Malik Riaz's family regrets release of 'confidential' deal.

ISLAMABAD -- The family of real estate tycoon Malik Riaz Hussain has expressed concern and displeasure over what it called exposing a 'confidential' agreement between the UK's National Crime Agency (NCA) and the government of Pakistan regarding recovery of assets worth APS190 million (Rs50 billion) of the family in London in a money laundering case.

In an apparent response to a post-federal cabinet meeting press conference addressed by a few federal ministers, including Interior Minister Rana Sanaullah, on Tuesday, UK-based law firm Kingsley Napley LLP on Wednesday issued a statement on behalf of its clients (the Riaz family), saying details of a confidential agreement, entered between the NCA and members of Malik Riaz's family, were released in the presser.

The statement said: 'The confidential agreement, dated Nov 6, 2019, provided for two key outcomes: (i) for the NCA to withdraw unconditionally certain civil freezing orders which had been obtained by the NCA over a number of UK bank accounts following a letter from the government of Pakistan to the NCA which made reference to the acquisition in 2007 of the property by Mr Hassan Nawaz, the son of former prime minister of Pakistan Nawaz Sharif, and its subsequent sale in 2016 to Malik Riaz's son; (ii) at the sole direction of the account holders, the contents of those bank accounts to be paid against an existing civil debt owed by Malik Riaz's business, Bahria Town (Private) Limited. The confidential agreement also made provision for the sale of 1, Hyde Park Place and for the proceeds to be paid against the same civil debt.'

Law firm says clients stress agreement was civil matter, didn't represent guilt

It said the agency was 'required to procure' the Pakistan government to execute a deed of confidentiality, and the latter promised to keep both the agreement and related information confidential.

'The family considers it a matter of considerable regret...