Nisar directs CDA to ensure speedy settlement with buyers in Grand Hyatt scam


Staff Reporter

Interior Minister Ch Nisar Ali Khan has directed Capital Development Authority to approach the buyers so as to evolve a mechanism for speedy settlement of their investment dues in One Constitution Avenue/Grand Hyatt Tower.
While chairing a high level meeting here Friday, the Minister looked into issues relating to One Constitution Avenue after the landmark judgment of Islamabad High Court into the case.
Chairman CDA, Secretary Interior, Advocate General, senior officials of Federal Investigation Agency and Interior Ministry attended the meeting.
He also directed the Federal Investigation Agency and office of Advocate General to take up the case with Islamabad High Court for vacating the stay order with respect to FIA’s inquiry against the builder and the Capital Development Authority officials in One Constitution Avenue case.
Nisar directed the officials of the agency that FIA’s inquiry must ensure that every penny of national exchequer was recovered.
Those who have been partners in this mega corruption are brought to book.
It is worth mentioning that Federal Investigation Agency was probing into the matter of mage corruption in One Constitution Avenue.
The directions was given by the Interior Minister to investigate massive loss caused to the national excheq-
The inquiry was aimed at bringing all those Capital Development Authority officials to justice who were negligent in performance of their duties and were conniving with the building owner.
It emerged during the course of FIA’s investigations that a loss of over Rs 33 billion was caused to the national kitty in the leasing, construction and sale of apartments of One Constitution Avenue.
During the FIA’s inquiry, it was revealed that the one of the precious plots of the capital at prime location was leased for 99 years.
It was given on much cheaper rates as compared to the actual market worth at that time.
The dubious leasing process had cost billions of rupees loss to the national exchequer.
It also surfaced during the inquiry that allegedly scope of work was changed illegally with connivance of Capital Development Authority officials.
It resulted in construction of residential apartments, sold by the lesee instead of construction of serviced apartments which were to be constructed besides a Five Star Hotel.
Besides, post-bid terms and conditions were also changed as compared to pre-bid and illegal rescheduling of payments, elimination of bank guarantee and performance guarantees were revoked in a fraudulent manner.
The owner of the building was also unable to pay principal amount of Rs 3.6 billion and a markup of Rs6.7 billion.
The Interior Minister directed FIA to adopt zero tolerance approach.
The zero tolerence approach was directed against all those who willfully bypassed their official duty and become an alleged partner in this white collar cri-me.
He also directed Additional Secretary of the Interior Ministry to look into various options for alternative use of the high-rise building and put up proposals in this regard for the Prime Minister’s consideration.

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