The government successfully recovered Rs2.12 billion that was given to a Chinese company as advance during the Pakistan Peoples Party (PPP) tenure, after work on a power project could not begin even seven years after the agreement was signed.
The project was closed due to some reason in 2015 during the current tenure of the PML-N government.
Dongfang Electric Corporation Limited, was the Chinese company who was tasked to complete the 525MW power project in Chichoki Mallian, Punjab. The government of Pakistan paid a preset amount as advance to the Chinese Company on account of Engineering Procurement and Construction (EPC) contract in 2008, so that work could start on the project.
An agreement was signed between Northern Power Generation Company Limited (NPGCL) and Dongfang Electric Corporation Limited on April 1, 2008 with the total value of the contract being $345.45 million.
Mobilisation advance of the project was equal to 10% and this payment was made by Pakistan in August, 2008.
However, actual work could not begin till 2015, eventually forcing the Pakistani government to close the project in May 2015. And recently, Pakistan managed to recover Rs. 2.12 billion from the company in question.
post edited
Great, now to move on to Reko Diq gold reserves !