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SC accepts Bahria Town Karachi's Rs460bn offer, halts NAB references [Update Post #22]

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Bewal Express

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After the decision yesterday my faith in the SC has been severely shaken but this offer is shocking and encouraging. Malik Riaz is offering to pay 250bn to avoid charges. So from deal he has offered, we know that he has stolen around $20bn. This is corruption on a mind boggling scale.
So the deal should be that he gives all the details of his details of his dealings with all Politicians including the likes of AZ and he pays $15bn.
 
Damn how much money you have to make such that $2 billion looks like spare change to you :broad
 
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Bahria Town raises stakes again. Now it's 435 bn PKR offered to Supreme Court. Say they will pay the amount in nine years. <br><br>Justice Azmat Saeed asks them to once again reconsider the figure.<br><br>[In January BT offerd 250, in Feb they went 405.]</p>— Abid Hussain (@abidhussayn) <a href="https://twitter.com/abidhussayn/status/1103227077782896640?ref_src=twsrc%5Etfw">March 6, 2019</a></blockquote>
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435bn :|
 
Ive heard from someone supposedly ITK that a deal for PKR 500bn will be proposed, and agreed. Payment over 8 eyars.
 
Make him pay and use the money to build house for the poor, the Dam and infrastructure for Karachi.
 
Rumors in Karachi is a demand of US $10B from SC. Initial offer was laughed off and correctly so.
 
In case of a deal (on what ever the amount) who will be the beneficiary Sindh govt or the Fed govt?
 
The numbers seem mind blowing, cant believe he has done so much stealing and fraud.

on a separate note does anyone live in any if the bahria towns on pp? I have heard that there is no load shedding, water shortage, gas shortage. And that they have very fast internet access. Can anyone verify these things, and tell how quality if life is there.
 
Pak Warrior said:
The numbers seem mind blowing, cant believe he has done so much stealing and fraud.

on a separate note does anyone live in any if the bahria towns on pp? I have heard that there is no load shedding, water shortage, gas shortage. And that they have very fast internet access. Can anyone verify these things, and tell how quality if life is there.
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I've been to Bahria town in pindi and it is a nice place to live. Has all the amenities, no loadshedding very nice streets lighting own security. If I was moving back to pakistan I would look at Bahria town as a place to live. malik sahib has done really well but he has done it by rgeasing palms but can you really honestly blame the guy? I mean Pakistan is a corrupt society and for him to manage to do what he has done while navigating the corruption..Rauf Klasra thinks we should get him to pay the fine but then order him to help construct the social housing that PTI wants to. Not sure I agree with him but alot of people are sympathetic to Malik.
 
Junaid_ahmed said:
In case of a deal (on what ever the amount) who will be the beneficiary Sindh govt or the Fed govt?
Click to expand...

If the beneficiary is the Sindh govt, then why not just leave money with MR because as everyone knows these guys as are as crooked as they come and the money will disappear overnight.
 
Bewal Express said:
If the beneficiary is the Sindh govt, then why not just leave money with MR because as everyone knows these guys as are as crooked as they come and the money will disappear overnight.
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Bro if this is a way to take money from investors then why not penalized DHA first and ask them atleast 5000 billions. Atleast this guy is providing the services ag price.
 
Lol make him pay for the dams that we need
 
I say make him pay 500 Billion rupees in fines (use the funds for the dams)

Also, I'm sure he wouldn't mind, have him construct 8-10 world class stadiums throughout Pakistan.
 
Junaid_ahmed said:
Bro if this is a way to take money from investors then why not penalized DHA first and ask them atleast 5000 billions. Atleast this guy is providing the services ag price.
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I am not disagreeing that he has a good product but he has stolen land and he has to pay. Its not as if he is short of a billion or 2 and the guy cant take it to the grave.
 
Of course has made questionable alliances, evaded taxes and greased palms. But he has constantly delivered on his promises unlike all the other chor in Pakistan. I would say most businessmen in the developing world (and some First World like Trump) have questionable records when it comes to wealth accumulation.

He has also done other pro bono good work like the waste disposal and park maintenance in KHI, which gets little publicity. I think its this goodwill that has seen the SC treat him more leniently.
 
