Government of Pakistan has made all possible efforts to recover $800 million from Etisalat against the partial sale of PTCL in 2005-06, but all attempts, incentives or even threats remained unfruitful.
The government is struggling for this badly needed $800 million for over five years now, but Etisalat is stand still on its day-one stance since the dispute surfaced in early 2009.
Ishaq Dar, Finance Minister, was yesterday quoted by Reuters as saying that dispute is finally nearing its conclusion.
“The release of funds is expected shortly”, Dar told Reuters — a statement that we have heard over and over again during past few years.
Payment dispute between Etisalat and Government of Pakistan roots back to 3,248 properties that Pakistan had to transfer to PTCL under the sale purchase agreement.
Etisalat was maintaining that Pakistan must transfer these properties before its $800 million are released.
While majority of properties have been transferred, PTCL is still to gain the possession of 31 properties, but these are unlikely to ever be transferred due to various reasons including legal impediments.
Etisalat, on the other hands, is rigidly committed to hold the payment till all properties are transferred to PTCL, something – as mentioned above – that is not possible at all due to legal limitations.
Pakistan has repeatedly offered Etisalat to deduct the value of disputed properties and clear the remaining dues, but nothing has changed the situation.
It seems that Etisalat will keep holding of payment for next few years – as remaining properties are unlikely to be transferred to PTCL – while it appears that Government of Pakistan will have to decide punitive action against the group to finally recover its money.
For your reference, check below the selected history of the dispute between Etisalat and Government of Pakistan.
- Dec 2009: Etisalat is Holding $800 million Pakistani Payment For an Year Now
- Jan 2010: Etisalat to Pay $800 mln to Pakistan by March 2010
- March 2010: Etisalat May Further Delay Pakistan Payment
- Jun 2010: Etisalat Asked to Pay At least $500 million
- Jul 2010: Etisalat Looking for Discount in Discounted PTCL Deal
- Sep 2010: Privatization Minister Urges Earliest Resolution of Issues with Etisalat
- Feb 2011: Zardari Secretly Visited UAE to Settle Issues with Etisalat
- May 2011: Etisalat Agrees to Pay Pending Payment Against More PTCL Shares
- Oct 2011: Etisalat Assures Pakistan for Release of US $ 800 Million
- Feb 2012: Etisalat to Deduct $73 Million for Properties to Settle $800 Million Dispute with GoP
- April 2012: Pakistan to Takeover PTCL if Etisalat Fails to Pay $800 Million till June 2012
- Dec 2012: PM Tells Etisalat Chairman to Clear Pending USD 800 Million
- July 2013: Etisalat to Pay USD 800 Million Soon: Anusha Rehman
- Dec 2013: Anusha Rehman Meets PTCL President for Recovery of Etisalat Held USD 800 Million
In other news Government Relaxes all taxes linked to individuals from Middle Eastern Countries, Sigh.
When governance is weak within the country external companies don’t really care as illustrated by Etisalat.
Sahi kaha beta Aap ne. I totally agree.
In case there is no legal limitation and Etisalat is unwilling to pay, Nawaz Gang should strike an under the table deal with them, of course favoring their peers and relatives as is their norm, to recover actual sum minus the property value but adding the late payment penalty. This way at least some hard earned money of Pakistani people would be added to the national exchequer. The thing required is the will to do this.
pti supporter detected without having knowledge just wrote an blunder
Even he should know that Nawaz Sharif Govt. cannot recover this :P
aray choro shiekh saab inhay aap karachi ajaye phir mil ker maqabla kertay hai …
@aamir7:disqus, I saw your comment on facebook, basically you know we all hearing this from years. The issue of properties will never be resolved and things will remain as they are but you still wrote this news like others.
wait for sometime untill we get a confirmation statement from both sides as Dar said soon the issue will be resolved.
By the way in short ” Time na zaya kro na koi or news day do iskay ilawa”
tl;dr:
For compensation it will be great if Etisalat manufacture small cellphones and distribute them free of cost in Pakistan.
kyun koi lene ka irada hai kia.Inaam ghar ajaty Q mobile day raha tha main
main aaon zror aao ga Inam Ghar apny ghar k darvazy onchy karwa lain apnay 1800 karor chany walo ko bhi lao ga
itni lambi na choren qadri sahab, 18 crore tak to theek tha 1800 carore to adhi dunya bun jati, hindu to nhi mila liye sath main :D
Yahoodi bhi shamil hai
ye shamil ka word kch doubtful hai wese ;)
bas yahi tu sunna baqi rehgaya tha aap k mo say … :p
brother Islamic country :P
brother Islamic country :P
Pakistan should do what India did to Etisalat. ..only then they will learn a lesson! Laton kay bhoot baton say naheen mana kartay!
I know Etisalat very closely, everyone in UAE knows that they are the biggest cheats and fraudsters there!
How Dar Nawaz and Co. along with other members of so called Pakistani elite who has vast investments and properties in UAE can flex their muscles for recovering 800M$ from Etisalat the Firm owned by UAE royalty. Wait for the Enqalab to come