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Unfortunately private – A Letter in NewsPost

Unfortunately private

Sialkot (Daily TheNews / NewsPost / Saturday, March 01, 2014) – Privatisation is essential in certain cases – and in the current scenario – but past experiences with such privatisation must be kept in mind. A major example in this regard is the Pakistan Telecommunication Company Limited where sale of 26 percent shares resulted in handing over the administrative control of the organisation to the purchaser.

PTCL Pensioners Letter to The News

Despite holding 62 percent shares of the entity, it is strange that full administrative control is given to a mere 26 percent shareholder.

The government failed to recover $800m from the company even after six years. Both the previous and current governments failed to get this amount despite numerous attempts. Moreover, the rights of the 40,000 ex-employees have been usurped by the company by not allowing increases announced by the government as determined in the SPA (Share Purchase Agreement).

These elderly retired civil servants served the country all their lives but have now been thrown aside by the purchaser. The government of Pakistan, despite being the guarantor of the rights of these pensioners, is also keeping mum on the issue. These points may be considered before privatising more organisations in the interest of the country as well as their employees.

Rasheed Ahmad
Sialkot

About Tahir Iqbal

PTCL Worker at Switching EWSD Multan Qualification = DAE (electrical) + BS(CS)

2 comments


  1. What we gained from PTCL privatization. The bid of 2.6 billion USD offer changed into 2.2 billion USD (400 million USD loss to the govt exchequer) + (400 million USD paid to the employees at the time of VSS), further 800 million USD is yet to be paid. A special facility i.e ‘PAYE’ (pay as you earn) was also provided to the new owners. PTCL privatization is the wost case in the history of Pakistan. A giant organization for worth 600 million USD only.


  2. the eyes of selfish and corrupt leaders do not open with such arguments because they keep in mind their personal interest only and how snatch the rights of helpless and poor people.

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