Recovering dues: PCB cashes Geo Super bank guarantees
PCB spokesperson says policies of the board bar him from revealing details.
Geo Super logo.
LAHORE:
Pakistan Cricket Board (PCB) has encashed the bank guarantee submitted by Geo Super, the channel that secured broadcast rights of the series against Sri Lanka in the United Arab Emirates, as it failed to deposit the second installment of $1.8 million.
The PCB spokesperson, however, refused to comment, saying the policies of the board bar him from revealing details of the agreements signed with its partners.
While commenting on the issue, Geo Super chief Muhammad Ali said that the channel does not owe money to PCB after the bank guarantee was cashed. The dues have been cleared and there is no question of defaulting.
During Najam Sethi’s interim term as PCB chief, who was associated with the channel, objection was raised that his office can be used to protect mutual interests. However, the UAE series rights were awarded to Geo ignoring the objections.
According to a TV channel report, Geo Super did not pay the dues within the stipulated time, despite repeated reminders by PCB. Subsequently, the cricket body decided to cash the bank guarantee to recover its dues.
Published in The Express Tribune, February 19th, 2014.
Pakistan Cricket Board (PCB) has encashed the bank guarantee submitted by Geo Super, the channel that secured broadcast rights of the series against Sri Lanka in the United Arab Emirates, as it failed to deposit the second installment of $1.8 million.
The PCB spokesperson, however, refused to comment, saying the policies of the board bar him from revealing details of the agreements signed with its partners.
While commenting on the issue, Geo Super chief Muhammad Ali said that the channel does not owe money to PCB after the bank guarantee was cashed. The dues have been cleared and there is no question of defaulting.
During Najam Sethi’s interim term as PCB chief, who was associated with the channel, objection was raised that his office can be used to protect mutual interests. However, the UAE series rights were awarded to Geo ignoring the objections.
According to a TV channel report, Geo Super did not pay the dues within the stipulated time, despite repeated reminders by PCB. Subsequently, the cricket body decided to cash the bank guarantee to recover its dues.
Published in The Express Tribune, February 19th, 2014.