Asadullah Kamran
KARACHI: in latest turn of eventsHaskol in recent disclosure of material information It has announced what board of directors approved the plan for “rehabilitation of company through restructuring and settlement of obligations of company”.
In addition, a draft letter approved board of director would also send to everyone of “secured creditors/banks/financial institutions.” The letter will highlight the plan and process the company intends to follow in line with “rehab plan”
Hascol is mired in in dispute, the company was involved in corruption scandal worth 54 billion rupees. However, the company looks forward back as a major OMC in in the market like this earned positive EBITDA in line with latest published financial reports.
It’s coming on in back of recently published financial results for previous year. According to a company press release, “the company succeeded earn positive EBITDA (earnings before interest, taxes, depreciation and amortization) of 1.354 billion PKR year-on-yearnegative EBITDA of Rs 11.771 billion.”
While looking at EBITDA in isolated fashion can inspire confidence, the company is not yet fully out of the woods. According to the recently published financial results of the company has a net loss improved significant compared to the loss of 23.5 billion rupees in 2020 company in only 2021 posted loss of 7.6 billion rupees.
View recent increase in fields in sector, companies got the courage to increase up their operations. It has also was the case with Hascol, as they say, “the company has been encouraged by some recent decision made through government of Pakistan”.
It can be considered wonderful achievement Considering challenges faced the entire industry. What makes it even more impressive fact that the company is subject to scrutiny and has no ability to receive loans. Hascol Vitol’s largest shareholder bears the brunt of supporting operations and credit lines of company, but this is subject to change. with in new strategy.
On March 28, 2001, Hascol Petroleum Limited was established. in pakistan as private limited liability company. Corporation changed his status to this of a public unregistered company on September 12, 2007
The company purchases, stores and markets items associated with oil, chemicals, liquefied petroleum gas and other related industries. In 2005, the company received a license from the Ministry of Oil Trade. of Oil and natural resources, and in 2018 he bought assets of company with HBO license. Between 2010 and 2018, Hascol’s revenue grew by an astounding 52.7% per annum, from Rs 7.9 billion to Rs 234 billion.
However, his fame was short-lived cutting for a long time story In short, the company was supposed to be involved in complex scam by siphoning off billions from banks fraudulently. National Bank of Pakistan had highest exposition in terms of lines of credit, so when the company defaulted on the Federal Investigation Agency joined its obligations.
The investigation found that the suspects purchased a loan from the National Bank of Pakistan worth about 54 billion rupees in joint laundering work money through financial fraud. The scam was carried out out by Hascol in collusion with NBP senior management and what of other commercial banks in accordance with head of FIA Sind, and was called by him “the largest in the country financial fraud”.
