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Financial claims resolved between NFML, USC and TCP

Financial claims resolved between NFML, USC and TCP

ISLAMABAD: Trading Corporation of Pakistan has settled all outstanding payment claims against National Fertiliser Marketing Limited (NFML), and Utility Stores Corporation (USC), according to sources.

Earlier TCP raised a claim against NFML amounting to almost Rs 264 million on account of excess quantity delivered to NFML. As per records it turned out that Rs 157 million have already been paid by NFML to TCP, whereas Rs 117 million on account of excess quantity were outstanding.

TCP claimed Rs 31.5 million as rent for year 2010 for availing the storage facility by NFML. The issue was discussed and documents were shared. The General Manager NFML intimated that the case will be put up to the Managing Director NFML for approval and payment be made accordingly. TCP raised another claim against NFML amounting to Rs 84.5 million for providing transportation and port handling facilities during 2009 involving, seven ships. The M/s NFML accepted the liability for two ships namely MV Yordan Lutibrodski and MV African Grace. However, for the other five ships, TCP was asked to provide relevant record as evidence of their claim.

Representatives of USC and TCP have agreed that an amount of Rs 3.5 billion on account of wheat (2007-2008) have already been paid and settled. Regarding sugar issue, USC owes Rs 2.5 billion to TCP and USC is paying Rs 500 million weekly on realization of sale proceeds of sugar, the sources continued.

The sources said USC regularly purchases sugar from TCP. An amount of Rs 2.5 billion remains in circulation on this account and USC regularly pays Rs 500 million per week. There is no dispute between USC and TCP at present.