ISLAMABAD: The Supreme Court has rejected Bahria Town’s request to immediately halt the auction of its properties. The petition was filed after the Islamabad High Court recently allowed the National Accountability Bureau (NAB) to proceed with the sale.
The court directed Bahria Town’s lawyer to submit copies of all references filed against company founder Malik Riaz. Justice Aminuddin Khan said that any decision on a stay order would not be made without hearing the other party. The hearing has been adjourned until August 13, when the court will take up the main case and all related petitions.
The auction of Bahria Town’s properties is part of NAB’s efforts to recover unpaid funds under a plea bargain connected to a £190 million settlement between Malik Riaz and the UK’s National Crime Agency. The properties in question were pledged as collateral by Malik Riaz’s son-in-law, Zain Malik, but Bahria Town argues that the company itself was not a party to the agreement.
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The case is linked to the high-profile Al-Qadir Trust case, in which Malik Riaz and Bahria Town are accused of corruption, money laundering, and financial misconduct. In recent months, Bahria Town has faced frozen bank accounts, detention of staff, and arrest warrants against Malik Riaz as authorities intensify investigations.
