Table of Contents
The National Accountability Bureau (NAB) on Thursday took a major step in its recovery process related to the high-profile 2019 plea bargain deal involving real estate tycoon Malik Riaz’s family, by auctioning off six prime commercial properties owned by Bahria Town.
The public auction was held at NAB’s Rawalpindi office and its additional premises located in Sector G-6/1, Islamabad, drawing the attention of major investors and real estate firms from across the capital region.
Auction Linked to Islamabad High Court-Sanctioned Plea Deal
The auction is a direct continuation of NAB’s efforts to implement the terms of the court-approved settlement from 2019, under which Malik Riaz’s family entered into a plea bargain to hand over assets and funds in exchange for legal closure.
The Islamabad High Court (IHC) had validated the plea bargain, directing NAB to ensure full compliance and initiate recovery through sale of attached assets if required.
Thursday’s auction marked a significant phase in that recovery process.
Rubaish Marquee Sold for Rs. 508 Million
Among the six listed properties, Rubaish Marquee, located in the capital, attracted the highest confirmed bid. It was successfully auctioned for Rs. 508 million, exceeding its reserved price by Rs. 20 million, according to NAB officials.
This venue, known for hosting large-scale weddings and corporate events, had been one of the most sought-after listings in the auction, drawing multiple bidders.
A NAB spokesperson said the marquee’s auction was conducted in full transparency and finalized on-site with all legal protocols observed.
Corporate Office Bids Cross Rs. 1.75 Billion
Two commercial properties in Rawalpindi, known as Corporate Office-I and Corporate Office-II, also received significant interest from bidders.
- Corporate Office-I received conditional offers totaling Rs. 876 million.
- Corporate Office-II attracted offers worth Rs. 881.5 million.
However, NAB clarified that both of these high-value bids are awaiting final approval from the Competent Authority within the Bureau. The approval process is expected to include valuation reviews, background checks on bidders, and confirmation of payment capacity.
Islamabad Bans Sale and Use of Plastic Horns Ahead of Festive Season
Three Properties Remain Unsold, Re-Auction Likely
Despite the high turnout and competitive bidding on some properties, three of the six properties failed to attract qualifying bids and thus remained unsold.
NAB officials stated that these properties did not meet the minimum reserve criteria or failed to generate interest due to their current legal or structural status. A re-auction is expected to be announced soon, with a revised marketing plan to encourage participation.
The agency has emphasized its commitment to ensuring maximum recovery and has hinted at possible valuation revisions or package deals in the next auction round.
Auction Marks Major Milestone in Asset Recovery
This latest auction is being seen as a major milestone in NAB’s long-standing efforts to recover billions in misappropriated funds linked to the Bahria Town housing scandal and associated land deals.
Malik Riaz and his real estate empire have long been under scrutiny for alleged illegal land acquisitions, corruption, and political connections. The 2019 plea bargain—among the largest in Pakistan’s history—was viewed as a compromise to recover national assets without prolonged litigation.
To date, NAB claims to have recovered several billion rupees through asset seizures, bank account freezes, and auctions, although critics argue that the full value of the corruption claims has not yet been recovered.
Public and Political Reactions
The auction has drawn mixed responses from the public and political circles. Supporters of NAB hailed the move as a positive step towards accountability and transparency in high-level financial crimes.
However, some critics argue that plea bargains allow the wealthy to escape punishment by simply returning a portion of their ill-gotten wealth. “This process needs to be reviewed. Recovering money is important, but justice must also be seen to be served,” said a legal expert commenting on national television.
More Recovery Efforts Expected
According to sources within NAB, more properties and assets belonging to Bahria Town and related entities are expected to be auctioned in upcoming months, as part of an expanded drive to fulfill the terms of the 2019 agreement.
The Bureau has also hinted at pursuing additional cases or financial penalties in case of non-compliance or delays in payment from Malik Riaz’s side.
