SC bars NAB from taking action against Bahria Town

The News

ISLAMABAD: The Supreme Court on Wednesday restrained the National Accountability Bureau (NAB) from taking any action against Bahria Town and allowed its management to carry out its project and receive money from the investors in its new account.
A three-member bench of the apex court headed by Chief Justice Mian Saqib Nisar heard review petition of Bahria Town against its verdict declaring illegal the land allotted to the company by the Sindh government as well as Malir Development Authority, Karachi.
The court gave these orders after Malik Riaz, Chief Executive of Bahria Town, in pursuance of the court’s earlier order, gave an undertaking to deposit Rs5 billion with the court and desist from selling any of his or his wife’s properties.
The court directed that the anti-graft body will not take any action against the management of Bahria Town till the disposal of the review petition.
On last haring the court had directed Malik Riaz to deposit Rs5 billion with the Supreme Court as surety within two weeks besides directing him to come with proposals. On Wednesday, the court permitted Malik Riaz to go head by receiving money from investors in its new account till the decision of his review petition. The court however, asked the property tycoon to deposit 20 percent of the money received from the investors in a separate account opened at the apex court.
The court further directed that the management of Bahria Town can retain 80 percent from the receiving amount for utilisation of its projects and other purposes.
The court further directed that properties in names of Malik Raiz’s wife, sons or daughters to be attached as surety by the court.
The court noted down in its order that as one of the judges of the bench that gave verdict in Bahria Town case has been retired while another judge had given a dissenting note on the instant judgment, therefore, a larger bench will be constituted after summer vacations to hear the review petition of Bahria Town.
The court the on Tuesday had restrained Bahria Town from collecting any payments, saying that the administration of Bahria Town Karachi had violated court orders by opening the separate bank account.
During the hearing, Malik Riaz said he never did any dishonesty in his business, adding that people who had got plots in his society on Rs4 million are now owners of Rs25 million.
“Even I am ready to extend cooperation for construction of Kalabagh Dam”, Malik Riaz said.
The chief justice asked Mlaik Riaz to refrain from influencing governments and questioned as to what was his role in the Senate elections, recently held?
At the end of the proceedings, the chief justice asked Malik Riaz in a lighter tone to give a ‘Sadka’ of Rs500,000 to Fatimeed Foundation. Malik Riaz, however, replied that he will give Rs5 million to the Foundation.

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