The audit official said the DHA did not provide even a single plot to the ATPB so far, which caused a loss of Rs 1.
Chairman ATPB Saddiq ul Farooq informed the PAC that the trust had held several meetings with DHA in this regard and so far not succeeded to get the plots in accordance of agreement.
The audit officials also informed the PAC that the ATPB also held an agreement in 2009 with DHA with amount of Rs 0.
It was in mid-December 2011 that ABG announced that ATPB is hoping to raise $200 million through a 5-year Sukuk Al-Ijarah offering within a week and citing keen interest from Asian and GCC investors and the yield to market (YTM) price guidance within the 6 percent range, which some bankers stressed is reasonable and competitive in today's tough financial environment.
ATPB had mandated Deutsche Bank, Emirates NBD, Noor Islamic Bank and QInvest to lead manage the sukuk offering which would be issued through a special purpose vehicle, Bereket Varlyk Kiralama Anonim Sirketi, which is incorporated in Turkey as a joint stock company.
The proposed ATPB issuance is a hybrid model where the underlying sukuk assets are composed of both the bank's pool of Ijara assets (not less than 51 percent) and part of its Murabaha portfolio (not exceeding 49 percent).
The issuer will invest at least 51 percent of the proceeds received from the issuance of the sukuk certificates in a pool of selected real estate assets owned by ATPB, namely its headquarters and 19 branches, and the remaining amount in a pool of non-real-estate-based assets, receivables from ATPB's customers known as Murabaha, for a period of time corresponding to the duration of the sukuk.
ATPB will then make lease payments every six months to the issuer.
The structure, added Standard & Poor's, does not include a stand-by liquidity facility, which would otherwise kick in if ATPB failed to make a lease payment to the issuer to fund the periodic distribution amount due.