SC accepts Bahria Town’s offer to pay Rs460 bn in 7 years

Islamabad (HRNW): The Supreme Court accepted on Thursday Bahria Town Karachi’s offer to pay Rs460 billion within a period of seven years, The apex court restrained the National Accountability Bureau (NAB) from proceeding with its reference against the real estate developer and relevant officials. The company will have to deposit the amount to the top court within seven years. Bahria Town made this offer for the land it had acquired in exchange from the Malir Development Authority on the outskirts of Karachi.

The SC on May 4, 2018 had declared the MDA’s exchange of land with Bahria Town null and void and directed NAB to probe into the transfer of the land. The court also barred the real estate firm from selling any plot or constructed apartment in the housing scheme until further orders. Earlier, on Jan 4, the SC had ordered the Federal Investigation Agency (FIA) to unfreeze the bank accounts of Bahria Town and Malir Development Authority (MDA). A SC bench headed by the then chief justice Mian Saqib Nisar heard the case in Islamabad. “When did the court order to freeze Bahria Town’s bank accounts,” the CJP questioned as he expressed resentment over FIA’s action. “The court had only ordered to monitor the real estate company’s accounts.”

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