ISLAMABAD: The National Accountability Bureau has recovered Rs37.8 million from a real estate company, the Federal Government Employees Housing Foundation said on Friday. According to a statement, the FGEHF and Universal Enterprises had entered into an agreement in 1994 to procure 2,000 Kanals of land. Later, they revised it downwards to 1,000 Kanals. FGEHF subsequently paid the company Rs.37.8 million. However, the enterprise failed to honour the agreement and transfer requisite land to the FGEHF. Subsequently, the foundation filed a civil suit against the company. As the case proceeded in court, the price of land skyrocketed more than tripling to Rs177.43 million. The FGEHF finally took up the matter with NAB which had recovered the original sum.
Published in The Express Tribune, December 17th, 2016.
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