Naqvi says One Constitution Avenue to be converted into five-star hotel in 'coming months'
Iqbal says CDA involved in irregularities, fraud, Tarar says matter will be referred to NAB for further investigation
The federal government announced that Islamabad’s One Constitution Avenue, a skyscraper housing residential apartments, will be transformed into a five-star hotel following a joint investigation team's (JIT) findings of fraud and irregularities. The building's lease was cancelled by the Capital Development Authority (CDA) due to the project's developers defaulting on payments.
The JIT, which included the National Accountability Bureau, Federal Investigation Agency, and other agencies, presented its report to the federal cabinet, identifying the project as fraudulent and highlighting the manipulation of the bidding process. The CDA and certain individuals were found to be complicit in the fraud. As a result of the scheme, the national exchequer incurred losses, while the developers gained financially.
The government plans to launch proceedings against the individuals involved and recommended that the project be restarted and auctioned in a transparent manner. Compensation will be provided to those defrauded, with their principal investments refunded and payments adjusted against their Kibor interest. The CDA and its ordinance are to be overhauled, and an independent master plan commission formed to prevent future fraud.
Written by urgent.news from Dawn - Pakistan's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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