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TCP suffers massive loss of $3m due to supply of sub standard wheat to Iraq.

ISLAMABAD, July 9 -- Sub committee of Public Accounts Committee (PAC) was told by the audit that Trading Corporation of Pakistan (TCP) had to suffer a massive loss of 3 million US dollars due to supply of low standard wheat to Iraq through UN during 2001-02.

Committee met here under Zahid Hahmid here Thursday to review the outstanding audit paras in respect of ministry for health and man power, ministry for Kashmir affairs and commerce ministry for the financial year 1992-93.

Iraq did not off load the wheat and ship remained anchored in ship yard for 58 days and government of Pakistan had to pay demurrage for 37 days, committee was further told. .

TCP told the ship was dispatched to Dubai and wheat was sold and a second ship was dispatched which was accepted by government of Iraq.

PAC ordered inquiry be conducted into the matter besides seeking opinion from law ministry in this regard within a month.

Audit told APC loan facilities were provided to certain traveling agencies in Overseas employment corporation.

Several agencies were closed down and recovery of dues amounting to Rs 3.7 million was still pending against them.

Zahid Hamid directed that the matter be taken up in departmental accounts committee meeting to find out a solution and a report in this respect be presented to PAC within two months.

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Publication:The Statesman (Peshawar, Pakistan)
Geographic Code:7IRAQ
Date:Jul 9, 2010
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