NAB nets Rs 500 million in first round of Bahria Town auction

RAWALPINDI: The National Accountability Bureau (NAB) Rawalpindi has started to auction off commercial properties connected to Malik Riaz and Bahria Town in an attempt to recoup unpaid debts under a court-approved plea bargain deal.

Six commercial properties were up for public auction, according to a press statement from the NAB. Among these, Rubaish Marquee sold for Rs. 500 million at auction, and the payment and transfer processes are still ongoing.

Conditional bids that reached or beyond the reserve price were made for two more properties, Corporate Office-I and Corporate Office-II. Both proposals, nevertheless, are still pending final NAB Competent Authority clearance.

A lack of qualified offers prevented the remaining three properties from going up for auction. To make the sale of these assets easier, NAB indicated that a re-auction is planned for the near future.

Following NAB’s continuous attempts to recoup public funds in well-known accountability instances, this step was taken. The auction is a component of the execution of a defaulted plea bargain settlement, which involves the liquidation of properties connected to Bahria Town and Malik Riaz.

In the process of recovering state monies, NAB reiterated its dedication to maintaining openness, adherence to the law, and public interest.

In order to implement accountability laws and collect any money that is still owing under the terms of the plea agreement, the Bureau stressed that more actions will be conducted.

Details of the next auction and further proceedings are expected to be released in the coming days.