Special Assistant to Prime Minister on Accountab-ility Shahzad Akbar Friday said that £190 million, which has been received due to a settlement reached between real estate tycoon's family and the United Kingdom's National Crime Agency (NCA), will be used by the federal government on social welfare.

Akbar said in a tweet that settlement agreement also entails selling the property - 1 Hyde Park - and transferring its proceeds to the State of Pakistan. Money has been transferred into the Supreme Court of Pakistan's National Bank of Pakistan (NBP) account. The government has made an application to the apex court for release of this money to the federal government for spending it on social welfare and for the poor.

He further said that the government has signed a confidentiality agreement to not divulge beyond this on the matter. The government has numerous ongoing similar matters with foreign governments including the UK, expecting recovering hundreds of millions dollars; therefore, the government cannot afford to violate its commitment of maintaining confidentiality.

On November 3, the UK's NCA reached a settlement of £190 million with the property tycoon, the NCA announced on Tuesday last.

According to a statement issued by the 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 said that in August 2019, eight account freezing orders were secured at the Westminster Magistrates' Court in connection with funds totaling 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 the 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 said.

Copyright Business Recorder, 2019