Pakistan to Takeover PTCL if Etisalat Fails to Pay $800 Million till June 2012

etisalat-db-telecomPakistan has apparently reached its bread limit and has warned Etisalat to clear pending dues of USD 800 million till June 2012 or face hostile takeover of PTCL.

Media reports said that stern warning was conveyed to Etisalat a few days ago to a high level Etisalat delegation visiting Pakistan. The delegation met a government team led by Finance Minister Dr. Abdul Hafeez Shaikh.

The Etisalat delegation’s request for a meeting with Prime Minister Yousuf Raza Gilani was turned down pending resolution of the dispute, reported Dawn.

Keeping in mind Pakistan’s friendly relations with the UAE, the Dubai-based majority owner and operator of the country’s largest telecom firm has been told that it may keep a maximum of $150 million — more than double the value of a couple of problematic properties — but release the rest of the amount (slightly over $650 million) upfront.

Etisalat has held back $800 million in PTCL sale proceeds for well over five years now, although it won 26 per cent shareholding along with management control of the-then telecom monopoly for $2.6 billion in June 2005.

“Enough is enough” was the message conveyed to the Etisalat delegation in the presence of Finance Minister Shaikh.

“If we do not hear a positive response in a month, we shall make sure your flight does not land in Pakistan,” a furious participant was quoted to have told the guests. Moreover, the Etisalat would be banned from bidding in 3G telecom license auction due in a couple of months to raise about $1 billion.

Prime Minister’s Principal Secretary Khushnood Lashari and Finance Secretary Abdul Wajid Rana who is also a government member on the PTCL board of directors were among those who attended the meeting. The strong position taken at the meeting, said the sources, had the full backing of the president and the prime minister.

The Etisalat’s top executive, the sources said, suggested appointing an independent auditor for the valuation of three properties and asked the government side to wait till its conclusion but this was rejected outright.

The unusual stern warning of an extreme threat came following a lot of top level persuasions from Pakistan for the recovery of PTCL dues over the last two years.

The government had sold about 26 per cent shares along with management control of Pakistan’s largest telecom operator in June 2005 when Dr Abdul Hafeez Shaikh was privatization minister in the Musharraf government.

Via Dawn

  • P.T.C.L is functioning nicely at the time being,being realistic if PTCL comes back in the hands of the Government, let me tell u ,all the PTCL costumers are going to be in trouble big time. The government which destroyed RAILWAY and STEAL MILL is also going to destroy PTCL, not to expect much from these ppl…….

  • it will be a great sigh of releif if we get rid of greedy, etisalat.

    it is a fraudulent deal and the outcome of every fraud is a disaster.

    May the customers and employees of ptcl get rid of the cruel etisalat people.

  • In my opinion it would be better if govt somehow again takes back managment control because the etislaat guys have started increasing every possible charge to the customer (e.g, call rates, line rent and recently a hike in DSL prices) and they will continue to increase the load on the customer. The only thing good they did was to slash DSL prices initially but that too was to kill the competition now as they have de-facto monoply they have started increasing prices.

    • U seem to be angry on these increments, just wait for Govt. to take over and then see the prices,,,, THEY WILL REACH THE 7TH SKY…. Not to forget the service quality…

  • This govt plans on eating up as much as they can before they leave the offices next year!

    Govt needs to make sure the organization improves, and doesnt end up like PIA or as Askani mentioned Railways.

    • Rightly said bro……. These leaders want to cash as much as possible, whatever they can, from wherever possible…

      • it is better our govt eats rather those rubbish etisalat management..the President lives in Marriott for last few years and some three dosen useless arabs doing nothing and eating half profit as huge salaries….President is giving huge ammount to lobbying firm

  • Our Arab brothers have looted Pakistan they have taken double the profit out of the company as what they have to pay. I give you example, sat its price is Rs 100, monthly profit is Rs 500 and Etisalate is taking the money back to UAE since more than last 05 years. This is corruption but the advantage taken by Arabs

  • although etisalat is providing the best but it is far better than in govt. control. etisalat must pay amount.
    it becuase of etisalat 80 percent of you are using dsl werna DIAL UP INTERNET yaad hai na

  • The PTA has sold Pakistan to the UAE Royal Family.
    The PTA may want to be subservient to their new Arab rulers but the rest of us Pakistanis are only subservient to Allah.

    Please don’t expect us to kiss the feet of Etisalat. This is only domain of PTA and PTCL.

