EOBI purchases DHA’s 312.3 kanals for Rs16 billion?

English: A Mosque in Defence Housing Authority...

English: A Mosque in Defence Housing Authority, Karachi (Photo credit: Wikipedia)


In perhaps the biggest ever real estate ‘deal’, the Employees Old-Age Benefits Institution (EOBI) has purchased 321.3 kanals of land from the Defence Housing Authority (DHA) at an unbelievably exorbitant price of about Rs16 billion, while outrightly denying to the Ministry of Human Resource Development (HRD), it had ever gone for such transaction.

The purchase was made ignoring the hard fact that the EOBI had already invested much more than what it could under the rules as investments in real estate must not be more than 12.5% of the institute’s total available funds.

This mega deal was made despite a strong objection from Muhammad Naseer Jamali, the Sindh Labour Secretary and member Board of Trustees (BoT), who, among other points, had noted that the EOBI had negotiated with a single party i.e. M/s Elysium and no competitive bidding was conducted; hence, the proposed investment could not be treated as transparent.

He also observed in the current situation, this investment might cause heavy financial losses to the Institute as the land is in raw shape, under-developed and might lead to allegations’ charges for the EOBI.

Jamali continued the firm was also not ready to provide vital bank guarantee of pay back of 31 percent return after one year. He noted the bank guarantee would protect the interest of the EOBI. He opposed any deal in a hurry and advised for BoT approval, the copy of the letter he had written to the Ministry of Labour and Manpower is with this scribe. Similar concerns were raised by Punjab Labour and Human Resource Secretary Abdur Rauf Khan in his letter No PSO/Secy/10/2010. However, ignoring these points, even the proposal of bank guarantee was also dropped.

Sources at the HRD revealed to The News that Minister of State PML-Q’s Shiekh Waqas Akram had repeatedly written to the EOBI about the deal after learning from certain quarters about it. The copies of letters, he wrote to the EOBI are with this correspondent. EOBI functions under HRD.

However, the institute, which deals with pensions of retired employees and widows, maintained that no purchase was made. Continue reading

Court assured All road barriers will be removed

English: Map of Islamabad with location of the...

English: Map of Islamabad with location of the zones, Rawalpindi, Rawal lake, and Simli Dam. (Photo credit: Wikipedia)

ISLAMABAD, June 18: The Capital Development Authority (CDA) on Monday assured the Islamabad High Court (IHC) that it would remove encroachments and security barriers from roads, especially outside the headquarters of Federal Investigation Agency (FIA) in Sector G-9.

When Justice Shaukat Aziz Siddiqui took up for hearing a public interest litigation seeking removal of encroachments from the commercial areas of Islamabad, Nazeer Jawwad, the legal counsel for the civic agency, while giving the assurance also said the shape of the capital city would be restored in accordance with its master plan.

Talking to Dawn, Mr Jawwad said the authority was sending notices to those public and private sector organisations that had encroached on government land or blocked roads causing problems for the residents. Continue reading

Bahria Town Golf City ‘Victims’ seek quick justice

Map showing the Union Councils, administrative...

Map showing the Union Councils, administrative subdivisions, of Murree Tehsil, Rawalpindi District, Pakistan. (Photo credit: Wikipedia)

ISLAMABAD, June 18: Some 250 families have appealed to the Chief Justice of Pakistan to ensure rapid action on the suo motu case relating to their lands “occupied” by Bahria Town in Salkhtar area in Murree tehsil for its Golf City project.

Their representatives told a press conference here on Monday that the Rawalpindi bench of the Lahore High Court (LHC) had not heard their case for almost a year, while a judicial inquiry ordered by Chief Justice Iftikhar Mohammad Chaudhry after taking suo motu notice had upheld their complaints.

Although illegal encroachments and transfers have been proved in various courts but political personalities and Punjab Government were hesitating to take action against the influential developer, they said.

“Malik Riaz occupied over 617 kanals of my land while I was away in China for liver transplant in 2005,” said Salkhtar political figure Mohammad Irfan Abbasi speaking for the “affected” people. Continue reading