The Secretary Privatisation Commission Shahab Khawaja and the Chief Operating Officer Army Welfare Trust (AWT) Major General Abdul Jabbar Bhatti (Retd) on Wednesday signed an agreement for the settlement of long due proceeds amounting to Rs,874.062 million of Wah Cement.
The Minister for Privatisation Senator Waqar Ahmed Khan and MD, AWT Lieutenant General Imtiaz Hussain (Retd) also witnessed the ceremony, says a statement issued by the Privatisation Commission here. With a view to facilitate the recovery of outstanding receivable the CCOP had directed to recover the principal amount with simple interest and waived charging of mark-up on the mark-up. All the defaulting buyers were approached but their response was dismal.
As the receivable of PC stood at Rs 7.571 billion, the Privatisation Minister Waqar Ahmed took note of the situation and directed to engage all the defaulting buyers afresh in the best business manner and to recover the dues forth-with in national interest.
He opined that once these cases were settled, PC would not only save lot of expenditure and efforts on litigation "but these investors would be able to take part in our future transactions also." Accordingly, ACL Wah management/AWT was approached for early settlement and to end fifteen years old on-going litigation. -PR
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