PTCL BESOS Trust Formed

A delegation of CBA workers union of Pakistan Telecommunication Company Limited (PTCL) led by the Secretary General Lala Muhammad Hanif held a meeting with the Federal Minister for Privatization Senator Waqar Ahmed Khan.

The PTCL CBA Workers Union gave three names of their office bearers for the establishment of PTCL Benazir Employees Stock Option Scheme (BESOS) Trust. The names include Mr. Muhammad Waseem Minhas Senior Vice President, Mr. Muhammad Iqbal Senior Vice President-2 and Sardar Aurangzeb Vice President. The Privatisation Commission (PC) formed the PTCL UFONE BESOS Trust and got it registered today.

The delegation termed the free of cost distribution of 12 % GoP shares under Benazir Employees Stock Option Scheme (BESOS) as a ‘revolutionary step’ of the present government and expressed that the sense of ownership in the company would make them more responsible to work uninterruptedly and make the entity more profitable as the recipients of shares unit certificate would also be eligible to get due dividend.

The delegation expressed their gratitude to Senator Waqar Ahmed Khan for extending his cooperation for the implementation of the scheme and assured the Minister that the scheme would improve the relations between the management and the employees in the larger interest of the company and the nation.

Senator Waqar Ahmed Khan said the BESOS scheme approved by the Federal Cabinet covers employees of 80 State Owned Entities (SOEs), which has been envisaged in accordance with the vision of Shaheed Mohtarma Benazir Bhutto – who always attached great importance to the uplift and empowerment of the workers. The President Asif Ali Zardari and the Prime Minister Yousaf Raza Gilani also are determined to make the workers as owners of their respective entities, he added.

The Minister directed the Privatisation Commission (PC) officials to get the PTCL and other entities “trust” registered at the earliest to transmit the benefits of the scheme to the workers without any further delay. So far, 39 BESOS Trusts have been registered under BESOS. The establishment of BESOS Trust in Pakistan Steel Mills Corporation (PSMC) and Pakistan Steel Fabrication (PSF) are at final stage while Trusts in the remaining organisations are under process.

  • Adding Benazir to every crap the goverment does, does not authenticate its a good step. It just leaves out a trace for the comming govt to clean up. I am sick and tired of the name Benazir by now. If the govt could have its way they will replace Quaid with Benazir everywhere and change the name of Pakistan to Peoples Republic of Benazir. Ironicllay they are dumb and selfish enough not to care about the people though.

    Informative post though, I do feel that this should not have been done, PTCL is already a financial mess + overstaffed white elephant. why give out stock options now… the govt throuwing out money with both hands again… as they are doing with buying cars,petrol, houses, guards, police, services for THEM SELVES and NOT for the PEOPLE of PAKISTAN….

  • Sounds interesting.
    I was wondering if there would be some post on the new Qubee rates. The price is great and service is really good too. Subscribe for only 500 rupees!

  • LAHORE- A Civil court on Monday ordered Pakistan Telecommunication Limited (PTCL) authorities to submit details of PTCL assets before the court.
    As the counsel of Global IT Vision civil Pvt had filed a suit seeking damages of Rs. one billion from PTCL for suspending services to the IT Company without any legal justification. The court had already issued notices to PTCL Chief Executive, Senior Executive Vice President Tariq Salman, General Manager Muhammad Bsharat Qureshi and Senior Manager Nadeem Abbasi.
    The suit for damages was filed by the Company’s counsel Azher Siddique Advocate.
    Petitioner’s counsel contended that PTCL had suspended agreement with IT firm on May 4, 2010 and suspended SIP services to the company without giving an opportunity of hearing to company.
    Counsel said that due to suspension of services, the Company has to bear loss of billions of rupees and suspension by PTCL also tarnished the image of the company.
    He prayed before the court to freeze all the assets of PTCL and put names of senior officials including a foreigner on exit control list (ECL).
    Azher further prayed the court to direct PTCL to submit Rs. one billion as security so that PTCL could not sell the assets of the company in case of a decision against it.

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