21: | ||
}} |
}} |
||
'''Malik Riaz Hussain''' ([[Urdu]], {{ |
'''Malik Riaz Hussain''' ([[Urdu]], {{langx|pa|{{Nastaliq|ملک ریاض حسین}}}}; born February 8, 1954<ref name="dawn">{{cite web |title=Profile: Malik Riaz Hussain |url=https://www.dawn.com/news/725440/profile-malik-riaz-hussain%7Ctitle=Profile |website=[[Dawn (newspaper)|Dawn]] |access-date=20 July 2019 |language=en |date=10 June 2012}}</ref> in [[Sialkot]]) is a Pakistani real estate tycoon who is the founder of [[Bahria Town]], the largest privately held [[real estate development]] company in [[Pakistan]]. His real estate projects are associated with the concept of [[Gated community|gated communities]], where the residents are provided with a wide variety of facilities.<ref>{{Cite web |date=2013-12-10 |title=Happiness for some in Pakistan's gated communities |url=https://sg.news.yahoo.com/happiness-pakistan-39-gated-communities-154532120.html |access-date=2024-05-26 |website=Yahoo News |language=en-SG}}</ref> |
||
⚫ | Riaz started his career as a clerk with a construction company[[Military Engineering Service|(MES]]) in [[Rawalpindi]].<ref>{{Cite web|url=https://www.melangemagazine.biz/malik-riaz-from-rags-to-riches/ |
||
Riaz is a controversial figure and has been the subject of several corruption investigations.<ref>{{Cite news|url=http://tribune.com.pk/story/924819/face-off-malik-riaz-exposes-gang-of-extortionists/|title=Face-off: Malik Riaz exposes gang of extortionists - The Express Tribune|date=2015-07-23|newspaper=The Express Tribune|language=en-US|access-date=2017-01-12}}</ref><ref>[http://www.geo.tv/article-119831-Malik-Riaz-offers-to-reconstruct-homes-destroyed-in-earthquake- Malik Riaz offers to reconstruct homes destroyed in earthquake]. geo.tv</ref><ref>Javeria Nasir (March 12, 2013) [http://www.aaj.tv/2013/03/malik-riaz-moves-to-us-businessman-for-20bn-deal/ Malik Riaz inks $20bn deal with US business tycoon]. aaj.tv</ref> |
|||
== Early life == |
== Early life == |
||
Malik Riaz was born to a private contractor who was fairly wealthy.<ref name="dawn" /> However, his father's business failed,<ref name="dawn" /> forcing Riaz to drop out of [[high school]] after completing his [[Matriculation in Pakistan|matriculation]]. He went on to work as a clerk with the [[Military Engineering Service]] and often |
Malik Riaz was born to a private contractor who was fairly wealthy.<ref name="dawn" /> However, his father's business failed,<ref name="dawn" /> forcing Riaz to drop out of [[high school]] after completing his [[Matriculation in Pakistan|matriculation]]. He went on to work as a clerk with the [[Military Engineering Service]] and often worked part-time as a painter. He later moved to become a contractor in the military.<ref name="dawn"/> In 1995, Riaz established his own construction company under the name Hussain Global.<ref>{{Cite journal |last=Syed |first=Jawad |last2=Mumtaz |first2=Areeba |date=2024-04-04 |title=Business Success, Philanthropy and Scandals: The Controversial Legacy of Malik Riaz Hussain of Bahria Town? |url=https://journals.sagepub.com/doi/10.1177/09728201241232739 |journal=Asian Journal of Management Cases |language=en |doi=10.1177/09728201241232739 |issn=0972-8201}}</ref> Within the same year, his company signed an agreement with Pakistan's Navy charitable trust in order to build a gated community for the Pakistan Navy.<ref>{{Cite web |title=Malik Riaz Hussain |url=https://sites.google.com/view/malik-riaz-hussain/home |access-date=2024-05-02 |website=sites.google.com |language=en-US}}</ref> In 2000, the [[Pakistan Navy]] ended its business arrangement with Malik Riaz. After this, he established his own real estate development company which, with the approval of the Supreme Court, he named Bahria Town.<ref>{{Cite web |title=Malik Riaz: Robbing Hood? |url=https://newslinemagazine.com/magazine/malik-riaz-robbing-hood/ |access-date=2024-06-16 |website=Newsline |language=en}}</ref> |
||
== Business == |
== Business == |
||
