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Under-pricing of Brazilian Sugar

PSI company slapped with Tk 12 crore fine

STAFF CORRESPONDENT, Ctg
Customs authorities have slapped a fine of Tk 12 crore on Bureau Veritas, a France-based PSI (preshipment inspection) company for showing less CRF (clean report findings) value for 34,200 tonnes sugar imported from Brazil in 2005.
Sources said an official circular in this regard was issued on Tuesday on completion of an investigation into the scam, which caused a huge loss to the government's revenue income.
Customs sources said three importing firms — Abul Khaer Condensed and Beverage Ltd, M/s AK Corporation and M/s Supreme Food Industries Ltd - in November 2005 imported 34,200 tonnes of sugar from Brazil on board MV
Sarim.
Of the importers, Abul Khaer Ltd imported 22,700 tonnes, AK Corporation 6,500 tonnes and Supreme Ltd 5,000 tonnes The supplier of the sugar was ED & F Min Sugar Ltd (England) of Brazil, the sources added.
Burue Veritas had issued the CRF for the imported sugar of Abul Khaer and they showed CRF value at $367 for per tonne.
On the other hand, UK-based PSI company ITS issued CRF for the other two firms certifying the CRF value at only $262 for per tonne
Although the sugar was imported from the same supplier, difference of price against per tonne was surprisingly $105. The customs officials concerned could not find any reason to this discrep-
ancy.
Meanwhile, a team of task force while digging deep into the matter has recently detected some stunning information, sources say.
They say the freight charges of the imported sugar was supposed to be $80-$90 per tonne, but the importer had showed it at only $30-$40 depriving the government of huge revenue.
The sources say the PSI company was ordered to pay the fine within 10 days of the issuance of the order.
Different trade bodies in the country have long been demand ing that the government rescind the PSI system. They allege five companies -- Bureau Veritas, ITS, BSI, Cotecna and SGS -- were involved in various sorts of irregularities.
A payment of over Tk 52 crore was given to Bureau Veritas by the government for pre-shipment inspection in 2006-2007 fiscal year, sources said.
The five companies together received an amount of Tk 174.9 crore from the government for the task in the same fiscal year.