Etisalat’s Pending $800 Million PTCL Payment

UAE Delegation is Arriving in Pakistan to Resolve Etisalat’s Pending $800 Million PTCL Payment

A high-level UAE delegation is due in next few days where the matter pertaining to the much-awaited $800 million outstanding dues on account of privatization of Pakistan Telecommunication Company Limited (PTCL) is likely to be resolved.

This was stated by Secretary Privatization Rizwan Malik while briefing the Senate Standing Committee on Information Technology and Telecommunication.

The committee met with Rubina Khalid in the chair on Wednesday where Privatization Division briefed the committee on the privatization of PTCL along with the sale, purchase agreement.

Malik said that due to lack of proper homework for identifying properties by the concerned departments, issues were created for the government of Pakistan. During the last high-level interaction, it was evident that for the first time Etisalat has shifted their position and shown interest to resolve the matter amicably.

According to the agreement in case of non-transferable of properties, both sides would independently evaluate its prices and the highest would be adjusted. According to Pakistan’s side evaluation, the remaining 34 properties have a value of $87 million as made by independent valuers, which was also shared with Etisalat and the Escrow Agent. However Etisalat shares its findings with the Escrow agent but not with the government of Pakistan, Secretary added