⚫ | Riaz started his career as a clerk with a construction company[[Military Engineering Service|(MES]]) in [[Rawalpindi]].<ref>{{Cite web |last=Team |first=Melange |date=July 23, 2018 |title=Malik Riaz: From rags to riches |url=https://www.melangemagazine.biz/malik-riaz-from-rags-to-riches/}}</ref> In the 1980s, Riaz moved to become a [[General contractor|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]].<ref name=":0">{{Cite web |last=Asad |first=Malik |date=August 19, 2018 |title=Property tycoon loses plea for using Bahria Town as brand name |url=https://www.dawn.com/news/1427813 |website=DAWN.COM}}</ref> After Malik Riaz`s contract with the military ended, the Navy's Bahria Foundation issued a legal notice to Riaz to stop using such words as Bahria/Maritime/Navy for his company's construction projects. However, in 2001, the Supreme Court ruled in Riaz’s favor and allowed him to continue using the word “Bahria”.<ref>{{Cite news |title=Malik Riaz: Robbing Hood? {{!}} Newsline |url=http://newslinemagazine.com/magazine/malik-riaz-robbing-hood/ |access-date=2017-01-12 |newspaper=Newsline |language=en-US}}</ref> |
||
⚫ | Malik Riaz has |
||
⚫ | Malik Riaz has expanded his business empire under the brand name of [[Bahria Town Group]].<ref name=":0" /> Riaz is considered as a liberal in his business practices. According to [[Ayesha Siddiqa|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".<ref name="auto">{{Cite web|url=http://alice.ces.uc.pt/news/?p=2108|title=Pakistan beyond liberal and conservative: Ayesha Siddiqa {{!}} Alice News|website=alice.ces.uc.pt|access-date=2016-08-06}}</ref> |
||
⚫ | Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree and Karachi.<ref>{{Cite web|url=http://www.pakistantimes.com/topics/malik-riaz/|title=Malik Riaz|last=administrator|date=2012-06-09|website=Trending Topics in Pakistan|language=en-US|access-date=2016-08-06}}</ref> Bahria Town Karachi 2 is the biggest private project in Pakistan, which is also owned by Malik Riaz. |
||
⚫ | Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree, and Karachi.<ref>{{Cite web|url=http://www.pakistantimes.com/topics/malik-riaz/|title=Malik Riaz|last=administrator|date=2012-06-09|website=Trending Topics in Pakistan|language=en-US|access-date=2016-08-06}}</ref> Bahria Town Karachi 2 is the biggest private project in Pakistan, which is also owned by Malik Riaz. |
||
His net worth is valued at around US$1.5 billion ({{As of|2019|11|01}}).<ref name="globalvillagespace.com">{{Cite web|date=2019-11-01|title=Pakistan's Elites: Top 10 Richest Men Of Pakistan|url=https://www.globalvillagespace.com/pakistans-elites-top-10-richest-men-of-pakistan/|access-date=2021-04-30|website=Global Village Space|language=en-GB}}</ref> |
His net worth is valued at around US$1.5 billion ({{As of|2019|11|01}}).<ref name="globalvillagespace.com">{{Cite web|date=2019-11-01|title=Pakistan's Elites: Top 10 Richest Men Of Pakistan|url=https://www.globalvillagespace.com/pakistans-elites-top-10-richest-men-of-pakistan/|access-date=2021-04-30|website=Global Village Space|language=en-GB}}</ref> |
||
==Controversies== |
==Controversies== |
||
{{speculation|date=November 2016}} |
|||
In 2012 Malik Riaz Hussain provided evidence in court proceedings against [[Arsalan Iftikhar Chaudhry]], son of the former Chief Justice of Pakistan [[Iftikhar Muhammad Chaudhry]]. In his affidavit, Riaz said he had been "blackmailed" by the Chief Justice's son for cash and other gifts, and that warnings to the Chief Justice about his son’s activities had gone unheeded for months. Arsalan Iftikhar Chaudhry subsequently resigned from his post as Vice Chairman of Balochistan Board of Investment.<ref>[https://www.theguardian.com/world/2012/jun/12/pakistan-chief-justice-son-gifts Pakistani chief justice's son accused of taking gifts to influence father]. theguardian.com. June 12, 2012</ref> |
|||
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 expert from pakistanherald.com states that "National Accountability Bureau (NAB) is currently looking into another application filed by a former military officer Lt-Col (retired) [[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."<ref>{{Cite web|url=http://www.pakistanherald.com/profile/malik-riaz-hussain-1339|title=Malik Riaz Hussain|website=Pakistan Herald}}</ref> |
