The Supreme Court of Pakistan has rejected yet another offer made by Bahria Town to settle the case of illegal allotments – this time of Rs. 405 billion.
The counsel of the real estate giant had made a revised multibillion-dollar offer during the hearing on Thursday – just a day after the Apex Court ordered the National Accountability Court (NAB) to file a reference against Bahria Town.
The management of Bahria Town offered to pay the said amount in several installments over 12 years.
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According to the offer, the business mogul will submit an amount of Rs. 2 billion every month for the first six years – and Rs. 1 billion per month for the rest of the period. But, the top court observed that the money offered did not suffice for the thousands of acres of land that Malik Riaz acquired illegally.
In the previous hearing on January 22, the management of the housing society had offered Rs. 358 billion to legalize its current schemes.
“In 2014, Supreme Court had directed the real estate mogul to pay Rs. 225 billion to legalize 7,000 acres of land. If one marks that up by 40 percent [to account for inflation, other factors], the number comes up to Rs 315 billion,” Justice Saeed had noted.
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He insisted that the offer of Rs. 315 billion was just for 7,068 acres of land, not for all 16,896 acres of land.
“We’re not haggling over tomatoes here,” Justice Saeed fumed.