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.
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