OEC tower to be completed by year end: Zulfi Bukhari

ISLAMABAD, Mar 28 (APP):The much-awaited project of constructing Overseas Employment Corporation Tower (OECT) in the federal capital may be materialized by the end of this year as the government has intensified its efforts to complete it at the earliest.

Two weeks back, the apex court has given possession of OECT and they have already started the work to finish this project within six months, Special Assistant to Overseas Pakistanis and Human Resource Development, Sayed Zulfikar Abbas Bukhari told APP on Thursday.

The OECT, aimed at making the corporation a self-reliant entity, was in doldrums since 2010 due to the apathy of previous government and now the OEC’ employees have expressed their optimism that the incumbent government would complete it soon.

A senior official at OEC, requesting anonymity said the ministry had canceled the contract of previous contractor and was in the process of awarding it to a new one.

Sharing the details of project, he said the project worth Rs 600 million, which now went up to Rs 3.6 billion, was finalized in collaboration with Employees Old-age Benefits Institution some eight years ago, but shelved in an unannounced manner after a corruption scandal appeared during its execution period in 2013.

He said a plot measuring 4,000 square yards was allotted in Mauve Area of
G-9/4 Islamabad by Capital Development Authority (CDA) in 1982 for the purpose.

In 1992, the CDA served a notice to the organization for completion of project and warned to cancel the allotment in case of non-compliance, he added.

Subsequently, the official said National Engineering Services Pakistan (NESPAK) was appointed as a consultant for submission of architectural designs, consisting six floors and basement, which submitted the plan with an estimated cost of Rs 62.227 million, but unfortunately the construction could not be started due to
dearth of funds, he regretted.

Giving ups and downs of the project, he said the construction plan was again initiated in 2006 on direction of then OEC Managing Director by inviting applications from reputed builders for architectural drawing but the proposal was rejected by its board of Directors (BoD), citing funds paucity.

Later, the OEC consulted to CEO PRIMCO for a Joint Investment proposal to place it before EOBI’s BoD but it could not be materialized due to some flaws in business dynamics at that time.

The OEC and EOBI signed a MoU on September, 27 of 2010 for its execution with a formula of 30 and 70 shares respectively.

According to the agreement, the tower will be financed by the EOBI and having its possession for a period of 49 years while, the 2nd and 3rd floor of OECT will be owned by the OEC.

The EOBI was bound to build the tower in three years with one year grace period but it only managed to erect its structure, which caused substantial financial loss to the corporation, the official added.