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Cases of 25 agri co-op societies sent to NAB

KARACHI: Sindh Minister for Food and Cooperation Iftikhar Ahmad Soomro has said that 723 Agricultural Cooperative Societies owe Rs 970 million out of which Rs 3.9 million had been recovered till the end of last month while 699 such societies still had a default of Rs 930 million.

This was stated by the minister while presiding over a meeting to review the performance of the Cooperatives Department on Sunday.

He said that 15 cases of defaulting societies had been sent to the National Accountability Bureau (NAB) for further action.

The Minister said these societies owe Rs 48.89 million.

He said that ten more such cases will also be sent to NAB after processing within next few days.

Iftikhar Soomro said that soon the work to re-organise Sindh Provincial Cooperative Bank will be taken in hand and to improve its functioning an honest and competent banker will be asked to take up the responsibility.

On the occasion Secretary Cooperative Munawar Opal informed the meeting that out of Rs 972.495 million the principal amount stands Rs 481 million while the mark-up amounted to Rs 491 million.

He said so far 24 Agriculture Cooperative Societies had clared their arrears. APP