EOBI to decide on Rs25 bn properties today

ISLAMABAD: After a gap of several months, the board of trustees (BoT) of the Employees Old-Age Benefit Institution (EOBI) will meet here today (Monday) to take a decision on whether or not to retain at least three controversial properties worth at least Rs25 billion.
The BoT is the highest decision-making mechanism in the institution that collects contribution from private entities and gives away monthly pension (Rs5,200) to retired employees and their widows.
Properties worth Rs42 billion were purchased during the stint of EOBI chairman Zafar Iqbal Gondal allegedly in total disregard to the EOBI Act: the case is with the Supreme Court. The EOBI investment rules bar the institution from having property transactions with private parties and individuals. However, properties worth billions were purchased in the past.