NAB initiates probe into EOBI, Bahria Town deal

NAB initiates probe into EOBI, Bahria Town deal

Approval of the agreement was illegal: Col Tariq

 

Rawalpindi July 03

The National Accountability Bureau (NAB) has initiated probe into recent real estate deal between Employees Old-Age Benefits Institution (EOBI) andBahria Town.

In the mega deal worth billions, EOBI purchased 321 kanals of disputed land from Bahria Town in violation of rules and regulations.

The Defence Housing Authority Islamabad (DHAI) endorsed the deal despite having powers to turn it down on legal grounds.

Lt. Col. M Tariq Kamal (Retired) who is former Director Engineering DHA Islamabad, objected to the deal and forwarded complaints to NAB and all other concerned authorities.

In his applications, he stated that a disputed piece of land cannot be sold to another government institution which is violation of rules and regulations including DHA Ordinance.

In this connection, on Monday (July 02) Colonel (Retd) Subh Sadiq of NAB Rawalpindi summoned Col. Tariq and discussed the issue in detail. He asked Col. Tariq to provide technical details and map of the land. Later he deputed Investigation Officer Iqbal Qasmi to initiate investigations.

Col. Tariq informed the NAB officials that the land in question originally belonged to Commoners Town. The administration of Commoners Town gave that land to DHAI in 2004. DHAI illegally transferred that land to Bahria Town in 2009 and now Bahria Town has sold it to EOBI on exorbitant price.

Col. Tariq further said that under the law DHAI was part of the process and authority for approval of deal lies with them while the financial benefit of the deal went straight to the Bahria Town.

He mentioned that Bahria Town was not the legitimate owner of the land therefore it cannot sell the property. Moreover, the matter regarding illegitimate land transfer was pending in the court of law.

In fact, the DHAI gave 400 kanals of land to Bahria Town in 2009, now they have sold 321 kanals to EOBI and preparing to sell remaining 79 kanals to another government department which will be unlawful, the former DHAI official informed NAB investigators.

NAB has assured to probe the matter on merit and bring culprits to the book.

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Lt. Col. M Tariq Kamal (Retired)

Former Director Engineering DHA Islamabad, Cell: 0300-8542971. Res: 051-5152157.

Address: 10-C, Tariq Lane, Tulsa Raod, Lalazar, Rawalpindi.

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CJP asked to take note of mismanagement in EOBI

Lt. Col. M Tariq Kamal. Former Director Engineering DHA Islamabad, Cell: 0300-8542971. Res: 051-5152157. Address: 10-C, Tariq Lane, Tulsa Raod, Lalazar, Rawalpindi.

CJP asked to take note of mismanagement in EOBI

EOBI becomes partner in DHA, Bahria Town plunder: Col Tariq

Islamabad: June 01

Former Director Engineering DHA Islamabad Lt. Col. M Tariq Kamal (Retired) has asked the Chief Justice Pakistan Iftikhar Muhammad Chaudhry to take note of massive irregularities in the Employees Old-Age Benefits Institution (EOBI) before it goes bankrupt.

EOBI top officials after plundering the national wealth to the tune of billions have now joined hands with Defence Housing Authority (DHA) and Bahria Town in a bid to get billionaire overnight, he said.

Col Tariq said that he has already informed army chief, NAB, FIA, police, and all other related institutions about corrupt practices but to no avail.

Later, he said, he invoked the Islamabad High Court about the shady deal between the DHA and  Bahria Town in which the formed gifted 400 kanals of precious land to the later illegally, free of cost and without getting any assurance.

Subsequently, the IHC in February 2012 vide order number 419/2012 ordered the police to register a FIR against the accused, initiate investigations and inform court. However the police did not moved despite judicial orders.

Col Tariq said that now Malik Riaz of Bahria Town has sold 312 kanals of disputed land to EOBI for Rs 16 billion. Those who are involved in this deal include the administration of DHA, Bahria Town and Chairman EOBI Zafar Iqbal Gondal who is younger brother of Federal Minister Nazar Gondal, he said.

Surprisingly, EOBI was in so haste to buy land at double the market price that it ignored all the formalities that also included DHA Ordinance and directives of Ministry of Human Resource Development under which it is works.

