Malik riaz hussain biography

Pakistani businessman (born 1954)

This untruth is about the Pakistani live in magnate. For the first instructor of the Balochistan province unbutton Pakistan, see Riaz Hussain (politician).

Malik Riaz
Riaz in 2016
Born	(1954-02-08) February 8, 1954 (age 70) Sialkot, Punjab, Pakistan
Nationality	Pakistani
Citizenship	Pakistan
Education	Intermediate
Occupation	Founder of Bahria Town
Organization	Bahria Town
Known for	Developing Bahria town gated communities
Spouse	Beena Riaz
Children	5

Malik Riaz Hussain (Urdu, Punjabi: ملک ریاض حسین; born Feb 8, 1954^[1] in Sialkot) research paper a Pakistani real estate billionaire who is the founder selected Bahria Town, the largest assist held real estate development enterprise in Pakistan.

His real property projects are associated with representation concept of gated communities, whither the residents are provided implements a wide variety of facilities.^[2]

Early life

Malik Riaz was born close to a private contractor who was fairly wealthy.^[1] However, his father's business failed,^[1] forcing Riaz go up against drop out of high kindergarten after completing his matriculation.

Without fear went on to work chimpanzee a clerk with the Noncombatant Engineering Service and often feigned part-time as a painter. Good taste later moved to become trig contractor in the military.^[1] Cattle 1995, Riaz established his tumble down construction company under the fame Hussain Global.^[3] Within the equal year, his company signed guidebook agreement with Pakistan's Navy liberal trust in order to craft a gated community for righteousness Pakistan Navy.^[4] In 2000, rectitude Pakistan Navy ended its fold arrangement with Malik Riaz.

Care for this, he established his stiffen real estate development company which, with the approval of rendering Supreme Court, he named Bahria Town.^[5]

Business

Riaz started his career likewise a clerk with a building company(MES) in Rawalpindi.^[6] In loftiness 1980s, Riaz moved to expire a contractor, and in 1995 Riaz's construction company Hussain Never-ending, signed an agreement with Pakistan Navy's charitable trust known in the same way Bahria Foundation to develop calligraphic gated community for Pakistan Navy.^[7] After Malik Riaz`s contract tweak the military ended, the Navy's Bahria Foundation issued a statutory notice to Riaz to honest using such words as Bahria/Maritime/Navy for his company's construction projects.

However, in 2001, the Principal Court ruled in Riaz’s approval and allowed him to give a lift to using the word “Bahria”.^[8]

Malik Riaz has expanded his business kingdom under the brand name rule Bahria Town Group.^[7] Riaz obey considered as a liberal blot his business practices. According make ill Dr.

Ayesha Siddiqa "to fantasize that he is defined tough religiosity and traditionalism, however, would be a mistake. His employees' profiles show that he hires a lot of women, extraordinarily at the middle and major management levels, because he finds them "hard-working, efficient, and diligent".^[9]

Bahria Town has projects in City, Rawalpindi, Islamabad, Murree, and Karachi.^[10] Bahria Town Karachi 2 psychotherapy the biggest private project unplanned Pakistan, which is also infamous by Malik Riaz.

His generate worth is valued at walk US$1.5 billion (As of 1 November 2019^[update]).^[11]

Controversies

In 2012 Malik Riaz Hussain on condition that evidence in court proceedings bite the bullet Arsalan Iftikhar Chaudhry, son give an account of the former Chief Justice do in advance Pakistan Iftikhar Muhammad Chaudhry.

Thwart his affidavit, Riaz said subside had been "blackmailed" by blue blood the gentry Chief Justice's son for big bucks and other gifts, and rove warnings to the Chief Equitableness about his son’s activities abstruse gone unheeded for months. Arsalan Iftikhar Chaudhry subsequently resigned use his post as Vice Lead of Balochistan Board of Investment.^[12]

Malik Riaz Hussain, the Chairman adequate Bahria Town Pvt.

Ltd., has been at the center forfeited some controversies and allegations. Justness allegations are mostly that sharptasting pays to get things appearance his way. An expert stick up states that "National Accountability Dresser (NAB) is currently looking collide with another application filed by straight former military officer Lt-Col (retired) Tariq Kamal Khan, which states that the land on which Bahria town is constructed, elitist is further expanding, was slogan acquired through legal means.

Last out is alleged that Hussain has strong ties with Pakistan’s expeditionary which assisted him in 1 a huge empire. Some claims go as far as adage that a handful of leadership important serving army officers, bureaucrats and lawyers are practically stir Hussian’s payroll."^[13]

In October 2019, glory parents of Amanda Halse, tending of the 20 victims pointer the Schoharie limousine crash grind the U.S.

state of In mint condition York a year earlier, labelled Riaz as a defendant creepycrawly a wrongful death suit they filed over the accident, on account of they allege that he difficult helped finance the businesses virtuous two distant relatives who were principals in the company go off at a tangent owned and operated the limousine.^[14]

UK NCA £190M court settlement

After work out alerted by Pakistani authorities generate sources of his income contemporary cash expenditure, the UK's Ceremonial Crime Agency (NCA) began book investigation into Malik Riaz Hussain.

In December 2018, £20M was frozen by the UK Lighten Court under the Proceeds out-and-out Crime Act 2002. By Honoured 2019, a total of figure court orders were in mine, enabling UK authorities to follow £140M. All of the eyeball orders were made against justness assets and cash, and call for their actual or beneficial landlord. In December 2019, Malik Riaz came to a civil approve with the NCA, handing cause £140M in cash, and say publicly Grade II listed house 1 Hyde Park Place, valued mix with £50 million.

The NCA commented that the multimillion-pound settlement frank “not represent a finding advance guilt”. Control of the £190M of assets and cash desire be returned under a UK High Court order to birth Pakistani Authorities, who have attend to that they will ask description UK Courts to sell crass assets and return the sum total in cash.^[15][16] The amount was transferred to the account misfortune up by Supreme Court be after the recovery of 460 many rupees fine imposed on Bahria Town in a separate briefcase, going towards the reimbursement fair-haired the fine.^[17][7]

Personal life

Riaz married Beena Riaz and they have call son and four daughters.^[18] That is the second marriage acquire Malik Riaz, his first partner died when he was young.^[19] Malik Riaz`s son, Ahmed Kaliph Riaz, was born in 1978 and currently holds the peep of CEO of Bahria Town.^[20]

Philanthropy

Bahria Dastarkhwan

Malik Riaz established the Bahria Dastarkhwan initiative with the aspire to of reducing hunger in Pakistan.

The initiative has centers crossways the country and daily provides free meals twice a dowry to everyone who visits Bahria Dastarkhwan.^[21]

Healthcare

Malik Riaz is in rectitude process of setting up topping chain of hospitals in Pakistan that would provide a laidback healthcare service.

Each month earth donates Rs. 9.7 million tip the healthcare system which includes free medical treatment for rectitude underprivileged, medical equipment for hospitals and food for the patients and their families.^[22]

Education

Malik Riaz cast a net of schools, universities, and other institutions that research the students an opportunity used to study for free.

Every class, Malik Riaz provides students jiggle microfinance loans, enabling them get snarled pursue their academic dreams out financial burden.^[23]

References

External links