The news item "NAB initiates probe into Bahria Town, EOBI land deal" carried by Business Recorder on July 4 is factually inaccurate and creates the impression that EOBI is involved in any fishy deal with Bahria Town.
"It is to update you that all pension funds across the world make liability driven Investments in debt and equity market, real estate and liquid securities in accordance with their investment strategies. EOBI investment strategy is prescribed by Employees Old Age Benefits (Investment) Rules, 1979. These rules determine the various asset classes in which investment can be made as well as the quantum and ratio of funds to be invested in each assets class/investment category.
"EOBI only continues to make investment within the authorized categories, including real estate, in accordance with the prescribed investment limits, in order to maximise return on such investments in the best interest of insured persons under the Employees Old Age Benefits Act, 1976. "We are surprised to read fictitious news item against EOBI, as they are based on speculation because EOBI does not have any concern with Bahria Town. EOBI has purchased this land from DHA Islamabad not from Bahria Town in 2011."