Trading Corporation of Pakistan Private Limited (TCP) failed to collect over Rs. 38.66 billion in pending dues from state institutions, ship owners, and the National Fertilizer Corporation of Pakistan.
According to an audit document for the financial year 2021-22, the Auditor General of Pakistan remarked that the outstanding dues were recovered due to the laziness of the TCP management.
The document reveals that government institutions have liabilities of over Rs. 18.56 billion, while Rs. 188 million is owed in principle by ship owners and other individuals. Meanwhile, the National Fertilizer Corporation of Pakistan owes over Rs 19.78 billion to TCP.
TCP has so far managed to recover a toy-sized Rs. 655,000 out of over Rs. 38 billion in outstanding liabilities. It bears mentioning that the company is responsible for procuring goods for food security, urea, wheat, and sugar to respond to emergency situations.
Editorial & Legal Practice Group
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