ISLAMABAD: The Supreme Court has issued notices to 10 different entities and individuals who allegedly sent from abroad about £136 million and about $44m in remittances (around Rs35 billion at the time).

“It would be appropriate to also issue notices to those who had remitted monies from abroad,” said the order issued by a three-judge Supreme Court, consisting of 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 Rs460bn offer by Bahria Town Karachi (BTK) for land in district Malir.

As per the court directive, the notices were issued to Fortune Event Limited, Emirates Dubai, the UAE; Mubashara Ali Malik, Bina Riaz and Sana Salman, the UAE; Mashreq Bank, London; Ulti­mate Holdings MGT LTD, British Virgin Isl­an­­ds; Premier Investm­ents Global Ltd, the UAE; Ahmed Ali Riaz, UAE; Pre­­­mier Investments Glo­bal Ltd, UAE; and Wedla­­ke Bell LLP, London, the UK.

It said that the earlier consent order of March 2019 had mentioned the land’s price at Rs460bn, the period within which it was to be paid, the mode of its payment and that if two consecutive instalments or three instalments in toto were not paid, it would be a default. The past and present directors, shareholders, and promoters of Bahria Town stood as guarantors of the offer amount, it said.

In view of Bahria Town’s commitment the filing of reference by NAB was stayed, the order said, adding that only a total of Rs60.72bn out of Rs460bn was paid. Even out of this payment, Bahria Town paid only Rs24.26bn.

In response to a court query, Bahria Town counsel Salman Aslam Butt said that as per media reports certain remittances were sent and paid pursuant to an agreement, and that he would file requisite documents in this regard.

The court said as per the consent order four persons had guaranteed to make payment if Bahria Town failed to pay, namely Malik Riaz Hussain, his son Ahmed Ali Riaz, wife Mrs Bina Riaz and Mr Zain Malik.

The SC has set the next hearing for Nov 8, observing that no adjournment would be granted, and if any counsel cannot attend the proceedings, he should make alternative arrangements.

Published in Dawn, October 21st, 2023