The Supreme Court of Pakistan on Thursday accepted Rs460 billion bargain offer from Bahria Town Karachi to be paid in seven years against corruption cases.
The top court also restrained the National Accountability Bureau (NAB) from filing references against Bahria Town Karachi, which had made a fresh offer of Rs450 billion to settle a case pertaining to its Malir or Karachi Super Highway project.
The Supreme Court had last week reserved its ruling on whether or not to accept the offer.
Bahria Town Karachi will be required to pay the entire amount over seven years. It will have to make a down payment of Rs25 billion by August 27 this year. From September onward, it will have to pay monthly instalments of Rs2.25 billion for the next three years.
After three years, Bahria Town Karachi will have to pay a four percent markup in case of late instalments.
A three-judge bench of the apex court had taken up implementation of its May 4, 2018 judgement in which grant of land to Malir Development Authority by the Sindh government, its exchange with the land of Bahria Town and anything done under the provisions of the Colonisation of Government Land Act 1912 by the provincial government was termed illegal.
