Islamabad (Agencies): The Supreme Court on Wednesday directed the National Accountability Bureau (NAB) to suspend further action against Bahria Town.
A five-member bench of the apex court headed by Chief Justice of Pakistan Mian Saqib Nisar ruled after Bahria Town chairman Malik Riaz agreed to deposit Rs5 billion with the court.
Riaz, in his written reply submitted during today’s hearing, assured the top court that he would submit the Rs5bn amount required as surety by the court in 15 days and ensure that none of his or his family's properties are sold in the meanwhile.
Upon receiving the assurance, the SC ordered NAB to suspend further action against Bahria Town, Riaz and his family till a five-member bench of the apex court decides the review petition filed by the property empire.
The review petition in question was filed by Bahria Town against three cases in which the apex court had found massive irregularities in land acquisition by the developer for its housing projects in Karachi, Rawalpindi and Murree.
The Supreme Court also allowed Bahria Town to receive money from investors in its new account while the review is completed. However, the court ordered that 20 per cent of the money received would have to be deposited in a separate account opened at the apex court.
The court also ordered Riaz's wife's property to be attached as surety and barred him from selling any of his own assets.