NAME

INSHA YOUSAF f19 579

Project AUDITING
TAJ SCANDAL COMPANY
Group members
NABEEL AHMED F19-610
NADIR ALI F19-611
INTRODUCTION

Starting off as single retailing outlet with a

daily sale of about 1000 liters, today, Taj
Petroleum has expanded into a network of
fuel stations coursing throughout the
nation. Never falling short of ideas and
aspiration, we decided to experiment
business at altogether different altitudes.
Consequently, Taj Corporation is now not
only in oil marketing but has extended and
established firm footing in the world of food
and hospitality industries. We are proud to
be working as a multi-service corporation
having a wide array of brands with leading
shares in the domestic markets of Pakistan.

Laurels &Starting off as single retailing

outlet with a daily sale of about 1000 liters,
today, Taj Petroleum has expanded into a
network of fuel stations coursing
throughout the nation. Never falling short
of ideas and aspiration, we decided to
experiment business at altogether different
altitudes. Consequently, Taj Corporation is
now not only in oil marketing but has
extended and established firm footing in
the world of food and hospitality industries.
We are proud to be working as a multi-
service corporation having a wide array of
brands with leading shares in the domestic
markets of Pakistan.

Laurels & Accolades of Taj Petroleum

Service
Since Taj’s humble beginnings in 1965,
our company has always managed to put
up remarkable performance paying off
with exceptional success. Following the
principles of innovation, perseverance
and unhindered progress, we have been
blessed to achieve recognition in
modern day business. Some to name
are:

PBS Certificates of Performance 1974

PBS Certificates of Performance 1975
PBS Certificates of Performance 1987
Trophy in Recognition of Excellence in
Service Standards 2004
Shell Certificate of Achievement
Shell Certificate of Appreciation 2003
Shell Royal Club Membership 2004
Shell Royal Club Membership 2006
Shell Royal Club Membership 2007
Shell 2009 Gold Retailer Award
(Achievements after 2010 to be added)
These laurels and accolades are a
reflection of our honest efforts and true
hard work – inspiring us to continue with
the same zeal and passion to fly even
higher.ISLAMABAD, Sept 28: Prime
Minister Shaukat Aziz on Tuesday said
the government would take strict action
against illegal companies defrauding
people by promising huge returns on
investments of their hard-earned money
and asked the people to be vigilant."I
would earnestly advise the public not to
play into the hands of cheats and
robbers who are launching various
schemes just to deprive them of their
hard-earned savings," he said at a
function held to distribute cheques
among people affected by the Taj
Company scam.
Mr Aziz said the government had taken
note of the new scam of property and
plots as well as advertisements inviting
people to purchase property abroad. "I
have directed the ministry of law, the
Securities and Exchange Commission of
Pakistan (SECP), State Bank of Pakistan
and the CBR to investigate the matter.
The government is vigilant, and so
should be the public," he said.The prime
minister said that seeking deposits in an
un-authorized manner was a monetary
scam depriving uneducated and unwary
people of their earnings. "But," he
vowed, "we will not let it happen again.
Around 23,000 affected people have
been waiting for 15 years to get a refund
of their life's savings which they had
deposited with the Taj Company.
"Deposit taking place in the name of
holy Quran was just an exploitation of
religious sentiments of people," he
regretted.
Mr Aziz said although Taj Company still
had heavy liabilities, the affected people
with claims of up to Rs75,000 were being
compensated. The depositors with
claims over Rs75,000 were being paid 40
per cent of their principal amount and
the liquidators were hopeful that they
would succeed in making more refunds
to pensioners and widows.The
government, he said, had allocated
Rs75.8 million in the budget, out of
which the claims of up to Rs25,000 had
been paid through official allocation and
a contribution from the company.
He said Rs251 million was distributed
earlier this year among the 10,000
people having claims of over Rs50,000.
Similarly, Rs110 million was paid to
widows, orphans and other hardship
cases.The premier pointed out that over
the past three decades the country had
faced scams of finance companies,
cooperative societies and recently the
so-called forex companies.Most of the
people lost their savings as they became
victim of attractive marketing campaigns
launched by unscrupulous elements,
who offered lucrative profits on their
investment. After raising heavy deposits,
he said, these elements suddenly closed
shops and disappeared.However, he
said, now things were changing. "Now
you see the regulatory bodies effectively
handling such situations in a proactive
manner." Mr Aziz acknowledged that
interest rates in the market had dropped
considerably.
He said that reforms by regulators and
the performance of the stock market
and the mutual funds industry had been
remarkable. He also mentioned special
schemes for senior citizens and widows
by the National Savings and urged
people to consult regulators before
making investment in response to
attractive advertisements.He said
despite best efforts the liquidation could
not be averted due to the huge gap in
the company's liabilities and assets.

CONCLUSION
The prime minister praised the Securities
and Exchange Commission of Pakistan
(SECP) for the role played in ensuring
refunds to the affected people.SECP
chairman Dr Tariq Hassan urged people
to be vigilant of companies dealing in
finances and consult the commission
before investing their money. He said
the liquidators of the Taj Company had
disposed of all assets for Rs860 million,
of which Rs680 million had been
received while the remaining would be
received soon.The Liquidator of Taj
Company, Justice Abdul Hafiz Cheema,
spoke briefly about the way they had
raised funds by selling the assets