Islamabad - The Supreme Court directed the chairman Employees Old Age Benefit Institute to make sure his presence before the court on the next hearing otherwise action will be taken against him.

Justice Saqib Nisar expressed annoyance over the non-appearance of EOBI chairman and said if he would not appear on next hearing then action shall be taken against him.

“We have asked for his appearance on each hearing but he had not complied our order,” Justice Saqib said, while heading a three-judge bench.

The bench was hearing the multibillion corruption scam in EOBI. Former Chief Justice Iftikhar Muhammad Chaudhry had taken suo motu notice in June 2013.

The EOBI had allegedly caused a loss of Rs40 billion to the exchequer by investing huge amounts in private sector projects without approval of its Board of Trustees (BoT).

The projects included purchase of plots in DHA, purchase of a plaza in F-7 Markaz Islamabad, two 4300 cc Parado cars for the chairman, two controversial plots in Sukkur, development of cricket ground in Islamabad, purchase of plots from CDA, 40 kanal lands in Lahore, purchase of four floors of a hotel in Lahore, construction of 7 star hotel in Lahore, construction of M-9 Motorway and purchase of 20 kanal land near Karachi airport on exorbitant price.

The counsel for the Eden Garden informed they had deposited money, but still the land is in the possession of the EOBI. The EOBI lawyer said the money is with the apex court and not with the EOBI. He said the property was purchased at the exorbitant rate by the then administration.

Justice Saqib said the apex court had taken suo motu of the issue and the case is more of inquisitorial nature rather adversarial. He said inflated price was paid of the lands, adding the court would see the ground realities. He said on the direction of this court the amount for the pensioner was increased from Rs3300 to Rs5500.

The court last year had made three categories of the cases of the EOBI. He said those who wanted to take back the property by paying the actual amount would also have to pay the interest and the compensation to EOBI.

Advocate Latif Khosa said there are 14 members in the Board of EOBI and the secretary HRD ministry oversees the affairs of EOBI, adding the Board of Governors and the Board of Trustee had approved all projects.

The case was adjourned till January 21.