ISLAMABAD: Ministry of Commerce sent a matter related to the advance payment of Rs1.158 billion by Trading Corporation of Pakistan (TCP) to six sugar mills for sugar buying to National Accountability Bureau (NAB) for inquiry.
The commerce ministry, in a meeting on Wednesday, told Public Accounts Committee (PAC) that advance payments were made to six sugar mills – Abdullah Sugar Mills, Abdullah Sugar Mill, Haseeb Waqas Sugar Mills, TMK Sugar Mills, Seri Sugar Mills and Tandlianwala Sugar Mills – for purchase of sugar in 2008 and 2009.
The mills, however, failed to deliver the required quantity to the Trading Corporation of Pakistan, which filed a case in Sindh High Court for the payment recovery. The meeting was told that bank guaranteed for the only ten percent of the total amount was taken from the sugar mills.
The recoverable amount reached to Rs2.051 billion after addition of markup and interests. Younis Dhaga, secretary commerce ministry said the contracts were granted to the sugar mills under terms of references given by the then economic coordination committee of the cabinet.
Dhaga informed the committee that export quota to the sugar mills is granted under ‘first come first pick’ policy.
Sheikh Mushtaq, chairman of Trading Corporation of Pakistan informed the committee that an amount of Rs 21.730 billion and Rs23.788 billion have been remitted to TCP from Utility Stores Corporation and National Fertilizer Marketing Limited, respectively in line of supply of sugar, wheat and urea.
Out of Rs50.669 billion, Rs45.518 billion had been recovered from various organisations since 2013. The Public Accounts Committee directed the ministry to submit export policy and last three-year details of sugar export with the committee on next meeting.
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