Malik Riaz seeks intervention over Bahria Town assets

Bahria Town founder Malik Riaz Hussain has appealed to senior Pakistani officials for intervention over the ongoing actions against his company and family.

Bahria Town founder Malik Riaz Hussain has appealed to senior Pakistani officials for intervention over the ongoing actions against his company and family.

In a detailed appeal, Riaz raised concerns over the freezing, seizure and auction of Bahria Town properties.

He claimed that assets worth around Rs238.6 billion have already been auctioned or taken into possession. He further alleged that some properties are currently facing auction and sale proceedings.

According to the appeal, development projects worth approximately Rs372 billion have also been suspended.

Riaz expressed concern over what he described as the forced takeover of Bahria Town assets. He alleged that several properties were being sold at prices far below their actual market value.

He maintained that legal proceedings related to several properties and other actions are still pending before the relevant courts and forums.

Despite this, he alleged that some Bahria Town assets were being taken over and sold before the legal disputes had been fully resolved.

The Bahria Town founder also raised concerns over alleged threats against him and members of his family.

He claimed that a person accused of threatening him and his family with serious consequences, including death threats, remains free.

According to Riaz, an FIR was registered against the alleged individual. He also said that the matter later came before the High Court.

However, he claimed that despite the FIR and court intervention, the accused person has not been taken into custody.

Riaz urged senior officials to take notice of the situation. He asked them to review the actions being taken against Bahria Town and its properties.

He warned that continued freezing, seizure and auction of the company’s assets could have wider economic consequences.

The appeal also highlighted the potential impact on ongoing development projects. Riaz claimed that projects worth billions of rupees have been affected by the current situation.

He argued that prolonged uncertainty could affect workers, contractors, investors and other parties associated with the projects.

Riaz further alleged that the valuation of some assets did not reflect their actual market worth. He claimed that properties were being sold at unusually low prices.

He called for the relevant legal procedures to be followed before any further action is taken against the company’s assets.

The appeal comes amid ongoing legal and financial disputes involving Bahria Town and its properties.

Riaz has asked the authorities to intervene and examine the allegations raised in his appeal.