Rawalpindi: Malik Riaz suffered a huge blow when Bahria Town lost its battle at a local court against Bahria Foundation on a case that had been pending decision since 2002. The decision was given in favour of Bahria Foundation. The court had accepted a petition launched in 2002 against the right of using the name ‘Bahria’ for the project of Malik Riaz. Malik Riaz, being the richest man in Pakistan, fought for the right to retain the title. The advisor of Bahria Town, Qaiser Qadeer Qureshi stated that they will appeal at the Supreme Court against the decision.
According to the advisor, Qaiser Qadeer, the court had issued a concise statement and they were still waiting for a detailed order from the court. After reviewing this statement, Bahria Town will move forward with its appeal. He informed that the appeal can be launched at the district, session or the high court. According to the details of this case, an agreement was signed between property firm associated with Malik Riaz and Hussain Global for the establishment if Bahria Town with Bahria Foundation in 1996. This foundation was formed according to the Act of 1890 as a welfare trust in 1982. The head of the management committee of Bahria Town was the chief of naval staff with 8 other members.
According to the agreement, the head department of Pak Bahria was supposed to get 10% of the share for allowing this private scheme to use the name of Bahria. The rest was to be shared by Malik Riaz, Hussain Global and their family members. In 2000, Malik Riaz was notified for not using the name, after which he requested a period of 18 months. In 2002, Malik Riaz acquired a stay order from the court, stating that he was forced by Bahria Foundation to sign on the agreement. After this Malik Riaz went on to expand his empire in Rawalpindi, Islamabad, Lahore, and Karachi.
The advisor of Bahria Foundation has denied such allegations stating that Malik Riaz was never pressurized by Bahria Foundation and that he had willingly agreed to stop using the name.