Islamabad: An order is issued by the Public Accounts Committee (PAC) directing the National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) to reopen the One Constitution Avenue Case. This decision comes after the termination of the land lease because the project owners failed to pay over PKR 14 billion.
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It was decided in a Public Accounts Committee (PAC) meeting that the defaulting company would seal bank accounts. Also, place the names of the defaulters on the Exit Control List (ECL) and block their CNICs as instructed by relevant authorities.
The Capital Development Authority (CDA) has also been directed to expel the employees of the evasion owners Sand took over the building. The committee also instructed to halt any illegal construction in the building immediately.
CDA had already taken possession of One Constitution Avenue/Grand Hyatt, and the marketing offices were also sealed off last week. The building’s owners will be permitted to continue owning it, but investors in the project who received allotments will receive a refund.
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The lease was initially terminated in 2016 due to non-payment. It was later recalled on the Supreme Court’s rulings, according to a CDA Member State who spoke during the meeting. However, the lease was terminated again due to obstinate non-payment, and a building administrator was nominated.
It is unclear how the defaulters will react to the PAC’s directions. Still, this development is anticipated to substantially impact the ongoing inquiry into the One Constitution Avenue/Grand Hyatt case.
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