The revelation came as NAC´s financial statement showed growing losses due to its shrinking market share which the company cited on unavailability of aircraft to service its routes. The financial statement showed NAC earned Rs 163.9 million while its expenses crossed Rs 264 million. [break]
OAC said it stumbled on the uncollected due when it scrutinized NAC´s financial statements till mid-April 2012 and that the unsettled payments had been rising steadily over the years.
“No initiatives have been taken by the NAC so far the to recoup the money,” the report said. " Most of the agents and stockiest were given permission to sell tickets under the condition of making payment within 15 days, this however has been limited to agreement letters as many have not cleared dues for more that 10 years."
According to senior official of OAG there was little chances of recouping the money as the airlines was not transacting with 488 parties since 2005. Likewise, no transaction was carried with 960 parties last year. The report further said the outstanding dues might be higher as many entries were missing and accounting system of NAC was poor.
NAC meanwhile, said it was following up on efforts to collect the money.
“We are continuously following collection of the dues.” Spokesperson of NAC Raju K.C said adding the airlines had sought legal channels over the mater. “We have won many such cases whereas some cases are under consideration, but the dues are yet to be cleared,” added he.
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