Several complaints have been lodged by various stakeholders, ACE officials said.
Earlier, the Lahore region deputy director had issued a notice to the PIEDMC chairman, the CEO and the company secretary.
The complainants have accused PIEDMC chairman SM Tanvir and CEO Tariq Javed of misappropriating about Rs3 billion allocated for infrastructure development at the Sundar Industrial Estate (SIE).
The complaints stated that the PIEDMC had collected around Rs4.5 billion through the sale of plots at the SIE (the price of a plot was set at Rs3.6 million per acre). They said that the development spending at the SIE so far was around Rs1.5 billion. The complainants alleged that the remaining amount was unaccounted forand implied that the PIEDMC management had embezzled the funds.
The amount, they claimed, was to be spent on the construction of a 25 megawatts power plant and about two dozen other small and medium-sized facilities. Some of the complainants alleged that the PIEDMC management had also sold the 25-acre land reserved for the construction of the power plant.
Nasir Jamil Rao, the ACE deputy director, who carried out the raid, told The Express Tribune that a technical team had been deputed to examine the site and evaluate the charges. The team, he said, would submit their report in a few days. Rao said that the allegations about cancellation of allotments of 200 plots did not count as an offence because the owners had failed to set up an industrial unit within the specified time. He said that the company cancelled the allotments for violating the terms of the contract.
Sundar Industrial Estate was initiated in 2004. About 1,650 acre land was acquired on Sundar Raiwind Road for the purpose. The acquisition cost of land was around Rs450 million.
Published in The Express Tribune, December 13th, 2010.
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