ISLAMABAD: An accountability court on Saturday refused to suspend the arrest warrants of property tycoon Malik Riaz in the multi-million pound corruption reference.

Last month, the court issued warrants for the property tycoon; his son Ali Ahmed Riaz; aides to former prime minister Zulfi Bukhari and Mirza Shahzad Akbar; Farhat Shahzadi aka Farah Khan; and a lawyer Ziaul Mustafa Nasim.

Mr Riaz had filed an application to suspend the arrest warrants enabl­ing him to appear before the court, but the court dismissed the plea on Saturday.

The accountability court has also scheduled to initiate the process of seizing the properties of Mr Riaz and his son as they were absconding in the said case.

Real estate tycoon says he wants to join proceedings

Judge Mohammad Bashir had already issued a proclamation agai­nst the father and son last month.

Advocate Farooq H. Naek represented Mr Riaz during the proceedings inside the Adiala Jail. The court later adjourned proceedings till Monday.

In his application filed before the court, Mr Riaz stated that he was not aware of the proceedings initiated against him as he was abroad. The property tycoon also claimed that the investigation officer “misled the court” regarding the service of summons and arrest warrants. He added that he had recently learned about the case and wanted to join the proceedings.

NAB reference

The National Accountability Bureau (NAB) has nominated Mr Riaz and his son as accused in the reference, along with former PM Khan, his spouse, Bushra Bibi, and Mr Akbar, and others.

According to the NAB reference, on Dec 2, 2019, Mr Akbar presented a note to then PM Khan, which revea­­led that on the application of the UK’s National Crime Agency (NCA), an account freezing order (AFO) for 20m pounds was granted by the district judge of Westminster’s Court.

Earlier on Aug 12, 2019 the agency had obtained eight AFOs in relation to the 119.7m pounds held in the ac­­counts of Mr Riaz’s family. The NCA investigation also included Hyde Park Palace, London, a prime property valued at around 50m pounds. The reference put the combined estimated value at 190m pounds.

It alleged that in April 2019, Bahria Town extended illegal monetary benefit to Mr Khan in the form of land measuring 458 kanals, four marlas and 58 square feet through Mr Bukhari “disguised under the garb of donation to Al Qadir University Project Trust for which Imran Ahmed Khan Niazi was the settler/founder and Bushra Imran Khan was the trustee”.

The reference alleged that Mr Khan and Mr Akbar connived to give legal cover to the 171.15m pounds transferred to Mr Riaz.

In its submission before the court, the NAB claimed that the ex-prime minister “played a pivotal role in the illicit transfer of funds, meant for the state of Pakistan, into an account designated for the payment of land by Bahria Town, Karachi”.

In exchange for these “illegal favo­urs”, the NAB claimed that Mr Khan obtained “ma­­t­e­­rial monetary gain”, including the land, worth Rs285m, for the Al Qadir University project.

Mr Akbar has been accused of misusing his position as the Assets Recovery Unit (ARU) chairman to extend undue benefits to Mr Riaz.

The reference alleged that the lawyer, Mr Nasim, aided, abetted and assisted the ex-ARU head in committing the “offence”.

The reference stated that Mr Riaz, “in his capacity as the CEO/Director of Bahria Town (Private) Limited, actively aided, abetted and assisted in conspiracy with the co-accused persons for the diversion of funds earmarked for the state of Pakistan into a bank account designated for the payment of Bahria Town Limited, Karachi”.

His son, Mr Ali, in connivance with his father, Mr Khan and Mr Akbar, transferred the land in the name of Ms Shahzadi, the reference claimed, adding that Mr Bukhari served as the “frontman” of the ex-PM during the entire process.

Published in Dawn, January 7th, 2024