Tuesday, 11 September 2012

Capital Oil Faults Indictment over subsidy fraud

One of the indicted oil marketing companies, Capital Oil & Gas Industries Ltd, by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments headed by Mr. Aigboje Aig-Imoukhede, has described as “very shoddy”, the report, which recommended it for criminal investigation.
Capital Oil & Gas in a statement said the committee erred by accusing it of infractions by making claims of subsidy payments without proof of existence of the mother vessel bill of lading or daughter vessel bill of lading, in spite of indisputable documents evidencing the purchase, payment, sailing and discharge of the cargo in question.
The company also argued the committee was wrong to have recommended that it collected subsidy payments for which proof of mother-vessels were not found in locations claimed at the time of transshipments. This, it said, was notwithstanding that all the relevant documents regarding the importation of the cargo, including mother and daughter vessels documents and the bill of lading was made available to the committee.
In addition, Capital Oil & Gas said it had provided to the committee, letters from Vitol S.A and Delany both internationally-recognized oil trading companies confirming the transshipment and vessel positions, transshipment from International Cargo Surveyor Inspectors (SGS), one of the key inspection companies worldwide.

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