As Pakistan condemns Hamas leader’s assassination in Iran, thousands attend funeral prayers in absentia 

KARACHI: Pakistan’s National Accountability Bureau said on Wednesday it had kickstarted the process of seeking the extradition from the UAE of real estate tycoon Malik Riaz Hussain who is charged in a land corruption case involving former prime minister Imran Khan and his wife.

Hussain is one of Pakistan’s wealthiest and most influential businessmen and the country’s largest private employers. He is best known as the chairman of Bahria Town Limited, which claims to be Asia’s largest private real estate developer. Hussain currently lives in Dubai. 

Earlier this month, a Pakistani court sentenced ex-premier Khan to 14 years in prison and his wife, Bushra, to seven years, in a case in which they are accused of receiving land as a bribe from Hussain through the Al-Qadir charitable trust during Khan’s premiership from 2018 to 2022 in exchange for illegal favors. Khan says he and his wife were trustees and did not benefit from the land transaction. Hussain has also denied any wrongdoing related to the case.

“We have written to the Federal Investigation Agency for the extradition,” a NAB spokesman told Arab News, explaining that after getting the go-ahead from NAB, the FIA would now pursue the case internationally, including by involving Interpol. 

When asked if NAB was seeking Hussain’s extradition in the Al-Qadir case in which he is a co-accused with Khan and his wife, the spokesman replied, “Yes.”

Last week, defense minister Khawaja Asif confirmed that Pakistan would use its extradition treaty with the UAE to bring Hussain back.

Earlier this month, NAB had cautioned people against investing in Hussain’s new real estate venture to build luxury apartments in Dubai:

“If the general public at large invests in the stated project, their actions would be tantamount to money laundering, for which they may face criminal and legal proceedings.”

Responding to NAB on X, Hussain said “fake cases, blackmailing and greed of officers” had forced him to relocate from country because he was not willing to be a “political pawn.”

AL-QADIR CASE

In 2019, Britain’s National Crime Agency (NCA) said Hussain had agreed to hand over 190 million pounds held in Britain to settle a UK investigation into whether the money was from the proceeds of crime.

The NCA said it had agreed to a settlement in which Hussain would hand over a property, 1 Hyde Park Place, valued at 50 million pounds, and cash frozen in British bank accounts. 

The NCA had previously secured nine freezing orders covering 140 million pounds in the accounts on the grounds that the money may have been acquired illegally.

The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was “a civil matter, and does not represent a finding of guilt.”

The case against Hussain and ex-PM Khan now is that instead of putting the tycoon’s settlement money in Pakistan’s treasury, Khan’s government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi.

ISLAMABAD: A high-level American business delegation led by a close associate of the family of US President Donald Trump called on Pakistani Prime Minister Shehbaz Sharif on Tuesday, as Islamabad seeks to attract investments to shore up its $350 billion economy. 

The delegation, led by Texas hedge fund manager Gentry Beach, arrived for a two-day visit on Monday to explore business opportunities in Pakistan, particularly in sectors like mining and minerals, renewable energy, infrastructure development and technology.

“During the meeting, the Prime Minister reaffirmed the government’s unwavering commitment to facilitating foreign investors by ensuring a conducive business environment, streamlined processes, and robust institutional support,” Sharif’s office said in a statement.

“Highlighting Pakistan’s strategic geographical location, a skilled and youthful workforce, and a rapidly expanding consumer market, the Prime Minister underscored the country’s unique appeal as a global investment destination.”

The statement also quoted Beach as acknowledging the Pakistan government’s “pro-investment policies” and expressing confidence in the nation’s future growth trajectory.

“This high-level engagement reflects the government’s proactive efforts to attract foreign direct investment, foster sustainable economic growth, and generate employment opportunities for the people of Pakistan,” the statement concluded. 

Pakistan in 2023 nearly defaulted on the payment of foreign debts when the International Monetary Fund rescued it by agreeing to a $3 billion bailout to Pakistan. Last year, Islamabad secured a new $7 billion loan deal from the IMF. Since then, the country’s economy has started improving with weekly inflation coming down from 27 percent in 2023 to 1.8 percent earlier this month. 

Sharif has also vowed to reduce dependence on foreign loans in the coming years and seek more direct investment. 

Pakistan’s business and investment landscape poses considerable challenges. Complex and inconsistent regulations, inadequate protection of intellectual property rights, and ever-changing taxation policies are some of the many business climate challenges cited by investors. Security concerns marked by internal and regional conflicts also undermine investor confidence in protection and profitability of their investments. The Pakistani government launched the Special Investment Facilitation Council (SIFC) in June 2023 to attract foreign investment from allies and other nations. Since its creation, the SIFC’s scope has expanded into a wide range of policy areas.

Despite the challenging investment climate, the United States is one of Pakistan’s largest sources of FDI. US companies have profitable operations across a range of sectors, notably franchise operations, fast-moving consumer goods, agribusiness, and financial services. Other sectors attracting US interest include ICT, renewable energy and health care services. 

The Karachi-based American Business Council, a local affiliate of the US Chamber of Commerce, has more than 60 US member companies, most of which are Fortune 500 companies and span a wide range of sectors. The Lahore-based American Business Forum has 23 founding members and 22 associate members. The US-Pakistan Business Council, a division of the US Chamber of Commerce, also supports US-based companies that do business with Pakistan. 

In February 2023, the United States and Pakistan concluded the ninth meeting under the US–Pakistan Trade and Investment Framework and first ministerial-level meetings since 2016.