ISLAMABAD - As per an inquiry report Passco management found in selling wheat at Rs 965 per 40 kilogram against ECC approved price of Rs 950 per 40 kg for the 450,000 tons wheat allowed to sell in local market.
Few days back, Federal Minister for Food Security had suspended wheat sale by Passco on a finding that it was selling wheat in the market at higher prices. He ordered to probe into the matter and present the report. As per sources, the report is final to be presented to the minister.
The report reveals that Passco management was trying to prove itself more loyal to this country than it was supposed to be. The management decided to sell wheat on higher price as the prices had increased in the international market.
It states that the management took decision on the basis that the new crop price was going to touch Rs 1050 per 40 kilogram so the old stock could be sold at a little higher price than it was ordered.
The sources said that there are still ambiguities in the matter as it needs to be explored that why the management was found so loyal that it violated ECC orders to benefit national kitty. The wheat stock that was supposed to be sold was carry forward from 2009-10 crop and that could not be kept with the Passco one more year.
The decision was also taken to avoid before time increase of wheat flour in the market as the new crop was coming soon and government had announced Rs 1050 support price for the farmers. The sources said that Passco had a reserve stock of around 1.7 million tons and ECC had allowed sale of 450,000 tons in the local market from the old stock at a price of Rs 950 per 40 kilogram that was the procurement price of previous year stock.
It was told that the sale process was still suspended as Minister was not present and the sale might be opened after taking approval from the minister but the price would be Rs 950 and not Rs 965 per 40 kilogram.