Supreme Court allows Bahria Town Karachi to resume work

The Supreme Court of Pakistan allowed Bahria Town Karachi to resume development work, however, the SC ordered the property tycoon to deposit Rs.5 Billion in 15 days. A three-member bench of the apex court, headed by Chief Justice Saiqb Nisar, conducted hearing of review petitions filed by Bahria Town on Wednesday. Allowing the real estate giant to resume work the court said that Bahria town will be able to collect money from the allotees, however it will have to deposit 20% of this amount with the court. The remaining 8-% of the amout will be spent on development work and the issuance of salaries. The Apex Court also demanded a monthly audit report from Mr.Malik Riaz for check and balance.

The court also barred the National Accountability Bureau (NAB) from taking action against Bahria Town until a verdict is announced on the review petitions.

Malik Riaz, the owner of Bahria Town, stated before the court that he was under oath and had not said anything to anyone.

"All builders across the country operate in the same manner and I too have worked in accordance with the law," he said, noting that no one could establish such a huge city in two and a half years. On this, Chief Justice Saqib Nisar assured Malik Riaz that justice would be done with him. He told the chief justice that the National Accountability Bureau had already cleared the Takht Pari case. He requested the court to stay the NAB proceedings until a decision by the apex court in the instant case. Mr. Riaz further told the chief justice that people contacted him at the airport yesterday telling him that their billions of rupees investment would go down the drain.

 The chief justice asked Malik Riaz to deposit Rs20 billion with the court. Malik, however, requested him to reduce the amount to Rs5 billion. The CJP then asked him to submit Rs5 billion and come up with an affidavit and suggestions on Wednesday and adjourned the hearing. Earlier, during the course of the hearing, Malik Riaz told the chief justice that he had planned projects in those areas where people were reluctant to invest owing to lack of adequate security measures. Mr. Malik Riaz said his housing projects included the world's third largest mosque as well as an old-age home, a zoo, schools, and other facilities. The chief justice told him that life in the hereafter was better and more enduring and he should pay his attention in this regard. Malik Riaz assured the chief justice that he will ensure his presence in the court whenever he was summoned.

For more information or details regarding the decision of SC stay tuned to Apex Group!