TCP looks to NAB for recovery of deferred payment

ISLAMABAD: Trading Corporation of Pakistan (TCP) has decided to take a deferred payment case worth Rs100 million to NAB.

TCP had invested Rs100 million as Term Deposit Receipts (TDR) with Trust Investment Bank Limited (TIBL) on April 13, 2009 for a period of three months at13.25% which the bank has failed to return thus far.

On maturity of the investment, the TCP decided to encash the TDR and requested the bank for payment. However, the bank failed to make the payment.

In pursuance to the civil suit filed by the TCP in the Sindh High Court, the bank refunded an amount of Rs12.5 million.

Commerce Division has noticed that M/s TIBL had defaulted in repayment of the investment, since the fund involved is owned by the federal government and belongs to the national exchequer, therefore, on the recommendation of the Commerce Division Departmental Accounts Committee has referred the matter to the National Accountability Bureau (NAB) for assistance in the recovery of the outstanding amount from M/s TIBL along with the profit till date.

TCP undertakes market operation of essential commodities such as wheat, pulses, urea etc. to ensure their availability at affordable prices. Besides, the corporation invests its surplus funds with banks and government securities, a press release Thursday said.