AGP is Asked to Audit Privatization Deals, Including PTCL

The Privatization Commission (PC) has approached the Auditor General of Pakistan’s (AGP) office requesting to arrange special audit of 12 major privatization transactions, including PTCL, reported Daily Times citing official sources.

Newspaper reports that the present government while taking over the charge after election had decided to investigate the privatization transactions, which were completed during the Musharraf’s tenure.

In house review of the transactions has revealed that these transactions need in depth audit so that it could be established that due care was not done and that resulted in losses to the national exchequer.

After completion of privatization transactions so far, some 190 cases have been filed against such transactions or buyers have filed cases against the government, as transparency was the main issue.

Some Rs 7.6 billion of privatization proceeds, over $1 billion PTCL privatization proceeds, have been facing delay due to the technical and legal lacunas left in the privatization agreements signed with the buyers.

Although the Privatization Law provides special protection against the privatization transactions completed, however, the special audit would try to determine how care was done for determination of reserve price of the national entities and how the valuation of such national assets was determined.

Via Daily Times

  • It is the bigest finanacial gamble in the history of pakistan , a golden egg laying hen of the pakistan was sold out to the Arabs Badowan just for the peanut price, a thow away price and still no payment has been done .

    This transaction is all fraud based and some thing whose foundations, basics are not firm and totally upon the fraud then definitely the whole structure erected on such a fulty foundation is never correct.

    PTCL after its privitization , under the control of Etisalat not only demaged the telecom infrastructure in this country by annoying both the EMPLOYEES and CUSTOMER but also ruined the whole telecom market in this land which resulted in joblessnesss and mistrust betweeen the employee and employer. Haence the Arabs have niether any sense of the telecom Buisiness not they are the Good employers. Arabs are the Worst employers who have no regard of Human Being as a superior creature of Allah

    Arabs are very extravagant and selfish . This all became apparent durin their recent take over and dealing with the people of pakistan within Pakistan in a very cruel way.

    The way the people were kicked out of the job in a fraudulent way and rest of thier foolies and non-sense in tackling the day to day issues .

    And Mushraf was the bigest culprit who handed over the ptcl upon the cost of the future of pakistan to the Arab Badowans.

    There is a lot to be said ,

    As the comments of other people who read it come in . inshaalh more will be written upon this .

    Well it is the bigest finanacail gamble in the history of pakistan and betraying with the nation.

  • My comment is that it was the biggest scandal to privatise PTCL & now the people of pakistan are suffering at the hands of PTCL for their EXTREME POOR SERVICES being provided to the CUSTOMERS & PTCL MANAGEMENT not taking any action in this regard.

  • What a joke. Now that the man behind most of the bigger privatisation deals is advisor on finance.

    The advisor may have been sincere but ptcl privatization was perfect example of beggers not having a choice.

    I don’t think even the AGP team could be competent enough to realize the scam.

    We literally begged uae to buy ptcl after they backed out and the discounts offere were endorsed by the financial advisors. M/s Citibank. Opportunity cost of GoP was used to discount the benefits instead of using the opportunity cost of etisalat….

  • I would suggest boycotting PTCL and Ufone and make it so financially unviable that the Arabs pull out, but it looks like they are destroying both companies without our help. I doubt anything will come out of this AGP thing, so let’s just stand by and watch as this disaster unfold. Ask a country that needs better infrastructure PTCL should be leading the way, we should have more than 550 k broad connections, every school should have a computer lab, every village should have a learning center, with acess to Broad Band. Not filling up PTCL corporate office with pretty girls for the pleasure of our Arab overlords.

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