Auction of Six Key Assets Scheduled for August 7
ISLAMABAD: The Islamabad High Court (IHC) on Tuesday dismissed petitions challenging the planned sale of Bahria Town properties, giving the National Accountability Bureau (NAB) the green light to proceed with the auction of five properties in Rawalpindi and one in Islamabad.
Following the court’s short order, issued by a division bench comprising Chief Justice Sardar Mohammad Sarfraz Dogar and Justice Muhammad Asif, NAB Rawalpindi announced the auction will take place on August 7 at its office in Sector G-6/1, Islamabad.
The auction follows real estate tycoon Malik Riaz being declared an absconder in the £190 million Al-Qadir Trust case. The properties to be sold include high-value assets such as corporate offices, a cinema, a school, and recreational venues.
Reacting to the development, Bahria Town Chairman Malik Riaz stated that the organization is ready to engage in arbitration and implement any resulting decisions if given the opportunity to return to “serious dialogue and a dignified solution.”
In a post on his official X (formerly Twitter) account, Riaz claimed that government institutions have subjected his company to intense pressure in recent months, including freezing bank accounts, seizing vehicles, and arresting staff—actions he said have crippled Bahria Town operations nationwide.
He warned, “We are being pushed towards a complete shutdown of Bahria Town activities across Pakistan,” adding that trillions of rupees in investments from millions of Pakistanis have been frozen.
Legal Battle
During court proceedings, Bahria Town’s counsel, senior lawyer Farooq H. Naik, argued that NAB’s auction notice was “illegal” and “issued with mala fide intent.” He maintained that Bahria Town was neither part of the plea bargain nor named in any reference tied to the £190 million corruption case, calling the move a threat to due process and investor confidence.
NAB prosecutor Rafay Maqsood countered that Malik Riaz and his son Ali Riaz had defaulted on payments after entering a settlement and that the auction was being carried out under Section 33E of the NAB Ordinance, 1999, to recover the unpaid amount.
He also noted that Bahria Town had previously approached a trial court with a similar plea, which was dismissed. NAB later requested the IHC to lift the stay on the auction initially imposed on June 12, the day the sale was first scheduled.
Auction Details
With the stay order now vacated, NAB has formally announced the public auction of six Bahria Town properties. As per the notification:
- Successful bidders must deposit 5% of the property value on the auction day,
- 10% within a month, and
- The remaining 85% within three months.
The properties up for auction include:
- Corporate offices on Plots 7-D (valued at Rs871 million) and 7-E (Rs881 million) in Bahria Town Phase-II, Rawalpindi
- Rubaish Marquee and Lawn, Islamabad (Rs488 million)
- Arena Cinema, Rawalpindi (Rs1.1 billion)
- Bahria Town International Academy, Rawalpindi (Rs1.07 billion)
- Safari Club, Rawalpindi (Rs1.2 billion)
Earlier in February, NAB also filed a reference involving Malik Riaz, various Sindh politicians, and others over land transfers linked to Bahria Town.
With court clearance secured, NAB is now set to proceed with the auction as scheduled on August 7.
For the latest news, follow us on Facebook DAILY HAYAT - Mirpur A.J.K