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 expert from pakistanherald.com states that "National Accountability Bureau (NAB) is currently looking into another application filed by a former military officer Lt-Col (retired) [[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."<ref>{{Cite web|url=http://www.pakistanherald.com/profile/malik-riaz-hussain-1339|title=Malik Riaz Hussain|website=Pakistan Herald}}</ref> |
||
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.<ref>{{cite news|last1=Goodwin|first1=Mike|last2=Rulison|first2=Larry|title=Brake system neglect to blame in Schoharie limo crash, expert for police says|url=https://www.timesunion.com/news/article/Brake-system-neglect-to-blame-in-Schoharie-limo-14553154.php|newspaper=[[Albany Times-Union]]|date=October 22, 2019|access-date=October 24, 2019}}</ref> |
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.<ref>{{cite news|last1=Goodwin|first1=Mike|last2=Rulison|first2=Larry|title=Brake system neglect to blame in Schoharie limo crash, expert for police says|url=https://www.timesunion.com/news/article/Brake-system-neglect-to-blame-in-Schoharie-limo-14553154.php|newspaper=[[Albany Times-Union]]|date=October 22, 2019|access-date=October 24, 2019}}</ref> |
||
In August 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. <ref>{{Cite web|url=https://m.youtube.com/watch?v=Qtb5BIwPT8o&feature=emb_logo |title= Ali Ghurki beaten and tortured |website=Youtube}}</ref> |
|||
==UK NCA £190M court settlement== |
==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|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 £ |
After being alerted by Pakistani authorities to sources of his income and cash expenditure, the UK's [[National Crime Agency|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 £50 million. 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.<ref>{{Cite web|url=http://www.theguardian.com/uk-news/2019/dec/03/pakistani-tycoon-malik-riaz-hussain-hands-over-pounds-190m-to-uk-authorities-nca-|title=Pakistani tycoon agrees to hand over £190m to UK authorities|date=December 3, 2019|website=the Guardian}}</ref><ref>{{Cite web|url=https://news.sky.com/story/pakistani-property-tycoon-malik-riaz-hussain-agrees-to-hand-over-190m-to-uk-authorities-11877161|title=Pakistani property tycoon Malik Riaz Hussain agrees to hand over £190m to UK authorities|website=Sky News}}</ref> The amount was transferred to the account set up by [[Supreme Court of Pakistan|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.<ref>{{Cite web|url=https://www.dawn.com/news/1520907|title=Money returned by tycoon to be used on welfare|last=Reporter|first=The Newspaper's Staff|date=2019-12-07|website=DAWN.COM|language=en|access-date=2019-12-10}}</ref><ref name=":0" /> |
||
== Personal life == |
== Personal life == |
||
Riaz married Beena Riaz and they have one son and four daughters.<ref>{{Cite web |date=2022-09-02 |title=Malik Riaz Hussain A Visionary Businessman - Bahria Town Listings |url=https://bahriatownlistings.com/malik-riaz-hussain-a-visionary-businessman/ |access-date=2023-03-15 |language=en-US}}</ref> |
Riaz married Beena Riaz and they have one son and four daughters.<ref>{{Cite web |date=2022-09-02 |title=Malik Riaz Hussain A Visionary Businessman - Bahria Town Listings |url=https://bahriatownlistings.com/malik-riaz-hussain-a-visionary-businessman/ |access-date=2023-03-15 |language=en-US}}</ref> This is the second marriage of Malik Riaz, his first wife died when he was young.<ref>{{Cite web |title=Malik Riaz Hussain |url=https://sites.google.com/view/malik-riaz-hussain/home |access-date=2024-05-09 |website=sites.google.com |language=en-US}}</ref> Malik Riaz`s son, Ahmed Ali Riaz, was born in 1978 and currently holds the position of CEO of Bahria Town.<ref>{{Cite web |last=BIH |title=CEO - Ahmed Ali Riaz Malik |url=https://rawalpindi.bahriainternationalhospital.com/ceo-ahmed-ali-riaz-malik/ |access-date=2024-05-26 |website=Bahria International Hospitals Rawalpindi Phase 8 |language=en-US}}</ref> |
||
== Philanthropy == |
|||
=== Bahria Dastarkhwan === |
|||
