NAB files reference against Instaphone for not paying license renewal fee

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NAB files reference against Instaphone for not paying license renewal fee

ISLAMABAD: National Accountability Bureau (NAB) on Tuesday filed a reference in Accountability Court Islamabad

against Javed Feroz, Shahid Feroz and six other Directors of M/s Pakcom Limited (Instaphone) in matter of willful default on account of License Renewal Fee.

As per details, Pakistan Telecommunication Authority (PTA) on April 15, 2005 gave option to Pakcom (Ltd) of either switching to Global System for Mobile (GSM) with 10 + 10 Mhz frequency bands Or Code Division Multiple Access (CDMA) with 7.38 + 7.38 Mhz frequency bands.

Pakcom (Ltd) selected CDMA and signed the license. First installment of license fee amounting to US $ 14.55 million was paid by M/s Pakcom Ltd on April 18, 2005.

In 2005, M/s Millicom (foreign investor) was major shareholder of M/s Pakcom who left Pakistan and sold its shares to

remaining Directors of M/s Pakcom i.e. Javed Feroz and six others.

In 2006, M/s Pakcom provided an undertaking to PTA that all liabilities would be borne by them.

M/s Pakcom, thereafter, defaulted on subsequent payments of installments in lieu of license fee and were issued showcause notices. PTA provided considerable time period for payment of outstanding liabilities i.e. from 2006 to 2008, the License of Pakcom was terminated on January 03, 2008.

M/s. Pakcom Limited (Instaphone) failed to comply with financial obligations in accordance with terms and conditions

contained in license and it failed to make payment of outstanding dues.

Director General NAB Rawalpindi, Irfan Naeem Mangi has said NAB officers/officials under leadership of Chairman, Justice (Retd) Javed Iqbal are determined and committed to performing their duty with absolute objectivity, thorough professionalism, and and without any leanings for or against anybody.

He said NAB was striving hard to recover looted wealth and huge defaults of government dues from swindlers.

APP