LAHORE, May 17: An accountability court on Saturday fixed May 29 for recording further prosecution evidence in a corruption reference filed against three executives of the Khyber Tractor Ltd accused of Rs84 million embezzlement.

The court was informed that the prosecution witness present in the courtroom could not bring the entire record about the KTL’s corporate transactions. After that the proceedings were put off till the next hearing.

KTL’s directors Asif Sharif and Khalid Sharif and development manager Hamdard Khalid have been charged in this reference.

The KTL advertised booking of Ursus-2312 tractors in the local newspapers with a quoted price of Rs230,000 each. The down payment of Rs70,000 was demanded from each applicant with the balance to be paid in instalments.

According to the court chargesheet, around 1,430 people had applied for the delivery and Rs270.53 million was deposited with the company’s account.

More than 740 applicants who booked the tractors were neither given the delivery of the booked units nor was their advance payment of Rs84 million reimbursed.

The three officials allegedly misappropriated the amount and also got loans from various banks against this sum in violation of the corporate rules.