LEGAL
The National Accountability Bureau (NAB) has commenced the auction of illegally seized properties linked to Bahria Town and its owner Malik Riaz in multiple cities including Rawalpindi, Islamabad, Lahore, and Dera Ghazi Khan. The auctions follow the issuance of official advertisements and the formation of committees to oversee the process.
The properties up for auction include key Bahria Town developments such as Phase II, Phase IV, and Safari Villas. Among the assets being auctioned are a cinema, wedding hall, safari park, school, and the Bahria Town head office.
The auction process is being conducted under Section 33E of the General NAB Ordinance, 1999, which empowers the bureau to recover defaulted dues through the sale of seized immovable properties.
Bahria Town had previously entered into a plea bargain agreement with NAB regarding these matters.
This auction marks a significant step by NAB in recovering funds linked to illegal acquisitions and enforcing accountability.
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