NAB Auctions Malik Riaz Properties in Rawalpindi

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The National Accountability Bureau (NAB) Rawalpindi conducted a public auction on Thursday for six commercial properties linked to real estate businessman Malik Riaz and Bahria Town. This move is part of NAB’s ongoing efforts to recover defaulted funds through a court-approved plea bargain.

According to an official NAB statement, the auction successfully concluded the sale of Rubaish Marquee for Rs500 million. The payment process and transfer of ownership for this property are currently underway.

Two other properties, Corporate Office-I and Corporate Office-II, received conditional offers that met or exceeded their reserve prices. However, the final approval for these sales remains pending from NAB’s competent authority.

Three additional properties did not attract qualifying bids and therefore remain unsold. NAB has announced plans to conduct a re-auction for these properties shortly to continue the recovery process.

The accountability agency emphasized its commitment to the transparent recovery of public funds and strict compliance with accountability laws. The auction forms part of NAB’s broader strategy to liquidate assets connected to defaulted loans and financial irregularities, ensuring that public money is recovered efficiently.

Malik Riaz, known as one of Pakistan’s prominent real estate developers, has been under scrutiny by NAB in various investigations related to alleged financial irregularities and defaulted payments. Bahria Town, one of the country’s largest private real estate developers, is also frequently involved in such proceedings as part of the accountability framework.

NAB’s auction of these properties underscores the bureau’s continued focus on recovering public funds through lawful and transparent means. The bureau has been actively pursuing similar cases to uphold accountability and deter financial mismanagement in the country’s real estate sector.

The success of this auction is expected to bolster NAB’s efforts and send a clear message about the consequences of defaulting on financial obligations. Meanwhile, the agency’s announcement of a re-auction reflects its persistence in ensuring no asset linked to defaulted funds remains unaccounted for.