Society management confess to allegations in clarification - Zameen News

Society management confess to allegations in clarification

November 10, 2010 • news

Islamabad: The T&TECHS management in a clarification issued on Tuesday confessed most of the allegations. The clarification stated, “the members had approved the investment in various AGMs allowing President of the society unconditionally to invest the funds as per his skill”. In the clarification the management further stated, “President of the society is determined to return the invested amount with interest in phased manner upon disposal of assets. Current market situation is not favorable even then those assets have put for sale”.

It is further stated that as far as investment of Rs 37,500,000 was concerned it was invested against a guarantee of 200 kanals of land in Islamabad district and a case in this regard was in the court of law for decision.

But the sources said the president had given the contract to his own company M/s TSS and now company has failed to pay back the investment. They said there chances to get the investment back were bleak.

They said the actual investment amount was Rs 254500000 (Rs 3,75,00,000 long term investment and Rs 21,70,00,000 short term investment), which showed that land has been considered worth of Rs 1272500 per kanal, but in the clarification the society declared its own land worth of Rs 189,189 per kanal clearly showing that the land mortgaged as guarantee was over estimated.

[Daily Times]