Letter by Engr. Shahryar Khan Baseer PE

Wednesday, July 30, 2014
PTCL profits and non payments

PTCL has been increasing their profits, year on year. In 2006, 38% shares of PTCL were sold to UAE based company, Etisalat Telecom in a privatization deal. Unfortunately 800 Million $ have still not been paid by Etisalat Telecom since 2006, claiming non-transfer of some PTCL land. The interesting thing is that 62% of the company shares are still owned by the Government and therefore it should not be a problem to transfer or exchange different properties of PTCL land to resolve this dispute. But so far no resolution is in sight. This means that Etisalat Telecom is operating PTCL with a loan of 800$ Million from the Government of Pakistan. At 14% interest rate, the Government of Pakistan is paying 112$ Million every year, on behalf of Etisalat. As a citizen of Pakistan, I demand that Etisalat be made to pay the interest on this outstanding dues, and if Etisalat refuses, than shares, amounting to 800M$ should be transferred to the Government of Pakistan, along with the profit payments since 2006 for the said shares.