CEO of MPL Muhammad Junaid have said that the agreement made to procure fuel for Meridiam is an invalid agreement and that he is sad to see that the court ordered to retain an invalid agreement.
Speaking to Miadhu News, Junaid said Civil Court released a verdict at a time, they have appealed the case at High Court.
“ The next issue is the price. If we have to buy fuel from them we have to pay 12 Rufiya per liter. It is possible and we have offers to get a liter for 7 Rufiyaa. Even STO is selling for only 8 Rufiyaa. But we have to buy the same thing from Meridium for 12 Rufiyaa. Is it not a huge financial loss for a company that has to buy a lot of fuel? “questioned Junaid.
Junaid said that while the government is doing a lot of work to develop the state-owned companies, this issue will result in a huge loss for the state and the people in general. He said that the companies will be successful when they are able to free themselves from such huge losses.
MPL says that the agreement made with Meridiam was not passed by MPL board and hence it is an invalid agreement. However, Meridium says that it is valid.
Meanwhile, STO has appealed a case in High Court, where Meridium has to pay more than 19 million Rufiyaa to fuel STO supplied to Meridiam.
Sad to see that the court ordered to retain an invalid agreement : Junaid
