\nIslamabad: The T&TECHS management in a clarification issued on Tuesday confessed most of the allegations. The clarification stated, \u201cthe members had approved the investment in various AGMs allowing President of the society unconditionally to invest the funds as per his skill\u201d. In the clarification the management further stated, \u201cPresident 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\u201d.\n<\/p>\n
\nIt 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.\n<\/p>\n
\nBut 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.\n<\/p>\n
\nThey 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
\nIslamabad: The T&TECHS management in a clarification issued on Tuesday confessed most of the allegations. The clarification stated, <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"persona":[],"class_list":["post-2914","post","type-post","status-publish","format-standard"],"acf":[],"yoast_head":"\n