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Bulk Oil Storage and Transportation Company Limited (BOST) says it has cut trade commitments by more than three-quarters.
Its chief executive, Edwin Alfred Provencal, revealed that his company paid some $ 585 million of the $ 624 million that was overdue in 2017.
He made the remarks while speaking to journalists from the Ministry of Information on Sunday, September 26.
Mr. Provençal in turn informed the country of the progress of the BOST and the efforts of its structure to improve its activities.
According to the managing director, the company was “a very sick organization in 2017”.
In its presentation, the BOST MD pointed out that around 73% of liabilities were cleared using internally generated funds by June 2021.
This, he believes, is commendable in addition to the roughly 27% provided by the government.
“We did not do it by speaking to the government alone. BOST contributed 73% to the payment of these commercial commitments through our internally generated funds. “
The Managing Director further insisted that efforts were being made to service the rest of the trade commitments by 2022.
A forensic audit was also conducted on BOST’s BDC claims amounting to approximately $ 37 million.
After the Office of Economic and Organized Crime (EOCO), National Security, among other agencies, were called in to investigate the allegations, “each of these companies that claimed they were owed $ 37 million have now agreed that we owed them $ 11 million. “
“We saved this country 26 million euros,” said Edwin Alfred Provencal.
He told reporters that the move was part of efforts to improve the state agency’s books and leave enough space to operate in the country’s oil and gas sector.
Bulk Oil Storage and Transportation Company Limited (BOST) is embarking on a strategy to improve operational excellence and aggressively grow the business.
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