62 percent shares in PTCL: government receives dividend income of over Rs 26.954 billion

Government of Pakistan (GoP) owns 62 percent shares in PTCL and has received dividend income of Pak Rs 26,954,077,941 since 2006 over its shareholding while Etisalat received Pak Rs 11,271,000,000 dividend income against 26 percent shares.
Senator Waqar Ahmed Khan Federal Minister for Privatisation informed the National Assembly's Standing Committee on IT & Telecommunication, which met under the chairmanship of Chaudhry Muhammad Barjees Tahir here on Tuesday.
While standing by his statement in the National Assembly over PTCL deal Senator Waqar Ahmed Khan urged the members of the Committee to form their opinion and recommendations in the light of the facts explained being the apex body. We were the custodians of the assets of the people of Pakistan and our mandate was to work for welfare of the people of Pakistan, he said.
He further informed that the then Minister highlighted all the irregularities committed during the privatisation process of PTCL and sent them to the full cabinet, which gave approval and validated the deal. It was not our contractual obligation to transfer or mutate the property in the name of PTCL, however, government intended to facilitate them and approach the provinces which have agreed to do it on 50 percent rate, he informed.
The Minister added that the present leadership of Government was determined for not compromising on transparency of the process and the sovereignty of the country and want to resolve and rectify the matter by observing best efforts to close the transaction in an amicable manner and to get out 799 million dollar back, which were now over due.
Replying to a question Senator Waqar Ahmed Khan said that we were in the process of enhancing the value of our assets through restructuring of our entities and to avoid any such lapses in future, the performance basis clauses would be inducted in future transactions.
Earlier, the Chairman National Assembly's Standing Committee on IT & Telecommunication, Chaudhry Muhammad Barjees Tahir observed that the country's interest was not safeguarded in both the PTCL agreements while more than 200 telephone exchanges have been dismantled and the employees were being disturbed in many ways. The Advisor to PM on IT Latif Khosa, Federal secretaries of Ministries of IT & Telecommunication and Privatisation were also present in the meeting.-PR