SC accepts Bahria Town Karachi’s offer, restrains NAB from action

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ISLAMABAD: The Supreme Court on Thursday accepted the Bahria Town Karachi’s offer and restrained the National Accountability Bureau (NAB) from filing references against it.
The Bahria Town would Rs460 billion in seven years. If the Bahria Town delays the payment, it would pay 4 per cent as interest.
Bahria Town Karachi will have to pay the entire amount over seven years. In its verdict announced today, the top court ordered Bahria Town Karachi to pay 30 per cent of the amount by August of this year. From September onward, it will have to pay monthly instalments of Rs2.25bn for the next three years.
After three years, it will pay the remaining amount along with a markup of four per cent.
The Supreme Court last week had reserved its ruling on whether or not to accept a fresh offer by the Bahria Town (Pvt) Limited to settle a case pertaining to its Malir or Karachi Super Highway project in lieu of payment of Rs450 billion.

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