[AmirHusain]

Hi folks,
A bit of background I am a Pakistani Canadian and for some reason like all other expatriates I had an urge of coming to Pakistan and investing money here. I didn’t want to start with a huge investment, so I bought a studio flat in Spanish block in International City through ARY Properties. My initial plan was to invest in a local property but people told me not to trust any of the local market as lot of frauds may surface during or after the deal. ARY being a Dubai based group, I thought would be a better option. I was initially told that the property would be 70% finance from ARY. Where they would finance and my rent would be my mortgage payment. Then they reiterated that statement and want the full 100% after taking the initial 30%. As per the new contract, 30% would be paid as the last installment after the possession of the property which was due in September 2006. In September 2006, ARY didn’t hand over the property but they send a further notice that if I fail to pay 20% within a week my property would be cancelled. As I didn’t want to start a court proceeding in Pakistan, I hesitantly paid them another 20 % with a promise that the property be handover in the beginning of 2007. Now its coming to the end of March where I have heard the news they are advertising that the last 10% be send to them before 30th march or they will cancel the property. And possession is suspended indefinitely as some of their desperate customer has complained against them to NAB (National Accountability Bureau) where the case reside and the hearing is indefinite. All I ever wanted was a stupid $60k flat through a company which I thought had some Pakistani roots. And yet again I forget I am dealing with one of the most corrupt society on the planet. Pakistan is definitely a fail state where corruption is deep rooted. The NAB would definitely be interested in bribery and sucking blood out of the poor investor. The main culprit ARY Properties would get away with some words of advice and a useless warning. It’s a shame Pakistan is like what it has become now and a shame I am a part of it.

Regards

Amir Husain