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IHC chief justice grills Privatisation Commission

07:05 PM | 7 Feb, 2023
IHC chief justice grills Privatisation Commission
Source: File Photo

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.

Daily Pakistan Global Web Desk


PKR exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 22 April 2024

Pakistani currency remains largely same against US Dollar and other currencies on April 22, 2024 Monday.

USD to PKR rate today

US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 22 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71


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