Summary A three-judge bench of the apex court was hearing the EOBI case.
ISLAMABAD (Dunya News) - The Supreme Court on Monday began hearing the suo motu notice over reports that the Employees Old Age Benefits Institution (EOBI) had caused a loss of Rs 40 billion to the exchequer by investing huge amounts in private sector projects without approval of its board of trustees (BoT).
A three-judge bench of the apex court, headed by Chief Justice Iftikhar Muhammad Chaudhry, was hearing the case.
During the hearing, Chief Justice Iftikhar questioned Secretary EOBI Abdul Khaliq as to how much had the former EOBI chairman invested in property ventures.
The chief justice added that no one had the right to misappropriate the money that belonged to the workers, adding that the bench would scrutinise as to what law permitted these investments.
The suo motu notice was taken on June 29 on a note sent by the court registrar, based on a TV program aired on June 27, suggesting that the institution had violated article 9 (security of person) and 24 (protection of property rights) of the constitution.
The court had then issued notices to Attorney General Muneer A Malik, Director General of the Federal Investigation Agency Saud Mirza, the secretary of the ministry of human resources development, the chairman of the EOBI and its former chairman Zafar Iqbal Gondal to appear before it today.