He said that EOBI has made many shady deals which have put a questions mark on the survival of the institution which has remained self-sufficient and which is supposed to keep the interests of over five million retired labourers, orphans and widows.

The other issues in the EOBI such as making rash investments, purchasing disputed properties and banglows, awarding contract at higher rates, over payments, financial irregularities, hiding accounts and deals from auditors, abnormal fluctuations in profits, payments made in the names of consultancy, legal and professional fees, high repair maintenance cost, bad debt expenses, management and operating expenses etc. merit a thorough probe, he demanded.

“Only independent judiciary can probe the matter on merit and bring to book those who benefitted from the deal between DHA, EOBI and Bahria Town in which unbelievably exorbitant price was paid,” said Col Tariq.

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Pakistani student bags silver medal in international competition

 Islamabad: June 29

A Pakistani student has won silver media in an international competition about environmental issues held at State University of New York (SUNY) at Oswego.

Students from forty countries presented 657 projects in the Genius Olympiad where the Shadab Rasool Buriro from Khairpur, Sindh stood second to win silver medal.

Another Pakistani student Abdul Daim from Haripur, Khyber Pakhtoonkhwa, was awarded with honourable mention certificate.

Shadab Rasool and Abdul Diam, both students of Pak-Turk Schools presented their project, “Removal of Pollutants from Industrial Waste Water by usage of Tea Waste” in the contest.

They had discovered a unique and economical way to reduce soil contamination which is result of accumulation of man-made toxic substances that has a negative effect of plant and animal life.

Pakistan bagged silver medal in 1^st Genius Olympiad held in 2011 while so far Pakistani students have won 124 medals in the international and national competitions speak of their extraordinary talent which result in amazing accomplishments.

The students also had an opportunity to see the other projects; they participated in workshops, symposiums, cultural events, exhibitions and interacted with some of the world’s brightest young minds, said supervisor of the students Ahmet Efeturk.

Moreover, experts from Harvard, Cornell, Syracuse and SUNY delivered lectures during the mega event on how learning takes place and ways to improve skills.

Both the students will embark upon one week trip to Turkey from tomorrow (June 30) as announced earlier by the administration of the Pak-Turk International Schools and Colleges.

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Recep Lacin

Cell-0321-8040936

Ph-051-2615781-2

Fax- 051-2298672

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Doha to boost humanitarian assistance to Pakistani brethren

Minister for strengthening Pak-Qatar ties, lauds humanitarian support

Doha to boost humanitarian assistance to Pakistani brethren

Islamabad: June 26

Minister for Social Welfare and Women Development, Khyber Pakhtunkhwa, Sitara Ayaz has called for enhancing cooperation between brotherly countries of Pakistan and Qatar in various fields including economy, commerce, investment, manpower and energy.

Our relations are based on mutual trust, we are tied together in centuries-old religious and traditional linkages and the assistance provided by Doha to the flood stricken Pakistanis in 2010 is unforgettable, she said.

The Minister said this while speaking at a ceremony organised to mark two decades of humanitarian services rendered by the Qatar Charity (QC) in Pakistan.

Sitara Ayaz said that QC funding aimed at women empowerment, provision of shelter, health and hygiene, skill development, cultural support, education, enterprise development, orphan support, provision of clean drinking water and disaster response and emergency relief is regarded highly in Pakistan.

She said that Pakistani community is making valuable contributions to the economic and social development of Qatar.

Mr. Jasim Abdul Rahman Jasim, Director QC Doha, also spoke on the occasion. He said that QC was founded in 1980 that is the largest non-governmental voluntary organization in Gulf Region serving the needy and vulnerable communities in more than 25 countries.

We are working in Pakistan since two decades and now we have decided to enhance humanitarian aid as well as presence in this brotherly nation, he informed.

Ameen Abdul Rahman, Country Director QC Pakistan said that presently we are focusing in six poorest and disaster prone districts including Swat, Dir, DG Khan, Rajanpur, Leepa Valley in AJK and Tando Muhammad Khan in Sindh. Scope of assistance is being expanded to other areas, he added.

