Auction Outbid Notices specify wrong timezone

Hello,
We have set our server time to UTC.
We also set following two system properties and restarted Java server:
system.default.timezone=UTC
system.master_timezone=UTC
However we are still getting Auction Outbid Notices which specify wrong timezone i.e. PKT. How should we resolve this problem ? Please check sample Notice that we are getting shown below.
Subject: ABC, Inc. Auction Outbid Notice Auto forwarded by a Rule
Dear Test,
You have been outbid in the ABC, Inc. auction: AUC-00027-2011, Test Defect 235 on Motor. Another bidder is currently winning the auction line item. You can still place another bid before the bidding closes at Sat Dec 10 07:10:00 PKT 2011.
TO REVIEW BIDS, follow these steps:
1. Click on the link:https://sourcing.abc.com/12345
2. Click on the Name and Description link to view the Detailed Bid History.
Do not reply to this message. If you have any questions or difficulty using this application, please contact support

Suppliers default time zone is set to GMT+8
I checked companies i.e. Setup --> Organization and Accounting Information --> Companies. Navigate doen to the other info section and
that is set to GMT-5 (i.e US EST)
But why outbid notice is getting PKT (i.e GMT+5) ??
Just FYI we are using Sourcing 7.0 SP2.
Thanks,
Bhushan

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