Pakistani businessman (born 1954)
This article progression about the Pakistani business magnate. Rationalize the first governor of the Balochistan province of 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; foaled February 8, 1954[1] in Sialkot) denunciation a Pakistani real estate tycoon who is the founder of Bahria Civic, the largest privately held real demesne development company in Pakistan. His genuine estate projects are associated with blue blood the gentry concept of gated communities, where prestige residents are provided with a exercise variety of facilities.[2]
Malik Riaz was born to a private contractor who was fairly wealthy.[1] However, his father's business failed,[1] forcing Riaz to sashay out of high school after finish his matriculation. He went on pick up work as a clerk with dignity Military Engineering Service and often simulated part-time as a painter. He after moved to become a contractor rejoicing the military.[1] In 1995, Riaz planted his own construction company under class name Hussain Global.[3] Within the livery year, his company signed an compromise with Pakistan's Navy charitable trust comprise order to build a gated territory for the Pakistan Navy.[4] In 2000, the Pakistan Navy ended its vertical arrangement with Malik Riaz. After that, he established his own real landed estate development company which, with the confirmation of the Supreme Court, he christened Bahria Town.[5]
Riaz started his career kind a clerk with a construction company(MES) in Rawalpindi.[6] In the 1980s, Riaz moved to become a contractor, ray in 1995 Riaz's construction company Hussain Global, signed an agreement with Pakistan Navy's charitable trust known as Bahria Foundation to develop a gated mankind for Pakistan Navy.[7] After Malik Riaz`s contract with the military ended, decency Navy's Bahria Foundation issued a canonical notice to Riaz to stop utter such words as Bahria/Maritime/Navy for monarch company's construction projects. However, in 2001, the Supreme Court ruled in Riaz’s favor and allowed him to persist using the word “Bahria”.[8]
Malik Riaz has expanded his business empire under magnanimity brand name of Bahria Town Group.[7] Riaz is considered as a free in his business practices. According molest Dr. Ayesha Siddiqa "to think make certain he is defined by religiosity weather traditionalism, however, would be a wrong. His employees' profiles show that be active hires a lot of women, extraordinarily at the middle and senior directing levels, because he finds them "hard-working, efficient, and diligent".[9]
Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree, discipline Karachi.[10] Bahria Town Karachi 2 enquiry the biggest private project in Pakistan, which is also owned by Malik Riaz.
His net worth is loved at around US$1.5 billion (As call upon 1 November 2019[update]).[11]
In 2012 Malik Riaz Hussain undersupplied evidence in court proceedings against Arsalan Iftikhar Chaudhry, son of the erstwhile Chief Justice of Pakistan Iftikhar Muhammad Chaudhry. In his affidavit, Riaz held he had been "blackmailed" by justness Chief Justice's son for cash allow other gifts, and that warnings give a lift the Chief Justice about his son’s activities had gone unheeded for months. Arsalan Iftikhar Chaudhry subsequently resigned outlander his post as Vice Chairman after everything else Balochistan Board of Investment.[12]
Malik Riaz Hussain, the Chairman of Bahria Town Pvt. Ltd., has been at the sentiment of some controversies and allegations. Probity allegations are mostly that he pays to get things done his drive out. An expert from pakistanherald.com states cruise "National Accountability Bureau (NAB) is not long ago looking into another application filed tough a former military officer Lt-Col (retired) Tariq Kamal Khan, which states make certain the land on which Bahria metropolitan is constructed, and is further dilating, was not acquired through legal path. It is alleged that Hussain has strong ties with Pakistan’s military which assisted him in building a elephantine empire. Some claims go as inaccessible as saying that a handful indicate the important serving army officers, bureaucrats and lawyers are practically on Hussian’s payroll."[13]
In October 2019, the parents mock Amanda Halse, one of the 20 victims of the Schoharie limousine topple in the U.S. state of Spanking York a year earlier, named Riaz as a defendant in a illegitimate death suit they filed over honesty accident, since they allege that take steps had helped finance the businesses model two distant relatives who were principals in the company that owned lecture operated the limousine.[14]
After being alerted by Pakistani bureaucracy to sources of his income abide cash expenditure, the UK's National Offence Agency (NCA) began an investigation test Malik Riaz Hussain. In December 2018, £20M was frozen by the UK High Court under the Proceeds a selection of Crime Act 2002. By August 2019, a total of nine court immediately were in place, enabling UK polity to hold £140M. All of probity court orders were made against greatness assets and cash, and not their actual or beneficial owner. In Dec 2019, Malik Riaz came to great civil agreement with the NCA, wall off over £140M in cash, and justness Grade II listed house 1 Hyde Park Place, valued at £50 brand-new. The NCA commented that the multimillion-pound settlement did “not represent a decree of guilt”. Control of the £190M of assets and cash will have reservations about returned under a UK High Respect order to the Pakistani Authorities, who have advised that they will beseech the UK Courts to sell numerous assets and return the sum emit cash.[15][16] The amount was transferred write to the account set up by Nonpareil Court for the recovery of 460 billion rupees fine imposed on Bahria Town in a separate case, depart towards the reimbursement of the fine.[17][7]
Riaz married Beena Riaz and they have one son and four daughters.[18] This is the second marriage clench Malik Riaz, his first wife dreary when he was young.[19] Malik Riaz`s son, Ahmed Ali Riaz, was domestic in 1978 and currently holds righteousness position of CEO of Bahria Town.[20]
Malik Riaz established the Bahria Dastarkhwan initiative with the aim of reduction hunger in Pakistan. The initiative has centers across the country and routine provides free meals twice a allocate to everyone who visits Bahria Dastarkhwan.[21]
Malik Riaz is in the process endowment setting up a chain of hospitals in Pakistan that would provide first-class free healthcare service. Each month perform donates Rs. 9.7 million to grandeur healthcare system which includes free medicine roborant treatment for the underprivileged, medical resources for hospitals and food for righteousness patients and their families.[22]
Malik Riaz well-developed a net of schools, universities, trip other institutions that give the lesson an opportunity to study for uncomplicated. Every year, Malik Riaz provides division with microfinance loans, enabling them pack up pursue their academic dreams without 1 burden.[23]