PPL receives Rs903m from Byco via NAB

Published April 13, 2021
The PPL informed the Pakistan Stock Exchange (PSX) about it in a regulatory filing and said that the company would pursue for remaining over Rs253m. —AFP/File
The PPL informed the Pakistan Stock Exchange (PSX) about it in a regulatory filing and said that the company would pursue for remaining over Rs253m. —AFP/File

KARACHI: The Paki­stan Petroleum Limited has received Rs903.218 million from the National Accountability Bureau (NAB) against outstanding receivables from Byco Petroleum Pakistan Lim­ited, the company ann­ounced on Monday.

The PPL informed the Pakistan Stock Exchange (PSX) about it in a regulatory filing and said that the company would pursue for remaining over Rs253m.

“In pursuance of Rule 5.6.1 of your Rules, we hereby inform you that the company has received a pay order for Rs903.218 million from the National Accountability Bureau (NAB) against long outstanding receivables of the Company from Byco Petroleum Pakistan Limited,” the filing said.

“The company had recognised a provision against the debts due from Byco to the tune of the principal amount of Rs1,156.220 million. The provision will be reversed to the extent of the aforementioned amount of Rs903.218 million. The company is pursuing recovery of the remaining amount [principal as well as late payment surcharge] through NAB and the suit for recovery filed by it in the high court of Sindh at Karachi,” it added.

Financial market sources privy to the development said that NAB had last week distributed cheques amounting to Rs1.01bn amongst various state functionaries including the Sindh government, PPL, Pakistan State Oil (PSO) and Federal Board of Revenue (FBR) after making different recoveries.

A source said: “A few years ago a complaint was received from PPL, wherein it was alleged that the ministry of petroleum had allocated condensate of Hala Block to Byco, but it wilfully did not make the payments for it after the lapse of seven years. Byco COO Kamran Iftikhar Lari, however, has made plea bargain. In October 2020, he moved an application under Section 25(b) of the National Acco­untability Ordinance, 1999 before an accountability court pleading to accept his plea bargain. The NAB chairman had accepted the plea bargain and had subsequently forwarded the matter to the court for its approval.”

The spokesman for the Byco Pakistan when contacted said that the amount was actually paid by the company.

“It’s true that plea bargain deal was requested by Mr Lari, which was accepted by the NAB but the amount was actually paid by Byco,” he said.

Published in Dawn, April 13th, 2021

Opinion

Pak-Saudi relations
Updated 17 May 2021

Pak-Saudi relations

Gulf states, led by Saudi Arabia, will be key to Pakistan’s economic recovery in a post-Covid context.
Cuisine and culture
17 May 2021

Cuisine and culture

There is a drive towards the creation of a ‘national cuisine’ landscape as well as greater insight into region-based diversity.
Cooperation or conflict?
Updated 17 May 2021

Cooperation or conflict?

The fear of an economic and technological rival has created insecurities being reflected today in US behaviour.

Editorial

Palestine bloodbath
Updated 17 May 2021

Palestine bloodbath

One wonders whether the right of self-defence allows a country to butcher toddlers and the disabled, as Tel Aviv has done in Gaza.
17 May 2021

Registering madressahs

DURING the past two decades, several attempts by successive governments to standardise and regularise madressahs ...
17 May 2021

LSM growth

THE robust growth in large-scale industrial output since July last year has generated a kind of economic optimism...
16 May 2021

Riyadh-Tehran thaw

SEVERAL official pronouncements over the last few days have confirmed that efforts are underway behind the scenes to...
16 May 2021

Ruthless evictions

FOR a state to deprive residents of their homes without providing for alternative housing for them is a dereliction...
16 May 2021

Wheat concerns

THE new official projections for provisional wheat output suggest that Punjab may harvest around 20.5m tonnes of...