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May 2008

Global golmal

By Tarunkumar Singhal, Raman Jokhakar
Chartered Accountants
Reading Time 1 mins
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14 Global golmal


The Food Corporation of India may be much maligned for
pilferage. But then, pinching from government stocks seems to be irresistible
for just about everyone, everywhere. Especially when it comes to the essentials
of life. A recent US Congressional audit has found that over the past six years,
some 32,000 barrels of crude oil worth $ 1 million have been filched from the
high-security Strategic Petroleum Reserves (SPR) of the United States. The
barrels would do the vanishing act in transit between the oil refineries and the
SPR tanks. Apparently, poor audit systems were to blame. Since new and tighter
systems are now being put in place, the government is hoping to plug this leak.
But with oil prices on fire, it is unlikely to be too long before bootleg
barrels are on the market again.

(Source : Business Standard, 18-3-2008)

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