Our strategy of self-implementation through community participation has helped us to set up innovative, cultural sensitive and acceptable models of delivery of the projects and programmes among the local communities, he said.

During the last twenty three months we have ensured recovery of about one million affected people; we will continue to do everything to rebuild lives of our Pakistani brethren, said Ameen.

ENDS###

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Chinese audit documents sought by SEC - source

* Requests put auditors in middle of U.S.-China dispute

* Deloitte previously charged by SEC over documents

By Dena Aubin

NEW YORK, June 19 (Reuters) - The Chinese arms of all of the Big Four audit firms have been asked by U.S. regulators to turn over documents related to audits of China-based companies that are listed in the United States, a person familiar with the matter said on Tuesday.

The formal requests made by the U.S. Securities and Exchange Commission raise the stakes in a standoff between U.S. authorities, the companies and Chinese officials over access to the auditors' work papers.

Last year the SEC filed an enforcement action against Deloitte's Shanghai arm seeking documents, but the agency has not yet taken public enforcement action against the Chinese units of the other Big Four firms - Ernst & Young , PwC and KPMG - over Chinese audit papers.

Now that the other firms have received formal requests for documents, it could be a matter of time before they are in the same position as Deloitte, one legal expert said.

"If they don't produce the documents upon request, then it's possible that the SEC could take adverse action the way they already have done in the case of Deloitte Shanghai," said William Currier, a partner with law firm White & Case in Washington.

On May 9, the SEC charged Deloitte's Shanghai arm with violating U.S. securities laws by refusing to produce documents from an audit of an unnamed China-based company. The SEC said sanctions could include censure or revoking the firm's ability to practice before the commission.

PwC confirmed on Tuesday that it has received requests for documents. It did not say when the SEC asked for documents but said "at various times" it has received formal and informal SEC requests for audit papers from China.

"Like other firms who have received similar requests, in dealing with them we are confronted by conflicting laws between the United States and China," PwC said in a statement.

KPMG declined to comment on whether it has received requests for documents from the SEC. Ernst & Young did not immediately respond to a request for comment.

Big Four auditors have been pressing U.S. officials to reach some diplomatic solution to the dispute over work papers.

Auditors can face deregistration proceedings by the SEC if they deny a formal request for documents.

Deloitte's Shanghai arm has been the target of previous SEC action over work papers. Last September, the agency sought a court order to force the auditor to produce records from its audit of China-based Longtop Financial Technologies. Deloitte has said Chinese law prohibits it from turning over the documents.

That case is pending in a U.S. District Court. Deloitte has asked the court to quash the SEC action, saying the SEC's real dispute is with Chinese regulators and should be resolved through diplomatic negotiations.

The SEC's press for work papers is part of a wide-ranging effort by U.S. regulators to crack down on accounting problems at Chinese companies listing shares in the United States.

U.S. investors have lost billions of dollars in China-based companies after questions were raised about the companies' accounting, prompting a broad probe by the SEC.

The U.S. Public Company Accounting Oversight Board, which oversees auditors, has been pressing to gain access in China to inspect audit firms there. The PCAOB and SEC have been meeting with their counterparts in China to try to reach a deal on inspections and work papers.

"Without resolution, the only meaningful option... is for the PCAOB to deregister the (audit) firms and for the SEC to ban them from practice before the SEC," Paul Gillis, an accounting professor at Peking University, said in a recent blog post.

If that happens, U.S.-listed Chinese companies would be without auditors and face delisting from U.S. exchanges, he said.

Last month the PCAOB said it has made some progress in talks with China, reaching an agreement to observe audit inspections there. That would be a first step toward a deal allowing PCAOB inspectors in China to do joint inspections, PCAOB Chairman James Doty said.

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Expo to promote creativity among businesswomen kicks off

Expo to promote creativity among businesswomen kicks off

Exhibitions a good tool to empower women: Shadia Yousif

Islamabad: June 23

A two-day expo to promote women in the creative industry of Pakistan organised by the United Nations Industrial Development Organisation (UNIDO) kicked off at a local hotel here on Saturday.

A large number of women from across Pakistan took part in the expo while it attracted a large number of local and foreign buyers.

