Rs460b settle­ment closes chapte­r on disput­e over 17,000 acresISLAMABAD: The Supreme Court has accepted Bahria Town’s offer to purchase the 17,000 acres of land for a total price of Rs460 billion. A three-judge bench headed by Justice Sheikh Azmat Saeed and comprising Justice Faisal Arab and Justice Muneeb Akhtar is hearing the matter regarding the implementation of the previous SC verdict on Bahria Town’s Karachi project. The court accepted the offer and directed that in return, Bahria Town will be able to lease the properties to third parties. The bench accepted his plea and directed NAB not to file the reference against Bahria Town or its past and present directors. The court also directed that Bahria Town will pay four per cent per annum markup on any amount outstanding after four years.

Source: The Express Tribune March 21, 2019 10:17 UTC