The management of Pakistan Stock Exchange (PSX) has removed WorldCall Telecom from the defaulters’ list after the telecom company clarified its position on a business deal.
The telecom operator’s name was added in the defaulters’ list on the request of Huawei International Private Limited for not paying an amount against its services.
WorldCall Telecom termed this demand as completely false and frivolous. It demanded the management of the Pakistan Stock Exchange to withdraw the status of WorldCall Telecom from the defaulters’ list.
Earlier, WorldCall Telecom’s management petitioned to the Lahore High Court to get a stay order earlier in 2018.
In the petition, it explained that a deal of Huawei Private Limited did not work well, hence the company incurred huge financial losses. Later, WorldCall Telecom filed a claim of $930 million from Huawei but it has not received any amount from its former partner company.
The telecom operator made a profit of more than Rs 6 billion after a gap of 5 years. It recorded a profit of Rs.114 million by end of first quarter 2018.