Seventy-three percent shares of KESC company were sold to a Saudi enterprise namely Kanooz-ul-Watan on February 4, 2005 @ Rs 1.80 or so per share, reported by newspapers, whereas the quoted price at the Karachi Stock Exchange on that date was more than Rs 8 per share. This is a clear indication of the fact that either it was an under the table deal or was meant to oblige the Saudi enterprise which has their well-wishers in the government's highest authority. The story does not end here. Again, according to newspaper reports in spite of the fact that the buyer company was legally bound to deposit Rs 20.04 billion as bid money within fourteen days of the acceptance of the bid they have failed to pay till today.
Instead of cancelling this deal and confiscating the bid money of Rs 100 million within fifteen days of acceptance the Privatisation Commission has now deputed their representative to go to Saudi Arabia and beg of the buyer company to very kindly pay Rs 20.04 billion as soon as possible. It has been reported that the buyer has promised to pay Rs 20.04 billion soon which is again an evasive technique.
According to reports the government has invested Rs 20 billion a few months before selling to a Saudi Company just to get 0.04 billion to hand over the management of the company. The government has already posted a senior army officer to organise the affairs of the company to bring it out of red. Has he failed?
Why this extra favour was done cannot be understood.
I request the Chairman of the Privatisation Commission to give his reply on the following points for the satisfaction of Pakistani citizens:-
1. why shares were sold @Rs 1.80 when the same were being sold in the stock exchange at more than Rs 8 per share. Why shares were not offered to the general public as in the case of KAPCO and OGDC which were highly over subscribed.
2. Why the deal was not cancelled and the deposit money of Rs 100 million was not confiscated when the buyer failed to pay Rs 20.04 billion within fifteen days of acceptance.
3. Why a senior officer was sent to Saudi Arabia to beg of the buyer company to deposit Rs 20.04 billion long after the commitment date had expired.
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