ISLAMABAD: In a long-awaited move, the National Accountability Bureau (NAB) on Thursday auctioned off three properties linked to controversial real estate tycoon Malik Riaz, fetching a total of Rs2.27 billion. The auction followed the Islamabad High Court’s dismissal of petitions opposing the sale of six Bahria Town properties, clearing NAB to proceed with the August 7 auction.
The auction, however, was partly shelved as the three remaining properties failed to attract qualifying bids. The sold assets included the Rubaish Marquee, which went for Rs508 million—Rs20 million above its reserve price of Rs488 million—and two corporate offices that drew conditional offers of Rs876 million and Rs881.5 million, matching their reserve prices.
According to NAB sources, the conditional bids were submitted because the prospective buyers intended to repurpose the corporate premises for other businesses. The properties left unsold—Arena Cinema (reserve price Rs1.1 billion), Bahria Town International Academy (Rs1.07 billion), and Safari Club (Rs1.2 billion), all situated in Bahria Town, Rawalpindi—will be auctioned at a later, as-yet-unannounced date.
The auction proceedings were held behind closed doors at NAB’s Rawalpindi/Islamabad regional headquarters, despite mediapersons being invited to cover the event. Journalists were seated in a separate room and only provided a brief written summary of the outcomes afterward. Dozens of private vehicles, presumably belonging to bidders, were spotted outside the premises.
NAB stated that the auction was necessitated by a default on a plea bargain amount in a reference against Zain Malik, Malik Riaz’s son-in-law and a co-owner of the Bahria Town housing schemes.
Malik Riaz, currently abroad, is reportedly evading arrest in several high-profile cases, including the £190 million Al-Qadir Trust case and the Bahria Town Karachi case. Following the IHC’s green light for the auction, Bahria Town filed an appeal with the Supreme Court in an attempt to halt the proceedings.
With millions at stake and further auctions pending, the case continues to spotlight the high-profile legal and financial troubles surrounding one of Pakistan’s most prominent property developers.
