Islamabad plans enquiry into Etisalat’s failure to pay for stake
Pakistan’s government intends to launch an enquiry into Etisalat’s failure to complete its payments for a US$2.6bn, 26% stake in Pakistan Telecommunications Company (PTCL).
Etisalat, which is majority owned by the government of the UAE, has only given…
Pakistan’s government intends to launch an enquiry into Etisalat’s failure to complete its payments for a US$2.6bn, 26% stake in Pakistan Telecommunications Company (PTCL).
Etisalat, which is majority owned by the government of the UAE, has only given the Pakistan government US$1.4bn of the US$2.6bn that it agreed to pay for the stake back in 2006.
Waqar Ahmed Khan, the Privatisation Minister in Pakistan, told local media that Etisalat and PTCL struck the deal without the input of Pakistan’s Privatisation Commission.
Etisalat said that it would continue to withhold the remaining US$1.2bn because PTCL failed to give it several properties. Under the 2006 agreement, PTCL agreed to transfer its ownership of the properties to Etisalat.
A spokesman for Etisalat said the company had abided by “the highest standards of transparency” in Pakistan.
