The Supreme Court on Thursday sought a comprehensive report from Employees Old-age Benefits Institution (EOBI) on real estate agents' proposals on the mechanism to return sold properties to the institution. A two-member SC bench headed by Justice Sarmad Jalal Osmany resumed the hearing of the EOBI scam. The court had issued directives earlier to the counsel for Vision Developer (Pvt) Ltd, to submit a written reply to the court in the matter.
The court was informed during the last hearing that Vision Developer (Pvt) Ltd was ready to take back the property which it sold to EOBI; however, the counsel for the Developer had expressed reservations over the mark-up rate determined by EOBI, insisting that it should not be more than 8.5 percent.
The court had observed that leniency must be shown to those who intended to settle the issue as per the constitution, adding that the court can adjust the mark-up rate and it must be within the range of 7.5 to 8.5 percent. The bench adjourned the hearing of case till June 26.