Bewal Express said:
I am not disagreeing that he has a good product but he has stolen land and he has to pay. Its not as if he is short of a billion or 2 and the guy cant take it to the grave.
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This is what we people are not understanding. He hasn't stole even a single penny. He purchased land from Sindh govt on cheap prices so the accountable should be Sindh govt. If there would have been a foreign investor in place of MR then he would have taken the matter to the international court & made Pakistan pay a penalty, like Rekodik people have done with GOP. But MR don't want to label himself qaum ka ghaddar.
See this in a bigger frame, country is already facing a drought of investment & those who are doing a bit the hero geeri of some judges & politics of some generals are not leaving them to do.
May be MR will agree to pay 8-9 hundred billion bcz the nature of his business is not such that he can wind-up & put the material in his bag and go somewhere else but this is not a way to treat any investor. This is some sort of badmashi where SC has put the gun on his head and asking him to pay otherwise wise they will take over his assets.
 
Junaid_ahmed said:
This is what we people are not understanding. He hasn't stole even a single penny. He purchased land from Sindh govt on cheap prices so the accountable should be Sindh govt. If there would have been a foreign investor in place of MR then he would have taken the matter to the international court & made Pakistan pay a penalty, like Rekodik people have done with GOP. But MR don't want to label himself qaum ka ghaddar.
See this in a bigger frame, country is already facing a drought of investment & those who are doing a bit the hero geeri of some judges & politics of some generals are not leaving them to do.
May be MR will agree to pay 8-9 hundred billion bcz the nature of his business is not such that he can wind-up & put the material in his bag and go somewhere else but this is not a way to treat any investor. This is some sort of badmashi where SC has put the gun on his head and asking him to pay otherwise wise they will take over his assets.
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I agree that AZ and Billo should also be in court with him. But he connived with the Corrupt family and both need to pay the price.
 
the Great Khan said:
I've been to Bahria town in pindi and it is a nice place to live. Has all the amenities, no loadshedding very nice streets lighting own security. If I was moving back to pakistan I would look at Bahria town as a place to live. malik sahib has done really well but he has done it by rgeasing palms but can you really honestly blame the guy? I mean Pakistan is a corrupt society and for him to manage to do what he has done while navigating the corruption..Rauf Klasra thinks we should get him to pay the fine but then order him to help construct the social housing that PTI wants to. Not sure I agree with him but alot of people are sympathetic to Malik.
Click to expand...

Wow that's great to hear that all those rumors are true. Inshallah one day I will be having home in bahria town.

Yes when you consider the state of us that dont live in such society that even though he has done fraud, that he has been able to provide people that can afford it with such good living conditions, it's very impressive.
 
SC accepts Bahria Town Karachi's Rs460bn offer, halts NAB references

The Supreme Court on Thursday accepted Bahria Town Karachi's Rs460 billion offer for the lands it occupies in the Malir district of Karachi and restrained the National Accountability Bureau (NAB) from filing references against it.

The Supreme Court last week had reserved its ruling on whether or not to accept a fresh offer by the Bahria Town (Pvt) Limited to settle a case pertaining to its Malir or Karachi Super Highway project in lieu of payment of Rs450 billion. Announcing its verdict today, the Supreme Court accepted the offer, which was raised to Rs460bn.

Bahria Town Karachi will have to pay the entire amount over seven years. In its ruling, the top court ordered Bahria Town Karachi to pay Rs25 billion by August this year. From September onward, it will have to pay monthly instalments of Rs2.25bn for the next three years. If the company fails to deposit two instalments, Bahria Town Karachi will be considered a defaulter.

After three years, it will have to pay a four per cent markup in case of late instalments. The company will also be required to give a 99-year lease to everyone who purchased a plot in Bahria Town Karachi housing project and will mortgage parks, cinemas and other assets owned by it.

The court further said that NAB would not file references against Bahria Town Karachi as long as the latter complies with the order.

Once the amount is paid in full, the court will pass a decision regarding the ownership of the land in accordance with the law.

The money will be deposited in the Supreme Court which will then be distributed as per the law, the order said. Bahria Town Karachi's director has also been ordered to record a statement under oath regarding the payment.

Justice Sheikh Azmat Saeed, while reserving the verdict, had observed that “the matter has run its course”.

A three-judge bench of the court had taken up the implementation of its May 4, 2018 judgement in which it was held that grant of land to Malir Development Authority (MDA) by the Sindh government, its exchange with the land of Bahria Town and anything done under the provisions of the Colonisation of Government Land Act 1912 by the provincial government was illegal and “of no legal existence”.

The land was granted for launching an incremental housing project, but instead of launching such a scheme, the MDA exchanged it with Bahria Town that launched a scheme of its own, the May 4 judgement had held.

The apex court had clarified that it would recognise only the site plan of Bahria Town, Malir, identifying 16,896 acres in the district that had been signed both by the developer and the Space and Upper Atmosphere Research Commission.

