The United Kingdom's National Crime Agency (NCA) has reached a settlement of £190 million with property tycoon, NCA announced on Tuesday.

According to a statement issued by NCA, the settlement includes a UK property valued at approximately £50 million. The NCA has agreed to a settlement figure with a family that owns large property developments in Pakistan and elsewhere. The £190 million settlement is the result of an investigation by the NCA into real estate tycoon's businesses, who is one of the biggest private sector employers in Pakistan.

It says that in August 2019 eight account freezing orders were secured at Westminster Magistrates' Court in connection with funds totalling around £120 million. These followed an earlier freezing order in December 2018 linked to the same investigation for £20 million. All of the account freezing orders relate to the money held in UK bank accounts.

The NCA has accepted a settlement offer of £190 million which includes a UK property, one Hyde Park Place, London, W2 2LH, valued at approximately £50 million, and all of the funds in the frozen accounts. The assets will be returned to the State of Pakistan, it says.

According to a statement issued by Shehzad Akbar, Special Assistant to Prime Minister on Accountability, Assets Recovery Unit (ARU) facilitates repatriation of 190 million GBP through a settlement.

The NCA has agreed an out-of-court settlement in a pending investigation with a Pakistani family that owns large property developments in Pakistan and elsewhere. The NCA also agreed for immediate repatriation of funds to Pakistan. The settlement is a civil matter and does not represent a finding of guilt, it says.

Akbar's further said that the settlement also included UK property located at 1 Hyde Park Place in Central London which was previously owned by the son of the former prime minister Nawaz Sharif, Hassan Nawaz, and was sold to the family in March 2016. As per the agreement between the parties, further details of the settlement are confidential.

It says that repatriation of funds is a result of an out-of-court settlement in a civil matter and is a success story of close cooperation between the UK and Pakistan's multiple law enforcement agencies and efforts made since last year's justice and accountability partnership created between the two countries.

Copyright Business Recorder, 2019