ISLAMABAD – The Chief Justice of Islamabad High Court has grilled the Privatisation Commission in its case against Schon Group asking the government entity was it was not interested in taking the money.
The remarks were made by the chief justice during the hearing in case “Privatization Commission Vs Schon Group”. Lawyer for the Schon Group informed the court that Schon Group had offered to pay close to PKR 1 billion to Privatization Commission and repeated the offer in front of Justice Amir Farooq but the Privatisation Commission told the court that a committee has been formed to negotiate with the Schon Group.
The Chief Justice remarked that Pakistan desperately needs money but Privatization Commission was refusing to take money. The Chief Justice wondered why the government entity was refusing to take money and delaying matters due to bureaucracy at a time that the government needs money badly.
The judgement debtor is willing to pay but you are not accepting even in these economic conditions, said the chief judge.
The judge asked: “Why should I not call the secretary privatization commission?”
The Chief Justice remarked that the only reason why privatizations in Pakistan have suffered is on account of the bureaucratic approach by the privatization commission.
The Chief Justice noted that business means quick and timely decisions. He said in this case Schon Group was upfront offering 235 million and securing the remaining amount of close to PKR 700 million but the Privatisation Commission was forming committees over committees rather than taking firm decisions.
The case relates to Pak China Fertilizers Limited purchase by Schon Group wherein Privatization Commission had always mentioned that the principal due from Schon was NIL from 2004-2019 and the mark-up due was PKR 235 million, including in all audited statements and Government of Pakistan external audits and filings.
The matter was subjudice since 2005 and the amount was declared through correspondences of PKR 235 million. Against norms of any government department and in contradiction to all audited statements of GOP in the past 15 years, the Privatization Commission board made a new claim and revised the figures though the matter was subjudice. Now the execution proceedings are to execute the decree and the next date of hearing is set for March 2023.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 23, 2023 (Thursday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||343.5||347|
|Hong Kong Dollar||HKD||35.92||36.27|
|New Zealand Dollar||NZD||176.66||178.66|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 203,800 on Thursday. The price of 10 grams of 24k gold was recorded at Rs174,730.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 203,800||PKR 2,350|
|Karachi||PKR 203,800||PKR 2,350|
|Islamabad||PKR 203,800||PKR 2,350|
|Peshawar||PKR 203,800||PKR 2,350|
|Quetta||PKR 203,800||PKR 2,350|
|Sialkot||PKR 203,800||PKR 2,350|
|Attock||PKR 203,800||PKR 2,350|
|Gujranwala||PKR 203,800||PKR 2,350|
|Jehlum||PKR 203,800||PKR 2,350|
|Multan||PKR 203,800||PKR 2,350|
|Bahawalpur||PKR 203,800||PKR 2,350|
|Gujrat||PKR 203,800||PKR 2,350|
|Nawabshah||PKR 203,800||PKR 2,350|
|Chakwal||PKR 203,800||PKR 2,350|
|Hyderabad||PKR 203,800||PKR 2,350|
|Nowshehra||PKR 203,800||PKR 2,350|
|Sargodha||PKR 203,800||PKR 2,350|
|Faisalabad||PKR 203,800||PKR 2,350|
|Mirpur||PKR 203,800||PKR 2,350|
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