Malik Riaz established the Bahria Dastarkhwan initiative with the aim of reducing [[hunger]] in Pakistan. The initiative has centers across the country and daily provides free meals twice a day to everyone who visits Bahria Dastarkhwan.<ref>{{Cite web |date=2023-04-11 |title=Bahria Dastarkhwan - DreamNex Food Drive In Ramadan 2023 |url=https://dreamsnex.com/bahria-dastarkhwan/ |access-date=2024-04-18 |language=en-US}}</ref> |
|||
=== Healthcare === |
|||
Malik Riaz is in the process of setting up a chain of hospitals in Pakistan that would provide a free healthcare service. Each month he donates Rs. 9.7 million to the healthcare system which includes free medical treatment for the underprivileged, medical equipment for hospitals and food for the patients and their families.<ref>{{Cite web |title=REVIVE - Healthcare - Bahria Town (Pvt) Ltd. |url=http://www.bahriaorchard.com/faqs.html |access-date=2024-04-21 |website=www.bahriaorchard.com}}</ref> |
|||
=== Education === |
|||
Malik Riaz built a net of schools, universities, and other institutions that give the students an opportunity to study for free. Every year, Malik Riaz provides students with microfinance loans, enabling them to pursue their academic dreams without financial burden.<ref>{{Cite web |title=Contributions for Education |url=https://malikriazhussain.com/education/ |access-date=2024-05-24 |website=Malik Riaz Hussain |language=en}}</ref> |
|||
==References== |
==References== |
||
Line 60: | Line 72: | ||
[[Category:Pakistani billionaires]] |
[[Category:Pakistani billionaires]] |
||
[[Category:Living people]] |
[[Category:Living people]] |
||
[[Category:Pakistani real estate |
[[Category:Pakistani businesspeople in real estate]] |
||
[[Category:Pakistani philanthropists]] |
[[Category:Pakistani philanthropists]] |
||
[[Category:Bahria Town]] |
[[Category:Bahria Town]] |
||
[[Category: |
[[Category:People from Sialkot]] |
||
[[Category:Pakistani company founders]] |
[[Category:Pakistani company founders]] |
||
[[Category:Founders of Pakistani schools and colleges]] |
[[Category:Founders of Pakistani schools and colleges]] |
||
[[Category:Real estate and property developers]] |
[[Category:Real estate and property developers]] |
||
[[Category: |
[[Category:Businesspeople from Karachi]] |
Latest revision as of 02:00, 11 November 2024
Malik Riaz | |
---|---|
Born | |
Nationality | Pakistani |
Citizenship | Pakistan |
Education | Intermediate |
Occupation | Founder of Bahria Town |
Organization | Bahria Town |
Known for | Developing Bahria town gated communities |
Spouse | Beena Riaz |
Children | 5 |
Malik Riaz Hussain (Urdu, Punjabi: ملک ریاض حسین; born February 8, 1954[1] in Sialkot) is a Pakistani real estate tycoon who is the founder of Bahria Town, the largest privately held real estate development company in Pakistan. His real estate projects are associated with the concept of gated communities, where the residents are provided with a wide variety of facilities.[2]
Early life
[edit]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 worked part-time as a painter. He later moved to become a contractor in the military.[1] In 1995, Riaz established his own construction company under the name Hussain Global.[3] Within the same year, his company signed an agreement with Pakistan's Navy charitable trust in order to build a gated community for the Pakistan Navy.[4] In 2000, the Pakistan Navy ended its business arrangement with Malik Riaz. After this, he established his own real estate development company which, with the approval of the Supreme Court, he named Bahria Town.[5]
Business
[edit]Riaz started his career as a clerk with a construction company(MES) in Rawalpindi.[6] 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.[7] After Malik Riaz`s contract with the military ended, the Navy's Bahria Foundation issued a legal notice to Riaz to stop using such words as Bahria/Maritime/Navy for his company's construction projects. However, in 2001, the Supreme Court ruled in Riaz’s favor and allowed him to continue using the word “Bahria”.[8]
Malik Riaz has expanded his business empire under the brand name of Bahria Town Group.[7] 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".[9]
Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree, and Karachi.[10] Bahria Town Karachi 2 is the biggest private project in Pakistan, which is also owned by Malik Riaz.
