ISLAMABAD – Pakistan seeks $800 million payment from United Arab Emiratesgovernment.
Prime Minister Imran Khan has directed Advisor Finance and Revenue, Dr.Abdul Hafeez Shaikh, to approach United Arab Emirates’ (UAE) government forpayment of the remaining $800 million from M/s Etisalat, sources revealed.
These directions were given in a meeting of the economic team, wheredifferent issues relating to the economy were discussed. Dr. Hafeez Shaikhheld the portfolio of Privatization Minister when 26% of PTCL’s shares andmanagement control were sold to M/s Etisalat.
Originally a 100% state-owned corporation, the shareholding ofgovernment-owned PTCL shares was reduced to 62% after 26% shares andcontrol were sold to Etisalat Telecommunications, and the remaining 12% wassold to the general public in 2006 under an intensified privatizationprogram during the tenure of Prime Minister Shaukat Aziz.
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Last year, Asad Umer while presiding over a meeting of Cabinet Committee onPrivatisation (CCoP), decided to sell the remaining shares of PTCL.However, the decision has not yet been implemented.
Etisalat has withheld $799.3 million because of the non-transference ofsome PTCL properties in Sindh and Punjab to PTCL.
