Despite ongoing probe, Quaid-e-Azam Solar Power being privatised
LAHORE: The Punjab government is pushing ahead with the plan of privatising Quaid-e-Azam Solar Power Limited, though the company is being investigated by the Auditor General of Pakistan (AGP) and the National Accountability Bureau (NAB) for alleged embezzlement of billions of rupees.
According to sources, the Punjab Privatisation Board, on the advice of provincial law department, last week asked interested parties in an email to submit earnest money along with application form, copies of Competition Commission and other approvals required by the bidders and other documents by April 9. This will be seven business days prior to the bidding date of April 19.
“The provincial law department works under the chief minister or chief secretary and is not capable of giving legal opinion which should be sought from a legal expert or adviser on privatisation issues,” said a source.
He said in the absence of clarity on the investigations, the privatisation process may yield much less money than the company’s actual market price, which would prove detrimental to the sell-off drive and undo all the good work done to improve energy mix and attract investors in solar energy generation.
Published in The Express Tribune, 31st March, 2018