Investment, procurement ventures with Chinese firms/banks: deals must be conducted in most transparent manner: TI

On the occasion of TI release of 'Transparency in Corporate Reporting 2014' and worst rankings of Chinese's companies/banks, Sohail Muzaffar Chairman TI Pakistan has said all infrastructure, power plants, hydro/coal/solar, investment and procurement deals with Chinese companies out of $35 billion package, must be conducted in most transparent manner, in accordance with open competitive procedures, and complying PPRA Rules, as the case may be, to implement with the governments' zero tolerance of Corruption Policy.
Award of hydro power and coal power projects without open tendering, like 1,100MW Kohala Dam at $2.5 billion, and all other projects awarded to any Chinese Company or any other company, without inviting open tenders, needs to be terminated immediately, as these are based on non-competitive bidding rates, and will cause the country very high prices which public will have to pay in future.
Transparency International declares Chinese Companies outside home country in 2014 are again the most non-transparent to prevent corruption, out of 124 companies in world, with Bank of China attaining the worst ranked 124/124 and EU/US divide, ENI of Italy the best ranked 1/124. The report, 'Transparency in Corporate Reporting' released on November 5, analysed 124 companies from the Forbes List of the world's biggest publicly-traded companies. The companies, whose combined market value is more than $14 trillion, are ranked based on their reporting of the measures they take to prevent corruption, information about subsidiaries and holdings, and key financial information about overseas operations. According to these criteria, UK companies are the best performers; Chinese companies the worst.-PR