A property developer has agreed to hand over his £50m luxury apartment in the prestigious One Hyde Park in central London to the National Crime Agency following an investigation.
Pakistani national Malik Riaz Hussain’s cash and assets were subject to a UK freezing order, following accusations they were proceeds of crime.
The NCA has agreed to accept a settlement of around £190m.
Eight account freezing orders were secured in August in connection with funds totalling around £120m. An earlier freezing order, linked to the same investigation, was issued in December 2018 for £20m. The 16,000 sq ft family house overlooking Hyde Park worth £50m is included in the settlement.
All of the account freezing orders relate to money held in UK bank accounts.
The assets will be returned to the Pakistan government.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.