NAB stops investigations against those responsible for privatization of PTCL

PTCL and Etisalat case

Earlier, it was reported that the National Accountability Bureau (NAB) will investigate the matter of $800 million outstanding amount that Etisalat owes to the government as part of the deal according to which Etisalat bought 26% shares of Pakistan Telecommunication Limited (PTCL). But now, the government has forbidden the NAB from conducting any kind of inquiry into this case.

According to the sources, if NAB conducts an inquiry into the case, there is a chance that the relationship of the Pakistan and UAE would be affected. The government has barred the NAB from investigating the case and it will itself discuss with the UAE government about it.

The NAB has stopped the proceedings and investigations against those responsible for the privatization of the PTCL, Daily Times reported.

As per the sources of the NAB, an internal inquiry has proved that the privatization deal was one-sided and action must be taken against the officials responsible for transferring the shares of PTCL to Etisalat. The transfer of all the properties of the telecom company was not part of the agreement.

Read More: Etisalat takes 3.2 Billion Euro loan to buy Moroccan Company.

Earlier, the Public Accounts Committee (PAC) took notice of the matter and directed the NAB to conduct an inquiry. Both Pakistan and UAE have reportedly decided to resolve the issue through discussions.

Read AlsoNew CEO & President Denial Ritz replaces Walid Irshaid at PTCL.

Minister for Finance Ishaq Dar has begged the government of UAE for many times to pursue the management at Etisalat to pay the $ 800 million outstanding amount, but he has failed to recover it. Let’s see if the government succeeds this time or not.

For many years, the issue of Etisalat – PTCL deal is creating headlines in the media and despite the efforts of the government, the issue still remains unsolved.

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