Karachi Electric Supply Corporation (KESC) has sought waiver of interest of Rs 161.860 million, claimed by Karachi Nuclear Power Plant (Kanupp), sources in Pakistan Atomic Energy Commission (PAEC) told Business Recorder. They said that the government had already paid Rs 922.588 million outstanding dues prior to June, 2001, to Kanupp out of the funds released by Finance Ministry for this purpose. Kanupp, however, has further claimed Rs 161.860 million on account of interest on the outstanding dues for the period from January, 1997 to June 1998.
According to these sources, the Committee on KESC Privatisation had recommended that the operational shortfall of the utility would be bridged through GoP funding and even the payments of fuel and power purchase bills would be paid from GoP funds.
The committee in its recommendation had directed Finance Ministry to pay an amount of Rs 923 million to Kanupp, out of the savings of Rs 2 billion from annual subsidy to KESC for financial year 2003-04. The concerned ministry implemented the directives and paid Rs 923 million to Kanupp but the latter again demanded Rs 161.860 million as interest on account of outstanding dues for the period from January 1997 to June 1998.
Sources said that Water and Power Ministry has sought comments from Finance Ministry, Privatisation Commission and PAEC on the subject before seeking formal approval of ECC. All concerned ministries have supported the proposal, which is expected to be approved by the competent forum in its next meeting.
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