LAHORE, Jan 25: The Trading Corporation of Pakistan on Wednesday said that it had made payment of Rs2.45 billion to seven of the 45 sugar mills from which it had procured 378,000 tons of sugar last month.

Rejecting an allegation levelled by the Pakistan Sugar Mills Association (PSMA) about inordinate delay in the release of the payments, a TCP spokesman said the payments to the seven mills were made after completion of codal formalities and receipt of quality test reports of samples from PSQCA/PCSIR.

He said the payment to the remaining mills would be made as soon as codal formalities were completed and lab test reports and the bills from the mills supported by necessary documents received. He was hopeful that the process would be completed and payment made to all the mills by the end of this month.

He said the TCP was working on fast track for payments after completion of codal formalities as agreed by the mills as per tender documents such as performance bonds, offer of stocks by the mills, completion of inspection/survey, lab tests and other documentation on the part of the mills.