PC launches drive to recover Rs86.3bn dues
WASIM IQBAL
ISLAMABAD: The Privatization Commission has launched a vigorous campaign against private companies for non-payment of Rs 86.3 billion outstanding pending against them since 1991 after purchasing different State Owned Entities (SOEs).
A copy of a document exclusively available with Business Recorder reveals that private sector companies have to pay Rs 86.3 billion in 21 transactions that matured during 1991 to 2013.
The major chunk of the outstanding dues is against Etisalat that owes Rs 78.715 billion in PTCL privatisation but has stalled repayment pending the mutation of all properties in its favour as per the original agreement.
Recovery of the remaining amount of Rs 5.7 billion is due from 13 buyers who purchased SOEs as part of the privatisation policy.
M/s Schon Group has to pay back a remaining amount of Rs 1.4 billion for purchase of National Fibres Limited. Another receivable of Rs 1.77 billion is due against M/s Schon Group against Pak China Fertilizers Limited.
M/s Reyaz Shaffi (Reysheen) Pvt Ltd has to pay government outstanding dues of Rs 342 million in privatisation of Pak PVC Limited. Receivable of Rs 272 million is pending against M/s Sindh Alkalis Employees Management Group in Sindh Alkalist Limited.
M/s Bibojee (Pvt) Ltd has to pay Rs 56 million outstanding which is remaining amount in the deal of National Motors Limited. M/s Abdul Qadir and Saleem I Kapoorwala has to pay Rs 769 million for purchasing Balochistan Wheels Limited. M/s Awan National Cement Limited has to pay Rs 431 million in the sale of Dandot Works of National Cement Pvt Ltd and M/s Malik Naseer and Associates is defaulter of Rs 185 million in the privatisation of Haripur Vegetable Oil Processing Industries.
M/s S J Industries/Sh Javed Rafi has to clear Rs 303 million dues in the sale of Crescent Factories Vegetable Ghee Mills. M/s Enkay Enterprise Pvt Limited has to pay Rs 13 million against Siranwali Rice Mills. M/s Dhonda Pakistan (Pvt) Ltd has to clear dues of Rs 94 million in the sale of Dhaunkal Rice Mills. M/s Continental Rice Mills Pvt Ltd has to pay Rs 38 million to the government - the remaining amount in the privatisation of Mubarakpur Rice Mills Ltd and M/s Jehangir Anwar and Associates has to pay remaining amount of Rs 77 million in Quaidabad Woollen Mills sale.
The PC administration has been following the cases against four companies which took Rs 35 million unsecured advances on government assurances. M/s Bibojee Ptv Ltd has to return advances of Rs 7.7 million which it took in the name of National Motors Ltd. M/s Reyaz Shaffi (Reysheen) Pvt Ltd has to clear advances of Rs 0.253 million in case of Pak PVC Ltd. M/s Dhonda Pakistan Limited has to pay back Rs 26.5 million taken in Dhaunkal Rice Mills privatisation. M/s Continental Rice Mills Pvt. Ltd. has to clear advance of Rs 1 million taken in the name of Mubarakpur Rice Mills Limited.
In four other transactions, companies received Rs 1.8 billion (unsecured) loans on the guarantee of the government but have not yet returned it: a sum of Rs 545 million is longstanding receivable remaining in Pak PVC Limited deals, Pioneer Steel (Rs 915 million), National Motors Limited (Rs 49 million) and Haripur Vegetable Oil Processing Industries (Rs 299.5 million).
