Malik Riaz

This article is about the Pakistani business magnate. For the first governor of the Balochistan province of Pakistan, see Riaz Hussain (politician).
Malik Riaz Hussain
Born (1954-02-08) February 8, 1954
Sialkot, Punjab, Pakistan
Residence Islamabad, ICT, Pakistan
Nationality Pakistani
Occupation Founder and Chairman of Bahria Town
Net worth US$1.1 billion (2016)[1]
Religion Islam
Spouse(s) Beena Riaz

Malik Riaz Hussain (Urdu, Punjabi: ملک ریاض حسین; born February 8, 1954) is a Pakistani real estate tycoon and philanthropist. He is currently the 6th richest person in Pakistan, with an estimated wealth of US$1.1 billion as of 2016.

He has invested in real estate and has founded, owns and manages Bahria Town Group.[2][3]

He was born into a family of modest means, and was often troubled financially. He started working as a clerk at the age of 19 and eventually launched his own business.[4]

Hussain's success has invited many speculations and controversies; these have made Hussain one of Pakistan's most public and debated figures.[5] Hussain has made significant contributions towards philanthropy, be it in constructing hospitals or houses.[6][7]

Early life

Malik Riaz was born to a contractor who suffered heavy losses in business forceing Riaz to drop out of high school after completing his matriculation. He went on to work as a clerk with the Military Engineering Service and often working part-time as a painter. He later moved to become a low-key contractor in the military.[8] According to Dr. Ayesha Siddiqa, Riaz learnt to ‘work the system’, according to Siddiqa, Riaz used his contacts to secure a contract with Pakistan Navy in mid-1990s to develop two housing schemes in outskirts of Rawalpindi. In 2000, Pakistan Navy transeffered its entire shareholding to Hussain and later fought a legal battle with Riaz over contract infringement which the Supreme Court ruled in Hussain’s favor.[9][10]

Business

Malik Riaz has ambitiously expanded his business empire under the brand name of Bahria Town Group. Riaz is considered as a liberal in his business practises, according to Dr. Ayesha Siddiqa "to think that he is defined by religiosity and traditionalism, however, would be a mistake. His employees’ profiles show that he hires a lot of women, especially at the middle and senior management levels, because he finds them “hard-working, efficient and diligent”.'[11]

Bahria Town has projects in Lahore, Rawalpindi, Islamabad, Murree and Karachi.[12]

Controversies

Malik Riaz Hussain was approached by an intermediary of Arsalan Iftikhar Chaudhry, son of Chief Justice Iftikhar Muhammad Chaudhry, that he had inside information and a case and it can be resolved in his favour. Malik Riaz Hussain in an official deposition produced itemised list of how he bankrolled a playboy lifestyle for the son of the country's top judge. Arsalan Iftikhar Chaudhry had allegedly promised to influence his father's rulings.[13]

Malik Riaz Hussain, the Chairman of Bahria Town Pvt. Ltd., has been at the center of some controversies and allegations. The allegations are mostly that he pays to get things done his way. An excerpt from pakistanherald.com states that "National Accountability Bureau (NAB) is currently looking into another application filed by a former military officer Lt-Col (retd) Tariq Kamal, which states that the land on which Bahria town is constructed, and is further expanding, was not acquired through legal means. It is alleged that Hussain has strong ties with Pakistan’s military which assisted him in building a huge empire. Some claims go as far as saying that a handful of the important serving army officers, bureaucrats and lawyers are practically on Hussian’s payroll."[14]

In April 2016, his son Ahmed Ali Riaz was named in the Panama Papers.[15]

References

External links

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