ISLAMABAD: The Supreme Court on Wednesday rejected the report submitted by Employees Old Age Benefits Institution (EOBI) regarding a multi-billion- rupee scam in the Institution and also sought a fresh detailed report in seven days.
The three-member bench of the apex court 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 before the bench and stated that the November 21 meeting of board of trustees has endorsed the decisions earlier taken by it in a similar meeting on April, 18.
The report states that the decision to return the properties to the sellers has been reached during the EOBI board of trustees meeting that was held in Karachi on November, 21.
The report says the BoT has decided to return the properties 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 trustees board has also decided to request the apex court to order the federal, provincial as well as the local governments to refund the transaction cost paid by EOBI while purchasing lands.
Whatever decision is reached by the Supreme Court would be acceptable to the EOBI, the report said.
The board also deplored the mala fide intention behind these illegal transactions which were made on exorbitant rates in an unlawful manner and said the retention of these properties would defeat the cause of justice and fair play and, therefore, it was asking for the return of investments, the report said.
The bench observed that only current prices of the properties were reviewed in the report while the sellers of the properties claimed that they have returned the original money and they do 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 EOBI employees was withheld and the court would hear the case on daily basis.
Later , hearing of the case was adjourned for two weeks.
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