The National Crime Agency (NCA) has agreed a £190m settlement, which includes a UK property, with a family that owns large property developments in Pakistan and elsewhere.
The settlement is the result of an investigation by the NCA into Malik Riaz Hussain, a Pakistani national, whose business is one of the biggest private sector employers in Pakistan.
In August eight account freezing orders were secured at Westminster Magistrates’ Court in connection with funds totalling around £120m.
These followed an earlier freezing order in December 2018 linked to the same investigation for £20m.
All of the account freezing orders relate to money held in UK bank accounts.
The NCA has accepted a settlement offer in the region of £190m which includes a UK property, 1 Hyde Park Place, London, W2 2LH, valued at approximately £50m and all of the funds in the frozen accounts.
The assets will be returned to Pakistan.