It had also told the counsel that while putting forward an offer, he should bear in mind that the court was “not sitting on a negotiating table”.

https://www.dawn.com/news/1471002
 
Who will get the money because if the Sindh govt gets it then it will be in Dubai before anyone can ask where is the money. I feel the SC has copped out and i feel that Justice Khosa hasnt shown the backbone required to get the full amount back.
 
Bewal Express said:
Who will get the money because if the Sindh govt gets it then it will be in Dubai before anyone can ask where is the money. I feel the SC has copped out and i feel that Justice Khosa hasnt shown the backbone required to get the full amount back.
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For the first time in my life I believe maybe Courts shouldn't be independent (I do realize the chaos this would cause).

That said, these judges better have a damn good legal reason to let this mafia slide.
 
I read the money will be paid to Sindh government. More flats for Zardaro and co.
 
I hope the Sindh government doesn't get this. I know because I have seen first hand what PPP have done to Sindh over the last 10 years. Heck the cumulative development budget for the last 10 years has been above Rs. 1,000 billion yet go to any place in Sindh and seems like not a ruppee has been spent. We are just 20 odd days in March and already 25 children have died IN JUST THIS MONTH in Thar. Yet people here are praising Bilawal's angraizi. There is no cure for jahalat.



Money should be put in dam fund.
 
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Syed1 said:
I hope the Sindh government doesn't get this. I know because I have seen first hand what PPP have done to Sindh over the last 10 years. Heck the cumulative development budget for the last 10 years has been above Rs. 1,000 billion yet go to any place in Sindh and seems like not a ruppee has been spent. We are just 20 odd days in March and already 25 children have died IN JUST THIS MONTH in Thar. Yet people here are praising Bilawal's angraizi. There is no cure for jahalat.



Money should be put in dam fund.
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Sindh seems like gongshow. I hope they can track the money and spend it on the people instead of sending it overseas and stashing it.
 
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Can anyone explain what this means for people who purchased property in Bahria town Karachi?

A lot of people were interested in investing in Bahria town karachi but were hesitant because of possible legal issues. Does this decision mean that the problem has been resolved or is it still not a good idea to invest there?
 
Syed1 said:
I hope the Sindh government doesn't get this. I know because I have seen first hand what PPP have done to Sindh over the last 10 years. Heck the cumulative development budget for the last 10 years has been above Rs. 1,000 billion yet go to any place in Sindh and seems like not a ruppee has been spent. We are just 20 odd days in March and already 25 children have died IN JUST THIS MONTH in Thar. Yet people here are praising Bilawal's angraizi. There is no cure for jahalat.



Money should be put in dam fund.
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Stop exaggeration. There will only be 1 example required to prove you wrong. One should be objective so people can take their opinions serious.

First of all, the decision is wrong. I don't care who gets the money but it means that clean chit has been given to Malik Riaz. Not good.
 
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natkhat-shahzada said:
Stop exaggeration. There will only be 1 example required to prove you wrong. One should be objective so people can take their opinions serious.

First of all, the decision is wrong. I don't care who gets the money but it means that clean chit has been given to Malik Riaz. Not good.
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The 'seems' bit of his comment say otherwise. If you saw the state of the people of Thar you'd know why he phrased it the way he did
 
- I hope they pegged all future payments to the exchange rate today
- how will they ensure the deal stays in place beyond this goverment
I expect that after the first payment, these guys will start dragging their feet, making excuses etc
 
natkhat-shahzada said:
Stop exaggeration. There will only be 1 example required to prove you wrong. One should be objective so people can take their opinions serious.

First of all, the decision is wrong. I don't care who gets the money but it means that clean chit has been given to Malik Riaz. Not good.
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Your lack of comprehension skills is not my problem.
 
Pete Rose said:
- I hope they pegged all future payments to the exchange rate today
- how will they ensure the deal stays in place beyond this goverment
I expect that after the first payment, these guys will start dragging their feet, making excuses etc
Click to expand...

That is why it helps to read the article:


Bahria Town Karachi will have to pay the entire amount over seven years. In its ruling, the top court ordered Bahria Town Karachi to pay Rs25 billion by August this year. From September onward, it will have to pay monthly instalments of Rs2.25bn for the next three years. If the company fails to deposit two instalments, Bahria Town Karachi will be considered a defaulter.
Click to expand...




Also the deal has nothing to do with government. It is between SC and Bahria Town. The money will be deposited with SC which will decide what to do with it.
 
