NAB Sold Properties of Bahria Town

ISLAMABAD- On Thursday, the National Accountability Bureau sold the one already sealed property owned by the real estate tycoon, Malik Riaz. While the other two properties received conditional bids at a combined value of Rs. 2.27 billion and the rest of the three properties remain due to a lack of qualifying bids.

Long-awaited auction:

The auction ceremony was held in strict protocol. The media persons were not allowed to attend the auction. Though they were invited and gathered in a separate committee room. In a room, they were given the papers where brief details of the auction were mentioned.

The auction was secretly held behind the closed doors of NAB’s regional headquarters in Rawalpindi/ Islamabad. Outside the headquarters, there are a lot of vehicles standing, possibly of the bidders.

Update on other properties:

As per NAB’s advertisement, six properties were scheduled for auction. Among those 6 properties, three were sold. Rubaish Marquee fetched Rs 508 million, while the bureau received conditional offers of Rs 876 m and Rs 881.5 m for two of the property developer’s corporate offices.

Sources also said that bidders have also asked to change the purpose of these avenues to carry out other business activities at these avenues. The auction of the rest of three properties is pending. No date has been given yet.

Reason of auction:

NAB has auctioned these properties due to a default of a plea bargain amount in a reference filed against Malik Riaz’s son-in-law. Malik Riaz is abroad and trying to escape from the situation. The case has been filed in the IHC by the Bahria Town to stop NAB from further auction.