NAB Includes PTCL Privatization Case in its List of 29 Scandals Submitted to SC

National Accountability Bureau (NAB) has included PTCL’s privatization case in the list of 29 mega scandals, worth Rs. 480 billion, that it submitted to Supreme Court of Pakistan.

Daily Express reported that NAB is defending its performance case in supreme court where it has submitted a list of mega scandal cases that it was working on during past few years.

Including PTCL’s privatization case in the list of mega scandals in the history of Pakistan, NAB reported to the Supreme Court that Etisalat has still not fully paid the proceeds of PTCL’s 26% shares that were sold in 2005.

Etisalat had originally offered to pay US 2.6 billion dollars against PTCL’s shares, however, this figure was later adjusted to US 2.2 billion dollars.

Etisalat, somehow, managed to convince Pakistan Government to pay the adjusted 2.2 billion dollars in installments out of which they haven’t paid more than one third of payment even after 10 years of agreement.

PTCL_Bid

Report highlighted that Privatization Commission has been unable to collect US 800 million dollars or Rs. 80 billion from Etisalat for purchase of PTCL’ shares.

Interestingly the agreement between Government of Pakistan and Etisalat for sale-purchase of 26% PTCL’s share is never made public, despite the fact that PTCL is a publicly listed company.

It won’t be out of place to mention that PTCL’s privatization case has remained with Supreme Court but nothing substantial was decided on it.

Via Daily Express

Tech reporter with over 10 years of experience, founder of ProPakistani.PK


  • Nothing will happen. This is Pakistan. Big Fish don’t get accounted for. No Justice here. Move on to the next news… :/

  • This case is very interesting. There is another case of 14-15 billion dollars or Rs. 1500 billion approx in 2005 Karachi stock exchange and US firm investigated the case.
    More interesting thing is that the Mr. Aamir Atta and many others always love and call fouji bhais to take over the government by arguing that we have corrupt politicians and some stupids even praise Mush that he was true leader.
    Mush has 650 million property in Pakistan and until today he didn’t pay any tax according to himself. Rest he has billions in accounts in uae and own a company and another company he has shares. the above mention corruption of 1500 billion and 80 billion this case which may not be the whole corruption until resolved.
    There is another around 16 billion rupees project of pure water plants at tehsil and union levels all over Pakistan. The money was released but nothing has been build.
    Then another case of selling land in Indonesia by relative of Mush wife who was ambassador there that time in 2006.The office reported the case back here and Mush suspend him for reporting this corruption until in 2008 the man retired from his services. The price of land was unknown because the case was not investigated.Another corruption was found when labor contract made with Malaysia and instead of set price 60,000 the poor labor of Pakistani got visa in 150 to 160 k and extra money goes to Mush friends.
    Then we come to another issue of land grabbing, the Mush get 10,000 canal land in the name of Martyrs and then distributed to his friends. The similar case was in Punjab near Attock where land of around 4000 canals given to his friends. That land includes the Akhori Dam which now can’t be built and the Rajan Pur is flooded every year.
    DHA land grabbing and Dosha Dam land also done by Great kiyani and after 30 years we blaming politicians that after rwal dam they didn’t built any dam but reality is different.

    this corruption of one fouji is more than all politicians. thanks to iftekhar ch. who stop still mills privatization by mush.Else don;t know what happen. the CIA report also reveals that we pay millions secretly to mush gov. about our operations

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