Etisalat is Holding $1 Bln Pakistani Payment For an Year Now

We have reported earlier Etisalat, the buyer of Pakistan Telecommunication Company (PTCL), has withheld at least three installments valuing around US one billion dollar for more than a year, due to dispute with Government of Pakistan.

• Etisalat Holds $799.3 Mln Payments Till Transfer of Properties
• Etisalat Withholds 3 Installments – GoP May not Facilitate the Dispute
• Dispute Between GoP and Etisalat over CMPak’s LDI License Strengthens
• Is Etisalat Hurdling in 3G License Auction in Pakistan?

We have discussed in details about the dispute and discussions that went between GoP and Etisalat.

Now, Mohammad Omran, Chairman Etisalat has said that Etisalat will stop payment if dispute is not resolved by the Government of Pakistan,

“The Pakistani PM has assured the Etisalat delegation, in a recent meeting, of his full support, but at the same time he has expressed concern over the payments owed to Pakistan’s government,” Waqar Ahmed Khan, Pakistan’s minister for privatisation, recently told a UAE based newspaper.

“We will do all we can to assist Etisalat but we want this issue resolved and cash transferred to the exchequer as soon as possible,” he said, adding that formal talks would start “within days”.

Omran had said in April that Etisalat planned to increase its stake in Pakistan Telecommunication by another 25 percent.

Via: Maktoob