Malik Riaz

Malik Riaz
Malik Riaz in 2016
Born Malik Riaz Hussain
(1954-02-08) February 8, 1954
Sialkot, West Punjab, Dominion of Pakistan
Residence Karachi, Pakistan
Citizenship Pakistan
Occupation real estate developer
[Bahria Town](dha valley)
Spouse(s) Beena Riaz
Children Ahmed Ali Riaz Malik

Malik Riaz Hussain (Urdu, Punjabi: ملک ریاض حسین‬; born February 8, 1954) is a Pakistani business magnate, investor and billionaire. He is the founder and chairman of Bahria Town, the largest privately held real estate development company in Asia.[1][2] Riaz is currently the 7th richest person in Pakistan, with an estimated wealth of over 3000 billion Rupees . He is one of Pakistan's most prominent philanthropists.[3][4]

Born in Sialkot into a wealthy family which went bankrupt during his adolescence. Riaz started his career as a clerk with a construction company in Rawalpindi. In the 1980s Riaz moved to become a contractor, and in 1995 Riaz's construction company Hussain Global, signed an agreement with Pakistan Navy's charitable trust known as Bahria Foundation to develop a gated community for Pakistan Navy. [5] The Navy's Bahria Foundation served a legal notice to Riaz to stop using the word "Bahria" for his company's construction projects, but Riaz went on to develop Bahria Town Rawalpindi.[6][7]

He expanded his real-estate company and developed gated communities in Karachi, Lahore and Islamabad during the 2000s, developing a combined area of 45,000 square acres.[8] As of 2016, Bahria has 60,000 employees, making it one of the largest private sector employers in Pakistan.[9] Riaz is a controversial figure and has been subject of several corruption investigations.[10][11][12] Bahria Town Karachi is the biggest private project of Asia, which is also owned by Malik Riaz.

Early life

Malik Riaz was born to a contractor who suffered heavy losses in business forcing Riaz to drop out of high school after completing his matriculation. He went on to work as a clerk with the Military Engineering Service and often working part-time as a painter. He later moved to become a low-key contractor in the military.[13] According to Dr. Ayesha Siddiqa, Riaz learnt to "work the system". According to Siddiqa, Riaz used his contacts to secure a contract with the Pakistan Navy in the mid-1990s to develop two housing schemes in the outskirts of Rawalpindi. In 2000, the Pakistan Navy transferred its entire shareholding to Hussain and later fought a legal battle with Riaz over contract infringement in which the Supreme Court ruled in Hussain’s favor.[14][15]

Business

Malik Riaz has ambitiously expanded his business empire under the brand name of Bahria Town Group but a Supreme Court ordered trial has concluded that Riaz cannot use the word Bahria for its gated communities [16]. Riaz is considered as a liberal in his business practises, according to Dr. Ayesha Siddiqa "to think that he is defined by religiosity and traditionalism, however, would be a mistake. His employees' profiles show that he hires a lot of women, especially at the middle and senior management levels, because he finds them "hard-working, efficient and diligent".[17]

Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree and Karachi.[18] Bahria Town Karachi is the biggest private project of Asia, which is also owned by Malik Riaz.

His assets are valued at well over 800 million USD by finding the difference of "purchase of land" and "sale of land", it doesn't include the sale of file which is required to register the specific property. Many critics claim that he worth more than a billion dollar by selling the piece of paper (file) alone.

Controversies

Malik Riaz Hussain was approached by an intermediary of Arsalan Iftikhar Chaudhry, son of Chief Justice Iftikhar Muhammad Chaudhry, that he had inside information and a case and it can be resolved in his favour. Malik Riaz Hussain in an official deposition produced itemised list of how he bankrolled a playboy lifestyle for the son of the country's top judge. Arsalan Iftikhar Chaudhry had allegedly promised to influence his father's rulings.[19]

Malik Riaz Hussain, the Chairman of Bahria Town Pvt. Ltd., has been at the center of some controversies and allegations. The allegations are mostly that he pays to get things done his way. An excerpt from pakistanherald.com states that "National Accountability Bureau (NAB) is currently looking into another application filed by a former military officer Lt-Col (retd) Tariq Kamal, which states that the land on which Bahria town is constructed, and is further expanding, was not acquired through legal means. It is alleged that Hussain has strong ties with Pakistan’s military which assisted him in building a huge empire. Some claims go as far as saying that a handful of the important serving army officers, bureaucrats and lawyers are practically on Hussian’s payroll."[20]

In April 2016, his son Ahmed Ali Riaz was named in the Panama Papers.[21]

References

  1. ↑ Bahria Town Karachi: Projects received overwhelming response. tribune.com.pk. October 5, 2013
  2. ↑ Housing projects: Real estate sector sees potential recovery. tribune.com.pk. November 1, 2013
  3. ↑ "A true rags to riches story". Retrieved 2017-01-12.
  4. ↑ Mansoor, Babur. "Malik Riaz Hussain Gets Humanitarian Award - Bahria Town - Your Lifestyle Destination". bahriatown.com. Retrieved 2017-01-12.
  5. ↑ https://www.dawn.com/news/1427813/property-tycoon-loses-plea-for-using-bahria-town-as-brand-name
  6. ↑ "12th Richest person of Pakistan". Pakistan Today. June 13, 2012. Retrieved June 14, 2012.
  7. ↑ "Malik Riaz: Robbing Hood? | Newsline". Newsline. Retrieved 2017-01-12.
  8. ↑ "Profile: Malik Riaz Hussain". DAWN.COM. 2012-06-10. Retrieved 2017-01-12.
  9. ↑ "Malik Riaz on bribes, blackmail and launching media empire". DAWN.COM. 2016-03-29. Retrieved 2017-01-12.
  10. ↑ "Face-off: Malik Riaz exposes gang of extortionists - The Express Tribune". The Express Tribune. 2015-07-23. Retrieved 2017-01-12.
  11. ↑ Malik Riaz offers to reconstruct homes destroyed in earthquake. geo.tv
  12. ↑ Javeria Nasir (March 12, 2013) Malik Riaz inks $20bn deal with US business tycoon. aaj.tv
  13. ↑ Dawn.com (2012-06-10). "Profile: Malik Riaz Hussain". Retrieved 2016-08-06.
  14. ↑ "Pakistan beyond liberal and conservative: Ayesha Siddiqa | Alice News". alice.ces.uc.pt. Retrieved 2016-08-06.
  15. ↑ "A true rags to riches story". Retrieved 2016-08-06.
  16. ↑ https://www.dawn.com/news/1427813/property-tycoon-loses-plea-for-using-bahria-town-as-brand-name
  17. ↑ "Pakistan beyond liberal and conservative: Ayesha Siddiqa | Alice News". alice.ces.uc.pt. Retrieved 2016-08-06.
  18. ↑ administrator (2012-06-09). "Malik Riaz". Trending Topics in Pakistan. Retrieved 2016-08-06.
  19. ↑ Pakistani chief justice's son accused of taking gifts to influence father. theguardian.com. June 12, 2012
  20. ↑ http://www.pakistanherald.com/profile/malik-riaz-hussain-1339
  21. ↑ Zain, Ali (4 April 2016). "Exposed By Panama Papers: List of Pakistani politicians, businessmen and judges who own offshore companies". Daily Pakistan. Retrieved 12 April 2016.
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