  • Masla ye hai k gov apne nuksan pura karne kelye ptcl k piche lagi hai har wo project jis mai dollars hain ye zardari gov khana chati hai taake next gov kelye kuch bache hi na jese 3G ka masla I think ptcl next gov tak paise na de to acha hai kam se kam zardari se bach jainge 4 saal mai 8500 arab ki curruption zara socho to agar ye gov koi 1 masla bh hal kar deti to baat th N leag bh kam nahi hai apr us k credit par kuch bade kaam to hain ppp to totaly curruption par hai har har tarha se loot maar ho rahi hai bas loot maar dua karo PTI ki gov ban jay ab faisla ham jawano ko karna hai hame fresh politition chaye jo jawan hon kaam karne ka hosla ho hame N leag ya ppp jesi family limited nahi. PTI jesi public limited party chaye jo hamari ho hamare liye soche. Zara socho to 5000 megawat ki shortig door nahi ho saki sab kuch hai gas wind hydro power solar panel potentional or 5000 megawat ki kami ye mazak hi hai ya to ham pagal hain ya ya ham hi pagal hain saudia ya china ko dekho 100 saal ki reserve bijli bana k bethe hain world class dams solar plants wind project atomic electric zaroorat se hazar gunah ziyada paida krahe hain apne logon ko almost muft bijli de rahe hain

    • @Maham,
      Jis din hm ny in ghaddar, lalchi, zameer-firosh, corrupt aur nalaiq-tareen looters sy jaan chhura li, wo hamara yaom-e-azadi hoga…….

      Jis bndy ko ye baat smaj aa gai, mn smajhta hon k wo waqai inaano mn shumar hota hy…… warna to ham sy ek gadha acha hy, k jis par agar us ki bardasht sy ziada bojh lada jata hy to wo b shor machata hy aur agay chalny sy inkar kar deta hy…….

  • Guys remember, last year etisalt was agreed to pay but on more shares in ptcl. All of you should read the story of arab camel. Once they enter into yout home you will be expell from your home.
    In UAE or in other arab countiries you can not do business in yout name and we sold our prestigious department to these arab bhudos. Why we are feared that GoP could not run state dept, Ufone is successful eamaple. If we think GoP is not abale or competent to run state depr it means we are fail nation.We should trust on our shoulders. Togther we can build a better pakistan.Inshallah

    • totally agree with Misa.

      it is our own fault that why the Arab baduins have been allowed to take over ptcl without paying its price all together right in the begining.

      what sort of deal is this that one should take complete control of some ones else property/buisiness and then start paying the installment ???

      can such a deal be called a fair deal ?

      absolutely no,

      ptcl privitization is a financial gamble in the history which cannot be ignored so easily.

  • Eitisalat has destroyed PTCL. I wish Govt takes it over. They even have taken back what they paid in terms of management fee

  • at the time in year 2005 when the privitization of ptcl was going to happen, we , the suppressed employees of todays ptcl, used to say” pae wasta rah PTCL say, umeed-e-etisalat rakh ”

    but now it is totally opposite after having seen the real face of the Arab baduins,

    now we can safely state that the Etisalat are the worst employers and the Arabs baduins have no respect of human beings

  • They are failed to fyt into Pakistan’s situation…
    and unable to fought with future challenges..should leave Pakistan

  • Pakistan must take over back PTCL from the hands of Arab Looters. Incompetent Arab Buddoos who are here to take profit and doing in fact nothing. Some under 19 team like Mazhar/SEVP and Nasrullah/CTO who have not even think of these senior positions 5 years back are there due to making jobless hundreds of senior expereinced staff by terminating them with the help these Arab idiots through cheating. They offered them first NTC and when they accepted it, they terminated them in the name of re-orgnization. Both Mazhar, Nasrullah and many oppotunists are taking their salaries in millions now, without doing anything except forwarding useless mails here and there. If some company audits them, they will see they are doing nothing- do not know the work even.

    GoP should immediately take over PTCL without waisting time furthur, and kicked out these Arab looters to their country and under-19 team should be immediately terminated in the interest of Pakistan

  • No good will come out of the deal. Etisalat has to pay the dues as it is nothing short of criminal. The Pee Pee government, however, should not be considered a hero if it does take back control. Remember it was Hafeez Sheikh who handed it over to Etisalat in a controversial deal. Now he wants to take it back to embezzle more money. Subscribers will be the only losers in any outcome.

  • Etisilaat management is corrupt at all…..
    I Want to work under Pak management..
    Jeevay jeevay pakistan
    Go etisalaat GO……….!!!!!

  • maray dosto lagta hai tum bhool gaay ho jab tum telephone theek karwanay k liay Line man ki minat kartay thay or telephone theek karwanay kay liay rishwat dani parti thi.
    lakin aaj Etisalat hai or Line man ki majal nahi k aap se rishwat le sake.
    shayad aap bhool gaay ho jab etisalat nahi thi to sirf Cyber DSL provider thi or 256-kb k charges Rs.15000 thay. or aaj ptcl 256-kb k sirf Rs.300 lati hai.
    theek hai hamari Govt. Corrupt hai uss ne khoob maal banaya PTCL ko private kar k. agar aap logo ko beizati karni hai to apni govt ki karo Etisalat ki Q kar rahay ho. ghalti tumhari Govt ki hai. Q K Govt ne PTCL ko sale kiya agar Etisalat na lati to koi or le leta. socho to sahi kon ghalat hai.
    aaj agar pakistan main DSL aam hai to Etisalat ki waja se hai. aaj agar PTCL main Fiber ki line hai to Etisalat ki waja se hai agar Govt ki hoti to tumhara phone mahino kharab rehta.

  • Oye Asif to SEVP Mazhar ka beta ha jis key salary 70 lac per month hay Etisalat ka agent ha last 5 year Ptcl pay scale not revised of hard worker employees odf ptcl

  • close