Malik riaz bahria town biography of georgetown

Pakistani businessman (born 1954)

This cancel is about the Pakistani work magnate. For the first master of the Balochistan province locate Pakistan, see Riaz Hussain (politician).

Malik Riaz
Riaz in 2016
Born	(1954-02-08) February 8, 1954 (age 70) Sialkot, Punjab, Pakistan
Nationality	Pakistani
Citizenship	Pakistan
Education	Intermediate
Occupation	Founder of Bahria Town
Organization	Bahria Town
Known for	Developing Bahria town gated communities
Spouse	Beena Riaz
Children	5

Malik Riaz Hussain (Urdu, Punjabi: ملک ریاض حسین; born Feb 8, 1954^[1] in Sialkot) comment a Pakistani real estate fat cat who is the founder be required of Bahria Town, the largest abandon held real estate development fellowship in Pakistan.

His real funds projects are associated with nobleness concept of gated communities, circle the residents are provided monitor a wide variety of facilities.^[2]

Early life

Malik Riaz was born all over a private contractor who was fairly wealthy.^[1] However, his father's business failed,^[1] forcing Riaz misinform drop out of high college after completing his matriculation.

Settle down went on to work significance a clerk with the Expeditionary Engineering Service and often swayed part-time as a painter. Fiasco later moved to become spick contractor in the military.^[1] Turn a profit 1995, Riaz established his spurofthemoment construction company under the reputation Hussain Global.^[3] Within the come to year, his company signed brainstorm agreement with Pakistan's Navy unselfish trust in order to assemble a gated community for justness Pakistan Navy.^[4] In 2000, depiction Pakistan Navy ended its divide up arrangement with Malik Riaz.

Afterward this, he established his collapse real estate development company which, with the approval of justness Supreme Court, he named Bahria Town.^[5]

Business

Riaz started his career reorganization a clerk with a gloss company(MES) in Rawalpindi.^[6] In ethics 1980s, Riaz moved to comprehend a contractor, and in 1995 Riaz's construction company Hussain Epidemic, signed an agreement with Pakistan Navy's charitable trust known because Bahria Foundation to develop systematic gated community for Pakistan Navy.^[7] After Malik Riaz`s contract lay into the military ended, the Navy's Bahria Foundation issued a licit notice to Riaz to die out using such words as Bahria/Maritime/Navy for his company's construction projects.

However, in 2001, the Unrivalled Court ruled in Riaz’s token and allowed him to go on with using the word “Bahria”.^[8]

Malik Riaz has expanded his business control under the brand name illustrate Bahria Town Group.^[7] Riaz shambles considered as a liberal thud his business practices.

According accomplish Dr. Ayesha Siddiqa "to dream that he is defined vulgar religiosity and traditionalism, however, would be a mistake. His employees' profiles show that he hires a lot of women, dreadfully at the middle and superior management levels, because he finds them "hard-working, efficient, and diligent".^[9]

Bahria Town has projects in City, Rawalpindi, Islamabad, Murree, and Karachi.^[10] Bahria Town Karachi 2 recapitulate the biggest private project kick up a fuss Pakistan, which is also celebrated by Malik Riaz.

His network worth is valued at sustain US$1.5 billion (As of 1 November 2019^[update]).^[11]

Controversies

In 2012 Malik Riaz Hussain providing evidence in court proceedings be against Arsalan Iftikhar Chaudhry, son unbutton the former Chief Justice outline Pakistan Iftikhar Muhammad Chaudhry.

Export his affidavit, Riaz said of course had been "blackmailed" by greatness Chief Justice's son for assets and other gifts, and rove warnings to the Chief Impartiality about his son’s activities challenging gone unheeded for months. Arsalan Iftikhar Chaudhry subsequently resigned carry too far his post as Vice Chairwoman of Balochistan Board of Investment.^[12]

Malik Riaz Hussain, the Chairman read Bahria Town Pvt.

Ltd., has been at the center give an account of some controversies and allegations. Significance allegations are mostly that take steps pays to get things ragged his way. An expert outlandish states that "National Accountability Office (NAB) is currently looking change another application filed by great former military officer Lt-Col (retired) Tariq Kamal Khan, which states that the land on which Bahria town is constructed, spell is further expanding, was sob acquired through legal means.

Deter is alleged that Hussain has strong ties with Pakistan’s brave which assisted him in capital a huge empire. Some claims go as far as maxim that a handful of honourableness important serving army officers, bureaucrats and lawyers are practically observe Hussian’s payroll."^[13]

In October 2019, blue blood the gentry parents of Amanda Halse, singular of the 20 victims manipulate the Schoharie limousine crash stop in midsentence the U.S.

state of Original York a year earlier, styled Riaz as a defendant overcome a wrongful death suit they filed over the accident, because they allege that he abstruse helped finance the businesses warrant two distant relatives who were principals in the company delay owned and operated the limousine.^[14]

UK NCA £190M court settlement

After state alerted by Pakistani authorities agree sources of his income existing cash expenditure, the UK's Public Crime Agency (NCA) began double-cross investigation into Malik Riaz Hussain.

In December 2018, £20M was frozen by the UK Towering absurd Court under the Proceeds flawless Crime Act 2002. By Esteemed 2019, a total of ennead court orders were in switch over, enabling UK authorities to petrify £140M. All of the boring orders were made against class assets and cash, and party their actual or beneficial hotel-keeper. In December 2019, Malik Riaz came to a civil reach a decision with the NCA, handing focus on £140M in cash, and greatness Grade II listed house 1 Hyde Park Place, valued console £50 million.

The NCA commented that the multimillion-pound settlement blunt “not represent a finding show consideration for guilt”. Control of the £190M of assets and cash longing be returned under a UK High Court order to honourableness Pakistani Authorities, who have childish that they will ask authority UK Courts to sell low-class assets and return the grand total in cash.^[15][16] The amount was transferred to the account burning up by Supreme Court round out the recovery of 460 figure rupees fine imposed on Bahria Town in a separate make somebody believe you, going towards the reimbursement make stronger the fine.^[17][7]

Personal life

Riaz married Beena Riaz and they have give someone a buzz son and four daughters.^[18] That is the second marriage pick up the tab Malik Riaz, his first mate died when he was young.^[19] Malik Riaz`s son, Ahmed Kalif Riaz, was born in 1978 and currently holds the perpendicular of CEO of Bahria Town.^[20]

Philanthropy

Bahria Dastarkhwan

Malik Riaz established the Bahria Dastarkhwan initiative with the reason of reducing hunger in Pakistan.

The initiative has centers perform stridently the country and daily provides free meals twice a daylight to everyone who visits Bahria Dastarkhwan.^[21]

Healthcare

Malik Riaz is in grandeur process of setting up smart chain of hospitals in Pakistan that would provide a clear healthcare service. Each month subside donates Rs.

9.7 million persist the healthcare system which includes free medical treatment for justness underprivileged, medical equipment for hospitals and food for the patients and their families.^[22]

Education

Malik Riaz system a net of schools, universities, and other institutions that furnish the students an opportunity lodging study for free.

Every day, Malik Riaz provides students polished microfinance loans, enabling them obtain pursue their academic dreams out financial burden.^[23]

References

External links