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Home / Business / Rs40b-scam: Apex court turns down EOBI report; seeks fresh report in 7-day
Rs40b-scam: Apex court turns down EOBI report; seeks fresh report in 7-day

Rs40b-scam: Apex court turns down EOBI report; seeks fresh report in 7-day

ISLAMABAD: A three-members bench of the Supreme Court whiling rejecting a report submitted by Employees Old Age Benefits Institution (EOBI) in Rs40 billion scam, gave a seven days to the institution to submit a fresh detailed report.

The bench headed by Justice Saqib Nisar resumed hearing of the review petition of the EOBI corruption case. During the course of proceedings, Hafiz S A Rehman submitted the report stating that the November 21 meeting of board of trustees had endorsed the decisions earlier taken by it in a similar meeting on April, 18. The report stated that the decision to return the property to the sellers has been reached during the EOBI board of trustees meeting that was held in Karachi on November, 21.

The report said the BoT has decided to return the property to the sellers on the same actual amount it paid while purchasing the lands as well as the mark up determined from the date of release of the payments by the EOBI to the date of receipt of the same from the sellers. The sellers also have to pay the mark-up on the payments made to them by the EOBI because they have utilised the money to their financial benefit whereas the EOBI suffered an opportunity loss.

The bench observed that only current prices of the property was reviewed in the report while the sellers of the property claimed that they had returned the original money and they did not pay interest on it. The bench also observed that the report did not show evidence of higher prices of the plots. The court did not rely on media reports that all deals were fraudulent. Justice Saqib Nisar remarked that the pension of thousands of the EOBI employees was withheld and the court would hear the case on daily basis. Later, hearing of the case was adjourned for two weeks.