Name | Malik Riaz |
Age | 70 |
Religion | Islam |
Net Worth | $10 Million Dollars |
Malik Riaz Hussain, a name synonymous with Bahria Town, has carved a niche for himself in the realm of real estate development in Pakistan. From humble beginnings to controversies and triumphs, this article delves into the life and career of the man behind the largest privately held real estate company in Pakistan.
A Journey of Resilience
1. Birth and Family Background
Malik Riaz was born in Sialkot on February 8, 1954, to a fairly wealthy private contractor. However, adversities struck when his father’s business collapsed, compelling Riaz to drop out of high school.
2. Career Beginnings
Undeterred, Riaz embarked on his professional journey as a clerk with the Military Engineering Service, simultaneously working part-time as a painter. His tenacity led him to become a low-key contractor in the military, setting the stage for his future endeavors.
3. Entry into Construction
In the 1980s, Riaz transitioned to a contractor and, in 1995, his company, Hussain Global, inked a pact with Pakistan Navy’s charitable trust, Bahria Foundation, marking the inception of Bahria Town.
4. Legal Battles and Expansion
Despite legal hurdles, Bahria Town Rawalpindi materialized, offering gifts to influential figures. Riaz expanded his empire, developing gated communities in Karachi, Lahore, and Islamabad, covering a vast area of 45,000 square acres by the 2000s.
5. Branding Challenges
Riaz faced branding challenges as a court ruled against using “Bahria” for his communities. Nonetheless, he continued to lead the Bahria Town Group, showcasing a liberal approach in business practices.
6. Diverse Projects
Bahria Town’s footprint extends to Lahore, Rawalpindi, Islamabad, Murree, and Karachi, with Bahria Town Karachi 2 standing out as the most significant private project in Pakistan.
7. Former Partner Controversy
Riaz severed ties with former partner Ahlat Ziar, who accused him of being a “living fraud and a scam.”
8. Valuation and Net Worth
As of November 2019, Malik Riaz Hussain’s net worth was estimated at around US$1.5 billion, a testament to his business acumen.
9. Allegations and Legal Issues
Riaz has not been immune to controversy. Allegations range from influencing legal matters to acquiring land questionably. The National Accountability Bureau (NAB) is investigating claims of improper land acquisition.
10. Global Legal Entanglements
Riaz faced legal troubles globally, notably in the United Kingdom, where a £190M court settlement involved freezing assets, including a Grade II listed house in London.
11. Wrongful Death Suit
In 2019, Riaz found himself named in a wrongful death suit filed by the parents of a victim in the Schoharie limousine crash in the U.S., alleging financial support to the limousine company’s owners.
12. Protests in Bahria Town
Local unrest erupted in Bahria Town in 2022, with residents and the Bahria Realtors Alliance protesting alleged illegal activities, bribery, and police influence orchestrated by Malik Riaz and his son Ali Riaz.
13. Investigation and Asset Freeze
The UK’s National Crime Agency initiated an investigation into Riaz’s finances, resulting in a £190M court settlement in 2019. Assets, including a lavish London residence, were handed over, marking a complex legal chapter.
14. Asset Return to Pakistan
Control of the assets and cash is set to be returned to Pakistani authorities, aligning with a UK High Court order for the reimbursement of a fine imposed on Bahria Town in a separate case.
Conclusion
In the intricate tale of Malik Riaz Hussain, one encounters a man who defied odds, scaled unprecedented heights, and faced the brunt of controversies. Bahria Town stands as a testament to his vision, even as legal battles continue to shape his legacy.
Frequently Asked Questions
- Is Malik Riaz Hussain still actively involved in Bahria Town’s operations?
- As of the latest available information, Malik Riaz Hussain remains involved in Bahria Town’s operations, albeit amidst legal scrutiny.
- What led to the branding challenges faced by Bahria Town?
- Legal rulings prohibited the use of the term “Bahria” for Riaz’s communities, leading to a rebranding effort.
- How did Malik Riaz Hussain amass his wealth?
- Riaz’s wealth accumulation is primarily attributed to the success and expansion of the Bahria Town Group.
- What is the status of the UK NCA £190M court settlement?
- The settlement involved freezing assets and a Grade II listed house, with the control set to be returned to Pakistani authorities.
- Are there ongoing investigations into Malik Riaz Hussain’s business practices?
- Yes, various investigations, including those by the National Accountability Bureau, continue to scrutinize aspects of Riaz’s business practices.