Etisalat Asked to Pay At least $500 million

Government of Pakistan has asked Etisalat to pay at least US 500 million dollars for buying 26 percent shares in PTCL in 2005 – to avoid a breach in the current year’s fiscal deficit target.

In return, the government has made a firm commitment to the Etisalat that it would transfer all the company’s properties to the new owners within 10 days, reported The Dawn. Citing a senior official at the ministry of finance told Dawn.

Because of a dispute with the Pakistan government over the legal transfer of land and property titles, the Etisalat of UAE has been holding back payment of about $800 million of the $2.6 billion PTCL’s privatisation proceeds to Pakistan for about three years now.

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