ISLAMABAD: The Joint Investigation Team (JIT) report on the One Constitution Avenue project has been made public following approval by the federal cabinet, highlighting alleged irregularities in the auction process, questionable lease arrangements and potential losses to the national exchequer.
According to the report, the Prime Minister constituted an investigative committee in May, headed by the National Accountability Bureau (NAB), with representatives from the Federal Investigation Agency (FIA), Federal Board of Revenue (FBR), Securities and Exchange Commission of Pakistan (SECP) and intelligence agencies.
The JIT found that the 13.5-acre land was originally allotted exclusively for the construction of a hotel. However, its investigation identified alleged manipulation in the bidding process. The first auction was reportedly cancelled without approval from the Capital Development Authority (CDA) Board, after which the bidding conditions were revised and a second auction was initiated.
The report further alleged that restrictions on building height, covered area and parking requirements were relaxed after bids had been received, without the required approval from the CDA Board.
Although a four-member consortium won the second auction, the lease was ultimately awarded to a company that was not part of the consortium. The JIT questioned the CDA’s failure to verify the relationship between the successful consortium and the company that received the lease.
The investigation also found that the requirement for a bank guarantee was removed just three days before the lease agreement was signed, allegedly giving a direct financial benefit to the developer.
The report raised further concerns over documentation related to the joint venture. It stated that the joint venture agreement was added to CDA records in 2012, several years after the transaction had taken place.
According to the findings, signatures of two consortium members were allegedly forged, while one of the witnesses was reportedly abroad on the date mentioned in the agreement.