Zardari Unannounced UAE Visit for Etisalat Payment of $800 millions of PTCL Privatization

Zardari Unannounced UAE Visit for Etisalat Payment of $800 million of PTCL Privatization :
Etisalat has been holding back payment of about $800 million, of the $2.8 billion PTCL’s privatization proceeds for about four years because of a dispute with the Pakistan government over legal transfer of land and property titles
ISLAMABAD: As the rest of the country was watching the Raymond Davis saga unfold, President Asif Ali Zardari took an unannounced trip to Dubai to find an answer to the country’s economic woes.
He visited the Gulf state for a couple of hours a few days ago to seek the intervention of the UAE leadership for the payment of $800 million that Etisalat owed to Islamabad for the country’s largest privatisation transaction — Pakistan Telecommunication Company Limited — Dawn has learnt.
Etisalat has been holding back payment of about $800 million, of the $2.8 billion PTCL’s privatisation proceeds for about four years because of a dispute with the Pakistan government over legal transfer of land and property titles.
The government had sold about 26 per cent stakes along with management control of the PTCL in July 2005.
“The entire amount is expected within a few days,” an official said, adding that the dispute between the government and Etisalat over the delay in transfer of some land titles to the PTCL in Sindh had been resolved.

(Published in Daily DAWN on Feb 24, 2011)

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Thanks to:

Iftikhar Ahmad

Email:  iftikhar11@yahoo.com

 

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