Syed1 said:
That is why it helps to read the article:







Also the deal has nothing to do with government. It is between SC and Bahria Town. The money will be deposited with SC which will decide what to do with it.
Click to expand...

i read the article....and gave an opinion on what will happen.
 
So going by the posts here they are just transferring the money from one thief to another?
 
natkhat-shahzada said:
Stop exaggeration. There will only be 1 example required to prove you wrong. One should be objective so people can take their opinions serious.

First of all, the decision is wrong. I don't care who gets the money but it means that clean chit has been given to Malik Riaz. Not good.
Click to expand...

I certainly agree the decision is wrong but it isn't Malik Riaz who got off scott free, rather Zardari and his merry band of looters and thugs in Sindh government who were more culpable in this whole conspiracy to defraud and loot the people of Sindh by accepting the bribes and then selling Sindh's land for paisas on rupees. They are the real culprits and should be thrown in jail for a long time.

Rs 463 bn is a fail price to pay for undeveloped desert outside city limits.
 
Per today's exchange rates, it's US$3.2B. That needs to go straight into the dam fund. Don't let it be wasted on the Bhuttos and Zardaris.
 
Pete Rose said:
- I hope they pegged all future payments to the exchange rate today
- how will they ensure the deal stays in place beyond this goverment
I expect that after the first payment, these guys will start dragging their feet, making excuses etc
Click to expand...

After three years, it will have to pay a 4% markup in case of late instalments. If the company fails to deposit two instalments, Bahria Town Karachi will be considered a defaulter.
 
zn426 said:
Per today's exchange rates, it's US$3.2B. That needs to go straight into the dam fund. Don't let it be wasted on the Bhuttos and Zardaris.
Click to expand...

They should borrow money against this installment schedule, so that they have the money in a lump sum.
 
zn426 said:
Per today's exchange rates, it's US$3.2B. That needs to go straight into the dam fund. Don't let it be wasted on the Bhuttos and Zardaris.
Click to expand...

How rich are Bhutto/Zardari clan? Considering the Panama Papers, what could be their estimated net worth?

I am guessing a trillion $ (or maybe more)...
 
I hope that now he starts working on the Rafi Stadium for the PSL
 
This begs the question, how much will AZ and BB offer to get off on the Fake Bank Accounts, Money Laundering case
 
Savak said:
This begs the question, how much will AZ and BB offer to get off on the Fake Bank Accounts, Money Laundering case
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Don't think SC will go after their money/assets as it didn't go after Sharif's.
 
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The secret of Bahria Empire’s success. <a href="https://t.co/9TmLshvmN2">https://t.co/9TmLshvmN2</a></p>— Raza Ahmad Rumi (@Razarumi) <a href="https://twitter.com/Razarumi/status/1111299599430574080?ref_src=twsrc%5Etfw">March 28, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
Im not a fan of CJP Khosa. He has already undone much of the hard work of CJP Nisar, namely allowing Ganja out of jail.

This case is different IMO. If the SC had taken Malik Riaz on 5 years ago - at the inception of the Bahria Town Karachi (BTK) project - the SC could have shown more teeth. However, they waited until May 2018 to act, when the project was fully sold, and much of the work advanced.

If they had now punished Riaz with a heavier fine or even jail, he could have walked away leaving the project incomplete. The real losers would not have been Riaz as he's already made a ton of money from the sales, but ordinary people, including thousands of Overseas Pakistanis.

There are numerous examples of Overseas Pakistanis being cheated in property investments in PK in recent years, whether it is by the land mafia, encroachment, or failed projects. One example is Scheme 42 in Hawksbay - a fully sold project that has sat undeveloped 15 years after its launch.

The foreign investment has finally started again with BTK (precisely because of Riaz's reputation of completing quality projects), and so the SC had no choice but to accept BTK's very low offer.
 
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Jin Chacha said:
Can anyone explain what this means for people who purchased property in Bahria town Karachi?

A lot of people were interested in investing in Bahria town karachi but were hesitant because of possible legal issues. Does this decision mean that the problem has been resolved or is it still not a good idea to invest there?
Click to expand...

I was in BTK last week. Work has started again, though slowly as they have to wait for all the contractors to return. All file transfers now open again.

Prices have gone mad (upto 20% in the last week), with huge interest in the precincts where possession has been given (1,2 12), or where development is advanced (14,15,26,27). However, that is expected as prices now back to where they were in May 2018 (pre SC involvement); they are expected to rise in the run-up to Ramadhan.
 
