ISLAMABAD: Supreme Court on Tuesday dismissed National Oil Refinery’s appeal against imposition of fine by State Bank of Pakistan (SBP) and directed the refinery to pay Rs 3.05 billion to Saudi oil company Aramco on account of late payment.
A three-member bench of the apex court headed by Chief Justice Mian Saqib Nisar heard the case filed by National Oil Refinery against fine imposed by SBP over late payments to Aramco.
It is to mention that SBP was the guarantor of agreement between National Oil Refinery and Aramco. The SBP imposed fine on National Oil Refinery over late payments to Saudi Oil Company.
Chief Justice Mian Saqib Nisar remarked that SBP was the guarantor and the agreement was between companies instead of countries. He remarked that the SBP imposed fine on refinery for not making payments in time according to law.
Advocate Saddiq Mirza counsel for Federal Board of Revenue informed the court that SBP imposed penalty according to law and pleaded the court to dismiss appeal. While accepting the stance of FBR, apex court dismissed the appeal of National Refinery and maintained the decision of SBP.
