KARACHI : Facing a serious financial crunch, the NED University of Engineering and Technology currently has liabilities of Rs1.5 billion, including a large amount borrowed from three banks, it emerged on Sunday.
The situation, according to sources, was mainly caused when the institution a few years ago decided to opt for an illegal act and borrowed heavily from banks against employees’ general provident funds which were worth more than Rs600 million. The loans were taken at an interest
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