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VISIT REPORT OF KARACHI ON 25-26 JUNE 2014 BY ONE OF OFFICIAL JOINT LIQUIDATOR MR. AMAR

SANA ULLAH (ASC)

The visit was planned to address the following issues :-

(i)

Lodging of FIR to ensure the recovery of a sum of RS:28,053,500/= or its part due.

(ii)

To ensure the possession of 765 acres of land situated at Nooriabad ,120 KM from Karachi

towards Hyderabad on Super Highway on the information of Mr. Kaleem who sold the same

property to IIBL (Under Liquidation)

(iii)

Sale of 71 premium Golf Club memberships as well as negotiations regarding the payments

of Rs:50,000/= to DHA against each membership as a mandatory requirement to those .

The issues pointed above and the measures to resolve these during the visit are discussed one by

one in the paras below.

To curtail the expenditures of trip the Official Liquidator planned it while he also has to attend his

other cases pending in Sindh High Court , therefore only one side of the air ticket travelling ischarged , nothing charged for his stay of two nights and two complete days and by road travelling is

also partly charged.

(i)

Innovative Investment Bank( Under Liquidation) invested a sum of Rs:-------in corporate

city Building for the purchase of office in the following levels , respective the given areas:-

a)

b)

c)

However , due to subsequent administrative changes and finally its litigation by the court neither

balance payments were made nor the investments made till march 2008 could be given a proper follow

up.

Subsequently ,after winding up, the matter of investment in Corporate City Building probed , it

transpired that the developers ( ) to whom investment was remitted has abandoned the project

and no traces of them is available .The two names Mr. _______ & -------who acknowledged the

payments of investment are specially named in the FIR .During the last trip new management of the

abandoned project did not furnished any detail of the ex-management and also refused to accept any

obligation to refund our investment or to allocate any place in the present project against our

investment.As the where abouts of the previous developers (who infact received the money) could not

be traced despite best efforts, therefore , it was decided to lodge an FIR against the management then.

The difficult assignment of lodging FIR against the absconders made possible with the help of SSP city

Karachi with in a brief time of two days. Following is the detail of FIR:-

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(ii)

The valuable land comprising of 765 acres at Nooriabad is quite vulnerable due to vast area

and inappropriate security measures. The land cannot be protected by constructing any

fence and the presence of two guards there did not address the apprehension of future

encroachments . Mr. Kaleem who sold this property when informed that few persons of

previous management are trying for illegal possession as well as sale of that asset , a

meeting with the SP Jamshore was arranged for 26thJune . He was kind enough to bring the

DDOR concerned to the meeting----------------- of the area concerned was also ensured by the

efforts of SP Jamshore . In the meeting it was agreed by the official concerned to appoint

proper police force in Chowki # 10 which is nearby and which is presently abandoned. SHO

of Lotian who has Nooriabad under his territorial jurisdiction visited our land and made

arrangements to apprehend any of our concerns in future. The DDOR proposed Chookri

survey of our land the estimation where of will be received till next week. SP jamshore also

advised to make better arrangements of security of the land.

(iii)

We had meeting with secretary DHA Golf Club on 25th

June who expressed that the payment

of Rs:3,550,000/= against the 71 memberships can be facilitated to IIBL (Under Liquidation)

if the entity under liquidation formally offers DHA for the purchase of said memberships by

substracting that amount from the actual price agreed between DHA and IIBL (Under

Liquidation)at the time of transacting the memberships on an agreed price. However they

requested for a formal offer to DHA for the purchase of memberships.