Bahria Town case: SC orders transfer of Rs65 billion to centre, Sindh

The Supreme Court ordered on Thursday that Rs65 billion – which include amount remitted from the UK by the Bahria Town and money deposited by Bahria Town in a Supreme Court account locally — be transferred to the Central and the Sindh governments.

Around Rs35 billion would be given to the federal government and Rs30 billion to the Sindh government out of around Rs65 billion, the order said.

The Rs35 billion to go to the federal government were remitted from abroad in 2019 after a British court lifted a freezing order against a bank account held by Malik Riaz family. This remittance came to be known as ‘£190 million case’ being investigated by the National Accountability Bureau (NAB).

A three-member bench led by Chief Justice of Pakistan Qazi Faez Isa heard the case.

The order was issued after the apex court resumed on Thursday the hearing in the Bahria Town Karachi case. Its Chief Executive Officer Malik Riaz Hussain pleaded that the amounts remitted from abroad for the benefit of the Bahria Town (Pvt) Ltd (BTPL) were beyond the scope of the proceedings pending before the apex court.

In the hearing, the CEO submitted his reply and the Karachi commissioner submitted his report pertaining to the housing project. The advocate general for Sindh demanded that the amount remitted from the United Kingdom should be transferred to the province.

According to the survey report submitted by the Sindh authorities, Bahria Town has occupied more than 16,896 acres of land.

The court observed that Bahria Town had also occupied additional land and added that it could not happen without the officials concerned. The government officials misused their office, it said, adding that they had “surrendered” the interests of the province and the people.

The advocate general assured the court that action would be taken against the officers guilty of negligence.

The SC expressed hopes that all governments would take steps to protect people who are allotted plots.

While ordering the money deposited by Bahria Town to the Sindh government, the order said that the top court could not keep this money.



www.aajenglish.tv

Bahria Town case: SC orders transfer of Rs65 billion to centre, Sindh

Says apparently housing project has encroached on more land
www.aajenglish.tv
 
Cricket Warrior said:
Bahria Town case: SC orders transfer of Rs65 billion to centre, Sindh

The Supreme Court ordered on Thursday that Rs65 billion – which include amount remitted from the UK by the Bahria Town and money deposited by Bahria Town in a Supreme Court account locally — be transferred to the Central and the Sindh governments.

Around Rs35 billion would be given to the federal government and Rs30 billion to the Sindh government out of around Rs65 billion, the order said.

The Rs35 billion to go to the federal government were remitted from abroad in 2019 after a British court lifted a freezing order against a bank account held by Malik Riaz family. This remittance came to be known as ‘£190 million case’ being investigated by the National Accountability Bureau (NAB).

A three-member bench led by Chief Justice of Pakistan Qazi Faez Isa heard the case.

The order was issued after the apex court resumed on Thursday the hearing in the Bahria Town Karachi case. Its Chief Executive Officer Malik Riaz Hussain pleaded that the amounts remitted from abroad for the benefit of the Bahria Town (Pvt) Ltd (BTPL) were beyond the scope of the proceedings pending before the apex court.

In the hearing, the CEO submitted his reply and the Karachi commissioner submitted his report pertaining to the housing project. The advocate general for Sindh demanded that the amount remitted from the United Kingdom should be transferred to the province.

According to the survey report submitted by the Sindh authorities, Bahria Town has occupied more than 16,896 acres of land.

The court observed that Bahria Town had also occupied additional land and added that it could not happen without the officials concerned. The government officials misused their office, it said, adding that they had “surrendered” the interests of the province and the people.

The advocate general assured the court that action would be taken against the officers guilty of negligence.

The SC expressed hopes that all governments would take steps to protect people who are allotted plots.

While ordering the money deposited by Bahria Town to the Sindh government, the order said that the top court could not keep this money.



www.aajenglish.tv

Bahria Town case: SC orders transfer of Rs65 billion to centre, Sindh

Says apparently housing project has encroached on more land
www.aajenglish.tv
Click to expand...
Apparently the SC is giving money that all the shameless ppl claimed was stolen by IK. losers!
 
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daytrader said:
Pakistan is occupied by a gang of crooks and sadly no one can do anything about it
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But where is kharamzada and the Geo toadies, where are all Nooras and the Billo clowns. An innocent man was accused of stealing from the poor by the people who actually steal from poor and gloat that they are untouchable. Btw IK is still in prison for this, along with the even more fatuous cypher case. Look at the Establishment, guys who fooled us for 75 years pretending to be on our side and all along they were the puppet masters with cameras, blackmailing weak, corrupt politicians. Obviously, they didnt account for a genuine patriot that has exposed them and their toadies.
 
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