Malik Riaz
Malik Riaz | |
---|---|
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]
Riaz started his career as a clerk with a construction company
Early life
Malik Riaz was born to a private contractor who was fairly wealthy.
Business
Malik Riaz has expanded his business empire under the brand name of
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
This article possibly contains unsourced reliable published sources.(November 2016) |
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.[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
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 £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][4]
Personal life
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
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.[21]
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.[22]
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.[23]
References
- ^ 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.
- ^ 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.
- ISSN 0972-8201.
- ^ "Malik Riaz Hussain". sites.google.com. Retrieved May 2, 2024.
- ^ "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.
- 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.