“With this initial amount of investment, the billionaire firm was registered in Security Exchange Commission of Pakistan (SECP) in Jan 14, 1997,” quotes a report of Daily Nai Baat.
According to official document, Malik Riaz has been serving as company head since its inception; however, number of directors reduced to three from four.
Bahria Town is the top most company registered in SECP that has attracted tons of complaints, the daily quotes sources in the commission.
“There are 62050 firms registered with SECP out of which only 604 firms hold title of ‘Listed Firms’ which have open for public for share purchase,” they added.
At the inception of the firm, the directors of Bahria Town were Malik Riaz, also head of the company, Begum Beena Riaz, Naval Commodore Muhammad Ilyas and Admiral (Retd.) Javed Iqbal.
Javed Iqbal is now a central figure of Pakistan Tehrik-i-Insaf and was at a vital seat in Pakistan Navy at that time.