Malik Riaz
Malik Riaz Hussain | |
|---|---|
| Born | February 8, 1954 Punjab, Pakistan |
| Occupation | Entrepreneur |
| Years active | 1980s–present |
| Known for | Founder of Bahria Town |
Malik Riaz Hussain (; born on February 8, 1954) is a prominent Pakistani entrepreneur in the real estate sector and the founder of Bahria Town.
Early life
Hailing from Punjab, Malik Riaz was born to a private contractor. After his father's business collapsed, he encountered financial difficulties which forced him to leave formal education following matriculation. He initially worked as a clerk for the Military Engineering Service and subsequently transitioned into military contracting. In 1995, he launched Hussain Global and entered into a development agreement with the Pakistan Navy’s charitable trust to create a gated community. When this partnership concluded in 2000, Riaz proceeded to establish Bahria Town with authorization from the Supreme Court.
Business
Beginning his career as a clerk at the Military Engineering Service in Rawalpindi, Riaz advanced to become a contractor during the 1980s. His firm, Hussain Global, collaborated with the Navy’s Bahria Foundation in 1995 to develop secure residential communities. Following the termination of this contract, the Navy issued legal warnings to prevent Riaz from using names such as Bahria; however, in 2001, the Supreme Court ruled in his favor.
He expanded his business under the Bahria Town Group banner, which is renowned for its extensive gated community projects throughout Pakistan. Riaz is noted for adopting progressive corporate policies, including significant employment of women in middle and senior management positions, demonstrating a meritocratic rather than traditionally conservative approach.
Controversies
In 2012, Malik Riaz Hussain testified against Arsalan Iftikhar Chaudhry, son of former Chief Justice Iftikhar Muhammad Chaudhry, accusing him of demanding money and gifts through blackmail. Following these allegations, Arsalan stepped down as Vice Chairman of the Balochistan Board of Investment.
As Chairman of Bahria Town Pvt. Ltd., Malik Riaz has faced accusations regarding payments intended to sway decisions. The National Accountability Bureau (NAB) has been investigating claims that land acquisition for Bahria Town involved illegal means, with suggestions that Hussain’s close connections to Pakistan’s military facilitated his business growth. Reports have indicated possible financial links between him and influential army officers, bureaucrats, and legal professionals.
In October 2019, Riaz was implicated in a wrongful death lawsuit connected to the 2018 Schoharie limousine accident in New York. Plaintiffs alleged that he financially supported enterprises tied to the limousine operator involved in the crash.
UK court settlement
Following investigations by Pakistani authorities, Malik Riaz Hussain became subject to scrutiny by the UK's National Crime Agency (NCA). In December 2018, £20 million was frozen under the Proceeds of Crime Act 2002. By August 2019, UK courts issued nine orders permitting authorities to retain £140 million in assets and cash. In December 2019, Riaz reached a civil agreement with the NCA, relinquishing £140 million in cash along with a Grade II listed property valued at £50 million. The NCA clarified that this settlement “does not constitute an admission of guilt.” Control over these £190 million worth of assets is set to be transferred back to Pakistani officials, who intend to liquidate the properties and recover funds in cash.
The recovered monies have been deposited into an account established by Pakistan’s Supreme Court aimed at enforcing a 460 billion rupee fine imposed on Bahria Town, thereby assisting in fulfilling that financial penalty.
Personal life
Malik Riaz is married to Beena Riaz, and together they have one son along with four daughters. This marriage is his second, following the death of his first wife during his early years. Their son, Ahmed Ali Riaz, born in 1978, currently holds the position of CEO at Bahria Town.
Bahria Dastarkhwan
To address hunger issues across Pakistan, Malik Riaz launched the Bahria Dastarkhwan project. This initiative runs multiple centers nationwide that offer complimentary meals twice daily to anyone who visits.
Healthcare
Riaz is in the process of creating a network of hospitals dedicated to providing free medical care. Each month, he contributes around Rs. 9.7 million to facilitate free treatment for disadvantaged individuals, supply essential medical equipment, and provide nourishment for patients and their accompanying family members.
Education
He has established a system of schools and universities delivering education without charge. Moreover, Malik Riaz supports students annually by funding microfinance loans designed to enable access to higher education without financial burdens.