ISLAMABAD - Public Accounts Committee (PAC) yesterday revealed that EOBI had purchased plots from DHA, Eden Housing Society etc at high rates by violating rules and regulation, causing huge loss to national exchequer.

The parliamentary accountability body meeting, chaired by Syed Khursheed Shah, reviewed the performance of EOBI during the last ten years.

The committee was informed the EOBI has made financial embezzlement of Rs 22 billion by purchasing plots in different cities by violating the prescribed rules and regulations. It has purchased 889 plots in DHA, EOBI official informed. However, no development work has been made on these plots for the last ten years.

The committee chairman expressed serious concern for not sending the matter to Supreme Court of Pakistan. He also demanded details of plots in the next meeting.

The EOBI official informed that Supreme Court has taken suo moto notice for purchasing properties in 18 cities including Islamabad, Lahore, Karachi, Sukkur etc. As many as 328 plots were purchased in sector F-7, worth Rs 15.75 billion, they informed. The officials further said that expensive plots were purchased in Lahore city.

Shah also expressed serious concern over the missing of several vehicles worth Rs480 million of EOBI. He also demanded details of missing vehicles in next meeting of PAC. The committee was informed that EOBI would not be in position to pay the pension to retired officials in 2027, if current situation continues in the organisation. The EOBI official informed that it had paid Rs 22 billion pension to 0.4 million people during the period from 2005-16. It has also collected Rs 15 billion contribution from different sources, they said.

They further said EOBI has assets of Rs 300 billion. The organisation has staff of 900 people in different offices.