The Federation of Pakistan Chambers of Commerce & Industries (FPCCI) has claimed that its funds, to the tune of Rs 27 million, are stuck up with the Crescent Standard Investment Bank Limited (CSIBL).
In a letter sent to Tufail H Ebrahim, Advocate & Corporate Counsellor, it said that these funds have not been released in spite of personal assurance by high officials of CSIBL.
Referring to a public notice, which appeared in a local daily on August 20, 2006, regarding purchase from Crescent Leasing Corporation Limited (CLCL) of office premises, it informed him that the property referred to in the public notice belonged to CSIBL, which on July 20, 2006 illegally sold it to CLCL, a sister organisation of the investment bank.
"Since the CSIBL has a number of liabilities including FPCCI funds of Rs 27 million, which have been stuck up and not released despite being matured and not released in spite of personal assurance by the high officials of the CSIBL, the above-referred property may not be purchased/sold in view of the fact that there might be several claimants. We as one of the claimants may take legal action to recover our invested amount," FPCCI said.
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