The Senate Standing Committee on Information and Technology and Telecommunication discussed again the issue of $800 million amount to be paid by Etisalat which was part of Pakistan Telecommunication Company Limited (PTCL) purchase agreement back in 2006. On Wednesday, the Senate Committee Again Asked Etisalat to Pay $800 Million Outstanding Dues.
The committee met under the chairmanship of Senator Shahi Syed and was also attended by the Senator Mufti Abdul Sattar, Syed Shibli Faraz, Najma Hameed, Saeed Ghani, Rubina Khalid and Dr. Ghous M Khan Niazi.
Senate Committee Again Asked Etisalat to Pay $800 Million Outstanding Dues
Source: The News
The privatization Commission Chairman M Zubair briefed the committee on the issue and said that:
“The management of PTCL has changed, and the new management has asked for some time.”
He also told the committee that “Etisalat” has so far paid 3 installments which means an amount of $400 million but $800 million still not remunerated by Etisalat.
“We have decided to give the time of one month so they can get settle and address the issue amicably, as market value of PTCL shares has gone down.”
Etisalat International Pakistan (EIP) is being requested at many occasions to pay remaining $800 million as soon as possible after adjusting the proportionate amount equivalent to its holding of 26% of the value of 33 properties.
The committee informed the Senate members that during all these steps taken the Finance Ministry was kept on-board.
At the end of committee discussion, the chairman of committee called the PTCL new president for next meeting so that he can come up with the stance on the issue.