His net worth is valued at around US$1.5 billion (As of 1 November 2019[update]).[11]
Controversies
[edit]This 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. (November 2016) |
In 2012 Malik Riaz Hussain provided evidence in court proceedings against Arsalan Iftikhar Chaudhry, son of the former Chief Justice of Pakistan Iftikhar Muhammad Chaudhry. In his affidavit, Riaz said he had been "blackmailed" by the Chief Justice's son for cash and other gifts, and that warnings to the Chief Justice about his son’s activities had gone unheeded for months. Arsalan Iftikhar Chaudhry subsequently resigned from his post as Vice Chairman of Balochistan Board of Investment.[12]
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 expert from pakistanherald.com states that "National Accountability Bureau (NAB) is currently looking into another application filed by a former military officer Lt-Col (retired) 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."[13]
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.[14]
UK NCA £190M court settlement
[edit]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 £50 million. 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.[15][16] 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.[17][7]
Personal life
[edit]Riaz married Beena Riaz and they have one son and four daughters.[18] This is the second marriage of Malik Riaz, his first wife died when he was young.[19] Malik Riaz`s son, Ahmed Ali Riaz, was born in 1978 and currently holds the position of CEO of Bahria Town.[20]
Philanthropy
[edit]Bahria Dastarkhwan
[edit]Malik Riaz established the Bahria Dastarkhwan initiative with the aim of reducing hunger in Pakistan. The initiative has centers across the country and daily provides free meals twice a day to everyone who visits Bahria Dastarkhwan.[21]
Healthcare
[edit]Malik Riaz is in the process of setting up a chain of hospitals in Pakistan that would provide a free healthcare service. Each month he donates Rs. 9.7 million to the healthcare system which includes free medical treatment for the underprivileged, medical equipment for hospitals and food for the patients and their families.[22]
Education
[edit]Malik Riaz built a net of schools, universities, and other institutions that give the students an opportunity to study for free. Every year, Malik Riaz provides students with microfinance loans, enabling them to pursue their academic dreams without financial burden.[23]
References
[edit]- ^ a b c d "Profile: Malik Riaz Hussain". Dawn. June 10, 2012. Retrieved July 20, 2019.
- ^ "Happiness for some in Pakistan's gated communities". Yahoo News. December 10, 2013. Retrieved May 26, 2024.
- ^ Syed, Jawad; Mumtaz, Areeba (April 4, 2024). "Business Success, Philanthropy and Scandals: The Controversial Legacy of Malik Riaz Hussain of Bahria Town?". Asian Journal of Management Cases. doi:10.1177/09728201241232739. ISSN 0972-8201.
- ^ "Malik Riaz Hussain". sites.google.com. Retrieved May 2, 2024.
- ^ "Malik Riaz: Robbing Hood?". Newsline. Retrieved June 16, 2024.
- ^ 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.
- ^ "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.
- ^ "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.
- ^ "Malik Riaz Hussain". sites.google.com. Retrieved May 9, 2024.
- ^ BIH. "CEO - Ahmed Ali Riaz Malik". Bahria International Hospitals Rawalpindi Phase 8. Retrieved May 26, 2024.
- ^ "Bahria Dastarkhwan - DreamNex Food Drive In Ramadan 2023". April 11, 2023. Retrieved April 18, 2024.
- ^ "REVIVE - Healthcare - Bahria Town (Pvt) Ltd". www.bahriaorchard.com. Retrieved April 21, 2024.
- ^ "Contributions for Education". Malik Riaz Hussain. Retrieved May 24, 2024.