Who Owns Pakistan - Yimg

payment has been made to the privatization comission since its privatization.
Instead he moved Sindh High Court to claim a refund of Rs 100 million sales tax
which the court upheld. The unit has remained closed since its privatization.
Sikandar Jatoi also bought Zeal Pak Cement on Oct 19,1992, for Rs 293 million
and was handed over the unit, after a down payment of Rs 95 million. The
Privatization Commission repaid Rs 56 million by way of government contribution
in Golden Handshake. The units is closed since its privatization. Jatoi also played
a key role in the dubious privatization of UBL and deposited the earnest money
on behalf of succesful bidder Basharahil through a cheque drawn on Muslim
Commercial Bank, courtesy its president Hussain Lawai.
D: Tawakkals
Naya Daur Motors was evaluated at Rs 231 million and sold for Rs 69 million to
Tawakkals but the bid price was revised downward to Rs 22.30 million and the
new owner, thus walked away with spoils after a payment of Rs 15.69 million. It
was on the basis of this unit that Tawakkals mobilised Rs 2 billion for Kia Motors
from 4,000 people and are languishing in Jail. Tawakkals were also sold
Baluchistan Wheels for Rs 270 million against which an amount of Rs 116 million
is outstanding.
E: Kot Addu Power Company
National Power of UK was selected strategic partner for Kot Addu Power Plant by
accepting its bid for 26% shares for US$ 215 million. Messers CS First Boston
which acted as financial advisor for the deal was paid a fee of US$ 13.132
million. The bid was reported to be unconditional when it was accepted but when
Escrow Agreement was signed four conditions were incorporated. The total
amount that was deposited in the Government of Pakistan account was US$ 163
million, resulting in the direct loss of US$ 51 million. Later, National Power was
also sold additional 10% shares at a price of US$ 76 million against the approved
price of US$ 82.7 million.
F: OGDC Privatization Bid
In 1996-97, Oil and Gas Development Corporation produced 22,082 barrels per
day (BPD) of oil, 474 MMCFD of gas, 167 tons per day of LPG and had an
annual gross sale of Rs 11,595 million. It has nine drilling rigs, two work-over
rigs, a Seismic Data Processing Centre and a host of related infrastructure
facilities. Its privatization was advocated by Benazir govt. on the ground that it
was constantly running into losses. The fact is that recruitment's were made in
OGDC and irregularities were committed on such a scale that the government
appeared to be in race to bankrupt it as early as possible. The irregularities in the
award of LPG quota is just one case in point. Not only LPG was allocated to
favorites for a song, no effort was made to recover the cost. It fell to the lot of the
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