KARACHI: Pakistan and the United Arab Emirates are in talks to resolve a fourteen year deadlock with Emirati telecommunications company Etisalat involving a pending $800 million bill from the privatization of Pakistan Telecommunication Company Limited (PTCL), a senior Pakistani official said on Friday.
An Etisalat consortium bought a 26-percent stake in PTCL for $2.6 billion in 2005 that gave Etisalat majority voting rights. The UAE firm paid an initial $1.80 billion as per the deal terms, which also included transferring ownership of the properties to PTCL from the government. It was due to pay the remaining $800 million in six twice-yearly instalments of $133 million.
The UAE operator owned 90 percent of the acquiring consortium, giving it a 23.4 percent stake in PTCL.
But the Abu Dhabi-listed operator has since withheld $800 million because the government did not transfer title of some properties to PTCL as per the deal terms.
“Talks are going on with Etisalat management,” Federal Secretary of Information Technology and Telecom Shoaib Ahmad Siddiqui told Arab News. “Efforts and deliberations are in process to amicably resolve this issue. We will further engage the company for a sustainable solution to the issue,”
Federal Minister for Information Technology Dr. Khalid Maqbool Siddiqui said on Wednesday that the government was willing to fulfill all legal requirements for the recovery of the dues.
“Both countries have brotherly relations,” he said, “but Pakistan will fight for its rights.”
Of the 3,500 properties destined for PTCL, all but 34 have now been handed over to the former telecom monopoly, according to Pakistan’s Ministry of Privatization. Pakistan’s official position is that the remaining 34 cannot be signed over due to ownership complications and so the value of these properties will be deducted from the amount Etisalat owes.
Earlier this year, former secretary of Pakistan’s privatization commission, Rizwan Malik, informed the Senate Standing Committee on Information Technology that PTCL’s asset management wing had mistakenly mentioned 3,384 properties in the privatization agreement that was finalized in 2006, though it only had 3,248 properties.
Pakistani officials maintain they have provided a list of all properties to Etisalat with details of why the remaining 33 properties could not be transferred to PTCL.
Last year, Pakistan’s privatization ministry even hinted it would take the issue to the international court of arbitration to recover the dues from Etisalat.
Pakistan, Etisalat in talks to resolve $800 million PTCL payment row
Pakistan, Etisalat in talks to resolve $800 million PTCL payment row
- Engaging Gulf telecommunication operator to find a “sustainable solution,” IT and Telecoms secretary says
- Etisalat owes money as part of investment in Pakistan telco but has withheld payment due to a property dispute
’Ugly’ England aim to spin their way to World Cup semis ahead of Pakistan clash
- England stuttered with the bat, finishing at 146-9 in their Super Eight clash against Sri Lanka last week
- A win over Pakistan today will be enough to see the 2010 and 2022 T20 World Cup champions into semis
SRI LANKA: England are yet to catch fire at the T20 World Cup, but they won’t mind one bit if another “ugly” win secures Harry Brook’s side a semifinal berth with a game to spare.
England bowled out Sri Lanka for 95 on Sunday to open their Super Eights campaign with a 51-run win.
With the Pakistan-New Zealand clash on Saturday being washed out, a win against Pakistan on Tuesday at the same stadium will be enough to see the 2010 and 2022 T20 World Cup champions into the last four.
England again stuttered with the bat and were restricted to 146-9 by Sri Lanka on Sunday.
“We know that we can play a lot better,” all-rounder Liam Dawson told reporters after the win, in comments only made public on Monday.
“But at the end of the day in tournament cricket, you just need to get the win, however ugly.”
England’s bowlers came to the rescue for the third time in the tournament, after also defending below-par totals against Nepal and Italy.
“The fight we’ve shown with the ball shows that this team is in a very good place,” said Dawson.
Pakistan possess a dangerous spin attack, featuring a unique weapon in Usman Tariq and his pronounced pause before he releases the ball.
But Dawson said England would fight fire with fire with their own potent slow-bowling arsenal.
England captain Brook also has speedster Jofra Archer, the hit-the-deck-hard Jamie Overton and left-arm swing bowler Sam Curran as the seam options.
England’s flexibility enabled Will Jacks to open the bowling with his off-spin on Sunday and destroy Sri Lanka’s top order.
He returned figures of 3-22 in tandem with Archer, who removed both opening batsmen, to leave Sri Lanka in tatters at 34-5 at the end of the six-over power play.
England’s variety offers Brook endless options, said Dawson who bowls left-arm spin, as does Jacob Bethell.
“We’re all very different types of spinners. Jacksy gets very good over-spin, very good bounce.
“Dilly (wrist spinner Adil Rashid) has all these variations and me, I’m probably more of a defensive spinner and that’s my role. I’m just trying to be consistent for the captain.
“Adil can use all of his tricks and he comes on to get wickets and get us back in games or put us ahead in games.
“Obviously, Jacks, he’s been brilliant. He’s exploited conditions here very well.
“And I think the way Brookie captained today was phenomenal, how he used us all differently.”
But Dawson cautioned that the wicket on Tuesday night could play very differently to the tacky slow track they encountered on Sunday, which had sweated under covers after days of rain in Kandy.
“Obviously, a different challenge on Tuesday at a night game. It could be a better wicket. We’ll have to wait and see what happens.”
