The under construction Grand Hyatt Hotel and the 37 story twin residential towers have reportly fetched a total revenue of Rs 6.33 billion (Rs 633 crores) by the sale of 240 residential apartments. The towers are located next to the Convention Center in Islamabad. According to a national daily, the land totalling 13.5 acres was auctioned to M/S BNP group by the Capital Development Authority (CDA) on a payment of 15% of the total value on March 9, 2005. The outstanding payment was to be paid in instalments over 15 years. The land was valued at a total of Rs 4.88bn. The firm has so far made payments totalling Rs 1.4 bn and the rest of the outstanding payments had been rescheduled in 2012 until 2026. In July 2016, the CDA cancelled the lease of the company on account of violation of bylaws and the case was referred to National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) for further investigation. M/S BNP challenged the case in Islamabad High Court (IHC) where the court has demanded the details of the buyers of apartments. The list of buyers submitted by the management of the Grand Hyatt hotel and Apartments includes major socially and politically influential entities including PTI chief Imran Khan, Governor State Bank of Pakistan Ashraf Mahmood Wathra, PEMRA chairman Absar Alam, former Chief Justice of Pakistan Nasirul Mulk, former Chief Justice of Lahore High Court Iftikhar Hussain Chaudhry, Minister of State Jam Kamal Khan, former Naval Chief Mohammad Asif Sandila, former Foreign Secretary Salman Bashir, Lt Gen Ahsan Azhar Hayat (retd), TV celebrity Faryal Gohar, former chairman Pakistan Cricket Board Ehsan Mani, former Defence Minister Ahmed Mukhtar, Khawaja Mohammad Asad (son of incumbent defence minister), ex-MNA Kashmala Tariq, Saqib Barjees (son of Federal Minister Barjees Tahir, ex-DG CDA Sohail Durrani, anchorperson Naseem Zuhra Ikhlaq, ex-chief land commissioner Sajid Hotiana, Princess Shalalay Abbasi, Saad Noman (son of former Naval Chief Noman Bashir), Hamza Suleman (son of former Foreign Secretary Suleman Bashir), and Sheikh Amir Waheed(brother of MD Pakistan Bait-ul-Mal’s managing director Abid Waheed).
NEW YORK: Stocks rose sharply on Wall Street Tuesday as traders cheered news that the leaders of the US and China will meet face-to-face next...