Smartphonetechie
Pakistan government has badly failed to recover $800 million from Etisalat against the privatization of PTCL that took place few years back. Government has tried all sorts of way for recovering $80 million but everything has gone unfruitful and this has annoyed the government of Pakistan to the limits.
Government of Pakistan is still trying its best to recover the hefty amount but Etisalat is still on its stance as of day one. In an interview to Reuters the Finance minister of Pakistan Ishaq Dar told “The release of funds is expected shortly”. Well, this is something we have been hearing for hears now and unfortunately nothing prospective has been seen as of now.
Actually this dispute is because of the properties that Pakistan government has to transfer to PTCL under the agreement they made with Etisalat at the time of privatization. Etisilat is on its stance that it will pay the $800 million once all the properties have been transferred to PTCL.
Though majority of the property has been transferred but still there are around 31 properties that cannot be transferred to Etisalat due to legal issues. Government of Pakistan has asked the private group to deduct price for those 31 properties but Etisalat has different views.
It looks that Etisalat will hold the money for another 3-4 years. We will have to wait and see what Government of Pakistan will do in order to recover $800 million.
