Rawalpindi court deals a blow to Bahria Town tycoon

Hussain Global, a property firm linked to Malik Riaz, had signed an agreement with the Bahria Foundation in 1996 to set up Bahria Town.

By Afzal Khan

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sun 29 Mar 2015, 10:03 PM

Last updated: Thu 25 Jun 2015, 9:16 PM

Islamabad: A lower court in Rawalpindi has accepted the petition of naval subsidiary ‘Bahria Foundation’ to restrain business tycoon Malik Riaz Hussain from using the name ‘Bahria’ for his housing society.

The court handed down a verdict in the case filed against the magnate in 2002. Riaz’s legal adviser, Qaiser Qadeer Qureshi, said that so far the court announced a short order and a detailed verdict is awaited.

“After examining that, Bahria Town will file an appeal,” he added.

Hussain Global, a property firm linked to Malik Riaz, had signed an agreement with the Bahria Foundation in 1996 to set up Bahria Town.

It has since become a household name in the country representing innovative and modern designing in real estate development.

Under the agreement Riaz signed with the foundation, the naval subsidiary was offered a 10 per cent share for the use of the name ‘Bahria’ for the private housing scheme. The remaining was to be divided between Hussain Global, Malik Riaz and his family members.

The foundation, in the year 2000, asked Riaz not to use the ‘Bahria’ name for his housing society and on February 24 of the same year, the property mogul signed an agreement with the Bahria Foundation to the same effect.

However, in 2002, Riaz obtained a stay order from a local court, alleging that Bahria Foundation forced him to sign the agreement.

Since then, the multi-million tycoon expanded his housing project manifold and, to date, has sold a massive number of housing and commercial units in Rawalpindi, Islamabad, Lahore and Karachi. Malik Riaz has also earned countrywide image of a philanthropist and a political wheeler and dealer behind the scenes.

“We will appeal this order at the next appellate forum accordingly,” Qaiser Qadeer Qureshi, Riaz’s legal adviser, said.

He said the court has as yet announced a short order. “We are awaiting a detailed verdict. After examining that, Bahria Town will file an appeal and the appellate forum could be the high court or a district and sessions court.”

news@khaleejtimes.com



More news from