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CEC clarifies

RECORDER REPORT

KARACHI: The Cotton Export Corporation (CEC) has a corporate system of management and all decisions are taken by the executive committee of the Board of Directors after examining each case on merit, said a spokesman of CEC in a clarification here on Wednesday.

He said that the allegations of CEC losing Rs 48 million in a section of press were incorrect and biased. The CEC has been held responsible in the report for the cotton crop failure in the country, whereas CEC does not deal with cotton production, he said.

He further said that the local sale price of CEC cotton was established by the Ministry of Commerce and the cotton was sold without discrimination. There were also no export sales made to specific buyers in the year when the crop failed. The CEC, through its vigorous efforts, managed to recover outstanding dues to the tune of Rs 23.5 million since 1986. "However there are some claims against which foreign buyers have disputes and such claims are being vigorously pursued," he added.

He also refuted the claim that cotton was purchased by the CEC at a belated stage and that its transportation was delayed due to CEC's fault. "There is no fake agency agreement and CEC is also not aware of any protocol which prohibits the use of any agency for the execution of the contract", he said adding that the facilities offered to the elite of the corporation are according to the rules.