‘Last week, the National Crime Agency deployed account freezing orders to secure £190 million held in the UK. Malik Riaz, a property developer and one of the biggest employers in Pakistan, reportedly agreed to pay £190 million in order to conclude an investigation into the funds[1]. The agreement followed the obtaining, in August 2019, of eight account freezing orders at Westminster City Magistrates’ Court in connection with funds held in the UK totalling around £120 million (the final settlement includes a UK property valued at £50 million). The assets are to be returned to the State of Pakistan.’
Doughty Street Chambers, 10th December 2019
Source: insights.doughtystreet.co.uk