After the opening ceremony, Engr. Shadia Yousif Bakhait, Chief of UNIDO, Pakistan said that exhibition is a good tool to empower women entrepreneurs.

This event provides an opportunity to women entrepreneurs to display and market their products, develop skills, find new customers and improve networking, she said.

Bakhait said that UNIDO is a pioneer in introducing creative industries while our Women Entrepreneur Development Programme focus on promoting gender integration and non-traditional sub-sectors of marble mosaic, inlay and handicrafts, home textiles and gems and jewellery, she said.

She called upon women entrepreneurs to design products keeping latest local and international trends in the mind adding that serious efforts aimed at diversity can guarantee success.

UNIDO chief said that consumers are turning to the web and social networking sites because of convenience therefore business women should also utilise these toold for development.  

Shahina Waheed, National Programme Coordinator, UNIDO said that we are building capacity of women through providing training, holding expos and workshops etc. with the help of local and foreign experts.

We are focusing on product development, developing creativity for design business, gems identification, carving, faceting and jewellery making in collaboration with strategic partners, she added.

The efforts to build capacity of women, develop their linkages with national and international markets, develop partnerships with value chain operators will continue, said Shahina Waheed.

The challenging but inspirational exhibition highlighted jewellery, handicrafts, garments, paintings, weaving, beadwork, painting, baskets, embroidery and other traditional folk arts.

Serena Hotels also collaborated in the event to bring buyers and sellers at a platform while representatives of FPCCI, IWCCI and other associations were also present on the occasion.

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UNIDO Contacts

Fazian Saeed, Cell: 0332-5201365. Office: 051-8354820. F.Saeed@unido.org

Zafar 0333-5751206 z.qureshi@unido.org

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Women asked to learn art of display to ensure prosperity

UNIDO’s expo ends with pledge to empower women

Women asked to learn art of display to ensure prosperity

Islamabad: June 24

The two-day expo to promote creativity among Pakistani women entrepreneurs organised by the United Nations Industrial Development Organisation (UNIDO) ended here on Sunday with a resolve to empower women.

A large number of women from across Pakistan took part in the expo while it attracted a large number of local and foreign buyers, diplomats, CEOs of different local and multinational companies and representatives of the business community.

The event featured over 200 vendors from home decor industry, beauty, food, handicrafts, artificial jewellery, leather goods etc.

Apart from on-site selling, sampling and demonstrating hundreds of products, the businesswomen exchanged views and found new buyers as well as partners.

The fun filled extravaganza showcased large number of local and foreign makeover products including cosmetics, perfumes, skin, hair and nail care, jewellery, clothes, shoes and accessories.

Some stalls offering latest in home decoration and furniture attracted large crowds.

Speaking on the occasion, Engr. Shadia Yousif Bakhait, Chief of UNIDO, Pakistan said that she is encouraged to see the response of women entrepreneurs and guests which is a source of inspiration.

She thanked all the partners including CEO Serena hotels Aziz Boolani who cooperated in providing opportunity to women.

National Programme Coordinator of UNIDO Shahina Waheed spoke at a Learning Session during the exposition.

She said that large investments are not necessary as women can buy products from market and sell them after adding value to it.

There is a lot of difference between a shop and a stall; women need to learn engaging customers and discover art of display which is imperative to attract attention of the prospective customers, she told participants.

“If you don’t have customers than your business will eventually fail; therefore it is important to have customers and most importantly those buyers who would like to come back again,” said Shahina.

She informed in details about the importance of location of business, appearance, first impression, prices, knowledge of products, friendliness, negotiations skills, and advertising in all the right places.

Shahina said that Pakistan has one of the richest cultural heritage which calls for involvement of businesswomen in exploiting the its potential.

Fashion industry offers great opportunities as traditional businesses cannot offer dividends therefore women needs to explore their creativity, she underlined.  

Negative attitude while servicing a customer is lethal for business, she warned.

Participants also spoke about their experience during the Learning Session and gave some practical suggestions for improvement.

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UNIDO Contacts

Fazian Saeed, Cell: 0332-5201365. Office: 051-8354820. F.Saeed@unido.org

Zafar 0333-5751206 z.qureshi@unido.org

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