Pakistan’s six largest sugar mills default on Rs2.65bn

ISLAMABAD: The country’s six largest sugar mills owe Rs2.65 billion to the Trading Corporation of Pakistan (TCP), the government’s trading wing, an audit report revealed on Wednesday.

In a meeting of the Public Accounts Committee at Parliament House, it was revealed that Tandlianwala Sugar Mills Limited, owned by Humayun Akhtar Khan, is the biggest defaulter and owed Rs1.15 billion to the government.

According to the audit report, TMK Sugar Mills, owned by Mohsin Tabani, is at second place and has defaulted by Rs640.74 million, followed by Abdullah Sugar Mills Limited at Rs510.64 million and Sehri Sugar Mills at Rs150 million.

The commerce secretary informed the committee that the TCP has moved the court against the defaulters.

The PAC has decided to write to the Economic Coordination Committee with the request to halt all advance payments to sugar mills after the secretary informed the body that the funds were transferred to the mills under the head of 'advance payments'.