ISLAMABAD: The Public Accounts Committee (PAC) has issued an order directing the Federal Investigation Agency (FIA) and National Accountability Bureau (NAB) to reopen the case involving One Constitution Avenue/Grand Hyatt.
This decision comes after the owners of the project failed to pay more than PKR 14 billion, leading to the cancellation of the land lease.
During a PAC meeting, it was decided that the bank accounts of the defaulting company would be sealed, and the relevant authorities were instructed to block the CNICs of the defaulters and place their names on the Exit Control List (ECL).
The Capital Development Authority (CDA) has also been directed to take over the building and evict the employees of the defaulting owners.
The committee has further instructed that any illegal construction in the building be halted immediately.
The CDA had already taken control of One Constitution Avenue/Grand Hyatt and sealed the marketing offices last week. The owners of the building will be allowed to remain, but allottees who invested in the project will be refunded.
During the meeting, a CDA Member State explained that the lease was initially canceled in 2016 due to non-payment, but it was later reinstated on the orders of the Supreme Court.
However, due to continued non-payment, the lease was again canceled, and an administrator was appointed to the building.
This development is expected to have a significant impact on the ongoing investigation into the One Constitution Avenue/Grand Hyatt case, and it remains to be seen how the defaulters will respond to the PAC’s directives.
