PAC Directs Secretary Overseas To Seek Help Of Secretary Defense In EOBI Investment

The sub-committee of Public Accounts Committee (PAC) on Tuesday directed Secretary Ministry of overseas Pakistanis and Human Resource Development to take up the issue of Employees Old Age Benefits Institution (EOBI's) investment in DHA Islamabad with Secretary Defense

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Nov, 2019 ) :The sub-committee of Public Accounts Committee (PAC) on Tuesday directed Secretary Ministry of overseas Pakistanis and Human Resource Development to take up the issue of Employees Old Age Benefits Institution (EOBI's) investment in DHA Islamabad with Secretary Defense.

The committee headed by Member National Assembly (MNA) Sardar Ayaz Sadiq was reviewing audit report of 2011-12 highlighting imprudent investment of EOBI in DHA Islamabad.

Convener Ayaz Sadiq reprimanded Amir Hussain, Secretary Ministry of Overseas Pakistanis and Human Resource Development for failing to submit the inquiry to the committee.

Seeking two week's time, the secretary said that he recently took charge of the ministry therefore the report could not be compiled.

"Don't give us an excuse" said the convener Ayaz Sadiq adding the committee had given time of15 days for inquiry but two months had passed and not report was furnished.

Giving 7 days time to the secretary, Ayaz Sadiq directed the secretary to arrange a meeting with Secretary Defense and sort out the matter of EOBI's investment.

In Employees Old Age Benefits Institution (EOBI), a proposal was submitted in the investment committee's 97th meeting on March 5, 2005 for acquiring 300-400 residential plots in DHA Islamabad which was planning to float entitlement rights for plots in Phase-II extension.

It was submitted that the price was yet to be fixed, however DHA had offered that approximate price ranging between Rs 3500 million to Rs 3600 million for a 500 square yards residential plot.

The DHA administrator had indicated that if EOBI was interested in acquiring plots, it should indicate its requirement with in ten days.

The committee decided to acquire 400 plots of 500 square yards at an approximate rate of Rs 3500 million to Rs 3600 million.

Accordingly, the investment advisor of EOBI informed DHA on the same day about the decision of the committee.

DHA through its letter dated March 10, 2005 offered final per unit price as Rs 3600 million for 400 plots and advised that the total cost of Rs 1400 million be deposited by March 26, 2005.

EOBI deposited the amount through demand draft in addition, it also paid Rs 167.700 million on account of development charges/other fee up to December 2010.

However, the land was not developed, and the possession of the plot was not handed over to the EOBI by DHA Islamabad by end of December 2010.