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PTCL's land transfer to Etisalat stopped
by court
In an
eye-opening move, a court in Pakistan
this week blocked a move to transfer
assets of Pakistan's state
telecommunication company to the UAE
company Etisalat. Etisalat had won a 26
percent stake in Pakistan
Telecommunication Company Limited (PTCL)
in June 2005 at 2.06 billion dollars.
President of the Employees Union Haji
Khan Bhatti had challenged the PTCL
privatization in High Court in Karachi.
Mujaeeb Pirzada, lawyer for the
employees union, told the court that the
the assets cannot be transferred to
Etisalat. According to Pirzada, state
asset cannot be sold to any foreign
company and that foreign company can
only invest in the country. The
two-member bench of the High Court ruled
that assets of PTCL should not be
transferred to Etisalat unless decision
on the PTCL privatization is announced.
The court also summoned officials of the
PTCL, Etisalat and the country's
privatization commission on May 15, when
the court will resume hearing of the
case. The president PTCL Employees
Union, Haji Khan Bhatti described the
court's verdict as moral victory of
72,000 employees of the corporation. He
said that the institution (PTCL) worth
billions of rupees has been sold at
throw away price.
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