KARACHI, June 2: The Employees Old-Age Benefits Institution (EOBI) has recovered Rs82.835 million by disposing of various properties acquired through the NAB against the embezzlements made by the former head of the EOBI , official sources said on Tuesday.

Shaikh Barkatullah, the former chairman of the EOBI, has been accused of embezzling securities worth Rs1.040 billion of the institution with the connivance of some bankers, the sources said.

However, the EOBI through the efforts of National Accountability Bureau (NAB) managed to recover major portion of the embezzled amount through plea bargain. In total 12 properties against the embezzled securities of the EOBI were recovered by the accountability courts in a plea bargain or settlements.

These properties were mostly held by close relatives of the former chairman, who is still at large. In a plea bargaining these properties were surrendered, which include some cash, stock exchange membership card, PIBs shares of various companies and properties including residential houses and open plots.

After the recovery of these assets the NAB fixed a reserve or minimum price of each property. The sale proceeds collected by the EOBI through seal bids stood higher than the NAB reserved price.

Out of 12 properties, the EOBI has disposed of 11 properties at a higher bid. Against the bid price of Rs79.50 million fixed by the NAB for these properties, the EOBI managed to sell them at Rs82.835 million.

According to details these properties included four open plots and one bungalow in Defence Housing Authority. Three offices in Clifton, 306 acres of agriculture land at Gharo and a beach hut at Hawksbay, Karachi.

The 12th property, an office space in Gul Tower at I.I. Chundrigar Road worth Rs2 million, is in the process of disposal as the legal documents are being sought from the holders of the property.

The EOBI in a bargain also managed to get two membership cards of the stock exchange each having a worth of Rs35 million. However, both the cards were disposed of at a profit of Rs157m.

Some of the other assets, including shares of various companies are either in the process of being disposed of or have been retained by the EOBI. Sources said that the EOBI is planning to hold strategic shares of some of these companies and it may take final decision in near future.

The State Bank of Pakistan that was investigating Ceylon Bank stepped upon some evidences with regard of such embezzlements and deals of the EOBI. However, much of the embezzled amount against the EOBI's securities have been recovered by accepting higher bids called through media for the disposal of these properties.