LAHORE: The Lahore High Court on Monday granted post arrest bail to Zafar Iqbal Gondal, former chairman Employees Old-Age Benefits Institution (EOBI), in six different cases.
The court ordered the accused to submit two sureties of Rs 1 million in each case to avail the bail.
Justice Ali Baqar Najfi awarded the bail while accepting the post-arrest bail applications of the accused. The court had reserved the verdict on bail applications after hearing arguments of all parties.
Earlier, defence counsel Azam Nazir Tarar submitted that Federal Investigation Agency had registered six different cases alleging that the accused approved purchase of six properties in Lahore at inflated prices which caused loss to the institution.
He contended that the charges levelled against the accused were baseless and unjustified as no proof was available. He pleaded the court to grant benefit of bail to the accused.
However, a deputy attorney general and EOBI counsel opposed the request and pleaded the court to dismiss the application.
The court after hearing arguments of parties had reserved the verdict which was announced today.
In September 2014, the Federal Investigation Agency (FIA) had arrested Gondal after the Supreme Court rejected his bail plea.
Six cases have been registered against Gondal in Islamabad police stations, seven in Lahore and two in Karachi. So far, he has obtained bail from different courts.
The EOBI chairman had allegedly caused a loss of Rs 42 billion to the exchequer by investing huge amounts in private sector projects without prior approval from the board of trustees.
The projects included the purchase of plots in DHA, purchase of a plaza in Islamabad's F-7 Markaz, two 4300cc Toyota Prado SUVs for the chairman, two plots in Sukkur, development of a cricket ground in Islamabad, purchase of plots from the CDA, purchase of 40 kanals in Lahore, purchase of four floors of a hotel in Lahore, construction of a hotel in Lahore, and purchase of 20 kanals near Karachi airport at exorbitant prices.
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