April 12, 2021 (MLN): Pakistan Petroleum Limited (PPL) through Exchange informed that it has received a pay order for Rs.903.218 million from the National Accountability Bureau (NAB) against long outstanding receivables of the Company from Byco Petroleum Pakistan Limited (Byco).
The Company had recognized a provision against the debts due from Byco to the tune of the principal amount of Rs.1,156.220 million.
The provision will be reversed to the extent of the aforementioned amount of Rs. 903.218 million. The Company is pursuing recovery of the remaining amount (principal as well as late payment surcharge) through the NAB and the suit for recovery filed by it in the High Court of Sindh at Karachi.
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