ISLAMABAD: Fresh revelations have surfaced in the controversial One Constitution Avenue case ahead of a crucial hearing at the Islamabad High Court on Monday, exposing hidden arbitration records, disputed financial arrangements and an extraordinary list of Pakistan’s most influential figures linked to the luxury project.
Court documents reveal that an interim arbitration award issued in September 2012 by Khawaja Muhammad Asif and former Faisalabad Chamber president Mian Hamid Javed attempted to settle a bitter dispute between Abdul Hafeez Sheikh of BNP and Nadeem Zia Pirzada of Paragon over the five star hotel venture tied to the One Constitution project.
According to the agreement submitted before the court, BNP ownership was to be divided with 75 percent control going to Sheikh and 25 percent to Pirzada after a forensic audit of investments, liabilities and outstanding loans. The documents further reveal that bank loans obtained by Sheikh and his family were allegedly secured against properties owned by Pirzada’s family in Paragon City and were to be counted as Pirzada’s financial contribution to the venture.
The arbitration award also stated that Pirzada would hold no claim over BNP assets acquired before July 2005 and recommended independent professional management for the company. Final transfer of shares was made conditional upon loan repayments, completion of audits and settlement of pending litigation connected to the mega project.
In another explosive development, court records contain a separate petition involving BNP and the Bank of Punjab signed by former Supreme Court judge Ejazul Ahsan as counsel for BNP. Justice Ahsan later became part of the IHC bench that restored the disputed lease of One Constitution Avenue despite objections raised by the Capital Development Authority.
The restoration of the lease reportedly opened the door for third party interests, with developers handing over 240 luxury apartments to buyers from Pakistan’s political, judicial, military and business elite. Documents placed before the court mention former presidents, prime ministers, chief justices, senior ministers, retired military chiefs, top lawyers, influential businessmen, overseas Pakistanis and foreign companies among those allotted flats in the high profile project, intensifying scrutiny ahead of the landmark hearing.
