LONDON: The Pakistani real estate tycoon Malik Riaz Hussain has agreed to hand over 190 million pounds ($244 million) held in Britain to settle a British investigation into whether the money was from the proceeds of crime.
Hussain is one of Pakistan’s richest and most powerful businessmen and biggest private employers and is known for upmarket gated housing communities. He has been caught up in corruption investigations but also supports charitable causes.
Britain’s National Crime Agency (NCA) said it had agreed on a settlement in which Hussain would hand over property, 1 Hyde Park Place, valued at 50 million pounds, and cash frozen in British bank accounts.
The NCA had previously secured nine freezing orders covering 140 million pounds in the accounts on the grounds that the money may have been acquired illegally.
The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was “a civil matter, and does not represent a finding of guilt.”
Hussain quoted this line in a tweet and also tweeted the NCA statement.
“Some habituals are twisting the NCA report 180 degrees to throw mud at me,” he added.
The settlement rekindles hopes for Pakistani Prime Minister Imran Khan’s anti-corruption drive, which has so far failed to bring back the billions of dollars that his government says opposition politicians have stashed abroad.
Pakistani tycoon agrees to hand over $244 million to settle UK probe
Pakistani tycoon agrees to hand over $244 million to settle UK probe
- Malik Riaz is one of Pakistan’s richest and most powerful businessmen and biggest private employers
- The assets in settlement would be passed to the government of Pakistan
JazzCash signs deal with Binance in UAE to explore regulated crypto adoption in Pakistan
- MoU focuses on awareness and development of compliant virtual-asset solutions in Pakistan
- Pakistan introducing licensing regime for crypto firms as it formalizes digital-asset oversight
ISLAMABAD: Pakistani financial-technology platform JazzCash has signed a memorandum of understanding with global cryptocurrency exchange Binance in the United Arab Emirates to explore cooperation on virtual-asset use and education in Pakistan, the company said on Wednesday.
The agreement sets a framework for discussions on awareness campaigns and future digital-asset products that would comply with Pakistan’s emerging crypto regulations. The move signals growing engagement between global blockchain companies and Pakistani fintechs as authorities shift toward formal licensing of the sector.
Pakistan has spent the past year drafting rules to regulate the fast-expanding market for digital coins and tokens, requiring virtual-asset service providers to obtain government approval. Officials say the transition is aimed at curbing money-laundering and terror financing risks, boosting transparency and encouraging responsible innovation.
“JazzCash has always championed technologies that expand financial access while promoting secure and inclusive participation in the digital economy," JazzCash Chief Executive Officer Murtaza Ali said.
“By entering into this exploratory MoU with Binance, we are advancing our efforts to understand how global digital-asset trends can support Pakistan’s evolving regulatory landscape. We aim to engage responsibly, support regulatory progress, and advance opportunities that build trust, transparency and innovation for our customers.”
The MoU does not establish a commercial partnership, but marks one of the most high-profile engagements between Pakistan’s fintech sector and a global crypto exchange as the country moves toward regulated digital-asset adoption.
Binance welcomed the cooperation, framing it as part of Pakistan’s shift toward regulated digital-asset activity.
"With regulatory frameworks like [Pakistan Virtual Assets Regulatory Authority] PVARA paving the way, this collaboration represents a significant step toward expanding financial inclusion and empowering more people to access the benefits of blockchain technology in a secure and compliant environment," Binance Chief Marketing Officer Rachel Conlan said.
Earlier this month, Binance executives met Pakistani finance officials to discuss digital-payments reform, blockchain-skills training and the potential for Web3-linked jobs. Pakistan also set up the Pakistan Crypto Council and formed PVARA this year to license and supervise crypto-asset service providers.
