TCP looks to NAB for recovery of deferred payment

ISLAMABAD: Buying and selling Company of Pakistan (TCP) has determined to take a deferred cost case price Rs100 million to NAB.

TCP had invested Rs100 million as Time period Deposit Receipts (TDR) with Belief Funding Financial institution Restricted (TIBL) on April 13, 2009 for a interval of three months at13.25% which the financial institution has did not return up to now.

On maturity of the funding, the TCP determined to encash the TDR and requested the financial institution for cost. Nevertheless, the financial institution did not make the cost.

In pursuance to the civil go well with filed by the TCP within the Sindh Excessive Courtroom, the financial institution refunded an quantity of Rs12.5 million.

Commerce Division has seen that M/s TIBL had defaulted in reimbursement of the funding, for the reason that fund concerned is owned by the federal authorities and belongs to the nationwide exchequer, subsequently, on the advice of the Commerce Division Departmental Accounts Committee has referred the matter to the Nationwide Accountability Bureau (NAB) for help within the restoration of the excellent quantity from M/s TIBL together with the revenue until date.

TCP undertakes market operation of important commodities resembling wheat, pulses, urea and many others. to make sure their availability at reasonably priced costs. Moreover, the company invests its surplus funds with banks and authorities securities, a press launch Thursday stated.

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