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
PCB sets Feb. 11 as date for player auction for Pakistan Super League 11th edition
- The squad composition would be a minimum of 16 players and a maximum of 20
- The number of foreign players would be five to seven depending on the squad size
ISLAMABAD: The Pakistan Cricket Board (PCB) on Sunday announced that the player auction for the 11th edition of the Pakistan Super League (PSL) will be held on Feb. 11, setting the stage for franchises to begin assembling squads for the country’s premier Twenty20 tournament.
The development came after a workshop regarding PSL player auction at the Qaddafi Stadium, which was presided over by PCB Chairman Mohsin Naqvi and PSL CEO Salman Naseer.
The workshop was attended by PSL officials, all eight franchise representatives, members of Pakistan’s T20 World Cup squad, PCB officials and other capped players.
“The HBL PSL management shared a detailed presentation on the mechanics of the retention and the auction process and consulted with all the participants,” the PCB said.
“It was agreed that the HBL PSL player auction will take place on Wednesday, 11 February.”
The squad composition would be a minimum of 16 players and maximum of 20 players per franchise. The number of foreign players would be five to seven depending on the squad size, according to the PCB.
It would be mandatory for the franchises to play minimum of three and maximum of four foreign players in the playing XI. The teams are also required to have minimum of two uncapped Under 23 players in the squad and one in the playing XI.
Players either retained or picked in the auction will be engaged for two-year contracts with their respective franchise teams, the board said, adding that franchise teams will be able to retain a maximum of seven players for the 12th edition of the tournament.
“I’m delighted that a consultative and productive session was held between the franchises, players and management today resulting in informed and strategic decisions which will pave the way for bright future for the HBL PSL,” Naqvi said.
“The Player Auction model is a landmark step for the HBL PSL, offering players better financial opportunities through an increased salary purse and a transparent acquisition process, while making the league more competitive and attractive.”
PSL CEO Naseer said the player auction system modernizes player recruitment by promoting fairness, transparency, and market-driven value, strengthening the PSL’s appeal for both players and franchises.
“Today’s workshop saw all views being taken into consideration and this rich feedback will be reflected in our execution of a successful player auction scheduled next month,” he said.
PSL has become a key pillar of the country’s cricket economy, providing financial stability to the PCB and serving as a talent pipeline for the national team. The 11th edition of the league is set to begin from Mar. 26 while the final is expected to be played on May 3, as per the PCB’s schedule.
