EOBI interested in retaining three properties

ISLAMABAD: The Employees Old-Age Benefit Institution (EOBI) has shown interest in retaining three properties and has formed a three-member body to assess their value in the local market before taking a final decision.
A decision to this effect was made during the EOBI’s Board of Trustees (BoT) meeting here Monday. The three-member committee consists of Punjab labour secretary, BoT member Punjab and employers’ representative from Punjab. Though these three properties were purchased at much higher rate than their actual value but their value has increased now.
“BoT has given two days to the committee to approach local real estate operators and property dealers with regard to current market value of the properties - one in DHA in Rawalpindi and two properties in Lahore,” senior EOBI official revealed while talking to The News.
During the tenure of former EOBI chairman Zafar Iqbal Gondal, mainly 18 properties worth Rs42 billion were purchased, mostly from private parties. The EOBI Act bars buying any kind of property from private parties, as this can risk poor employees and widows’ precious funds.
In principle, EOBI has submitted in writing not to retain any of these 18 properties but the Supreme Court had offered it an option to see whether any property could be retained in view of its increased value.