The Islamabad High Court (IHC) on Tuesday dismissed petitions challenging the auction of six Bahria Town properties, allowing the National Accountability Bureau (NAB) to proceed with the sale on August 7. The properties include five in Rawalpindi and one in Islamabad.
A division bench comprising Chief Justice Sardar Mohammad Sarfraz Dogar and Justice Muhammad Asif issued a short order, after which NAB Rawalpindi announced the auction at its Islamabad office in Sector G-6/1. The move follows Bahria Town Chairman Malik Riaz being declared an absconder in the £190 million Al-Qadir Trust case.
Reacting on X, Malik Riaz claimed that government agencies had paralyzed Bahria Town’s operations through arrests, asset seizures, and account freezes, warning that the company might halt all activities, freezing trillions in public investments. He said the company was open to arbitration for a “dignified solution.”
NAB prosecutor Rafay Maqsood argued that Malik Riaz and his son Ali Riaz defaulted on payments under the plea bargain, triggering the auction under Section 33E of the NAB Ordinance. The six properties include corporate offices, a marquee, Arena Cinema, Bahria Town International Academy, and Safari Club, valued in billions. Successful bidders must pay 5% on auction day and the balance within three months.
