Etisalat, the UAE based telecom company, has once again denied Pakistani officials to pay the pending payment of USD 800 million or Rs. 68.8 billion for buying 26 percent shares of PTCL, reported Express Tribune.
Etisalat, according to paper, even rejected an offer from Pakistan government to pay USD 600 million, against a waiver of remaining USD 200 million. Instead Etisalat hinted at releasing money against getting more PTCL shares.
This major setback to the government’s comes at a time when yearly budget is just nearing and government is trying to bridge the gap between income and spendings.
For the purpose a secret mission, led by Interior Minister Rehman Malik, was sent to convince UAE rulers to use their influence on the company and get the withheld amount released.
The finance ministry has been striving to get the $800 million released before June in a bid to utilize the money for financing the budget deficit.
It merits mentioning here that Etisalat is holding payment due to non-transfer of lands by the Government of Pakistan. Then privatization ministry made a mistake by committing that the government would transfer over 3,200 properties of PTCL to Etisalat, which hasn’t happened so far.
Etisalat management has taken a stand that Pakistan has violated the sale agreement that clearly linked the deal with transfer of PTCL properties.
Sources said though the government has transferred most of the properties, it has been unable to give clean titles due to the litigation process.
Express Tribune writes that Pakistan also asked Etisalat to release money for the properties that have so far been transferred. The value of such properties has been estimated at $300 million, but the PTCL management did not agree to this.
Via Express Tribune
Seems, Soon PTCL would have a tag with it ‘UAE TELECOM’.
What the hell, PTCL stands for (PAKISTAN Telecommunication Company Limited) but if they really want to sale out all shares, why its name should be PTCL?
Change it to ETCL (ETISALAT Telecommunication Company Limited).
Greedy Arabs. They need to go back to camels and flying carpets
They’re not the ones who are greedy, it was Shaukat Aziz government that sold PTCL in bad process to them for $2B.
We said. They really deserve for it.
Well, we can we do? Government knows better what to do with National Sectors.
PATHETIC!! They have sold off perhaps the only goevernment asset that looked like it was going to make some money… and worst part is, they still havent been paid for it?? I mean how the F*** is this even possible?
The ETISALAT board is milking money while they havent even paid for the company!!
Looto Pakistan ko aur looto.
What a shame and stealing mentality by Etisalat. The money of 800 million dollars belongs to the people of Pakistan and must be recovered. So much for the Arab “Brothers”! It was reported in recent parliament that UAE rented Shamsi Base from Pakistan and then turned around and rented that to american Forces for their operations. Eveyone is looting Pakistani nation.
I cant stop myself clarifying an important point in this glaring fiasco, the transfer of property is not to Etisalat by any means, this is a transfer of property titles to PTCL,, which has evolved over a period from T&T dept, PTC to PTCL in 1996, so during the journey, many of its properties are not yet effected to “PTCL” name, rather still named to provincial govt depts/wings, so this was agreed during the transaction process, that all such properties shall be transferred to the name of “PTCL”, and dont forget that PTCL is is still owned 62% by GoP.
For those who feel that UAE is our friend should really wake up and smell the camel dunk. If you calculate what they have paid so far , it has come out of PTCL itself ; esentially they have blackmailed our Government into a corner in which GOP is still holding the majority but does not do anything about not getting paid. UAE’s involvement in Shamsi base is also not a shocker and follows a pattern of exploitation which is clearly misunderstood by the public. There are clear evidences of UAE Govt involved with funding instability in Balauchistan as well … what would it take for the Govenment to cancel the sale of PTCL … well nothing really as everyone is probably either being paid off or blackmailed !
The terms of the original sale have been amended so many times that this deal does not make any sense. The question is if someone will do something about it.
My PTCL shareFolio No. is P-7523. I had not been receiving my annual benefits since 2006 and 2007 due my change of residence add. from H.No.55, St.14, Margalla Town, Islamabad to Aabshar Colony St. 2, (Bilal Lane) Warsak Road Peshawar.Please correct the add and the balance share amount not since paid may be forwarded on my new add. my cell no. is 03345284582
Muhammad Asif Sahibzada Folio No. P-7523