Pakistani real estate tycoon Malik Riaz Hussain has agreed to pay £190m in cash and assets to the National Crime Agency, including a £50m home at 1 Hyde Park Place, W2.
The settlement relates to accusations that the cash came from the proceeds of crime.
Hussain is the founder of Bahria Town, Asia’s largest privately held property developer.
The NCA froze eight UK bank accounts in August, which held funds of around £120m. As part of the same investigation, another £20m was frozen in a separate UK account last December.
The assets will be returned to the government of Pakistan.
Hussain has denied allegations of wrongdoing. He stated on social media: “Some habituals are twisting the NCA report 180 degrees to throw mud at me. I sold our legal [and] declared property in UK to pay £190m to Supreme Court Pakistan against Bahria Town Karachi.
“[The] NCA press release says the settlement is a civil matter and does not represent a finding of guilt. I am a proud Pakistan and I will remain until I [breathe] my last.”
He also highlighted that the freezing orders were on the cash and assets, rather than an individual.
Hussain’s business is one of the largest private sector employers in Pakistan.
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