SENATOR WAQAR ORDERS SPECIAL AUDIT OF MAJOR TRANSACTIONS

Islamabad, March 26, 2010

The Auditor General of Pakistan (AGP) has been approached to conduct special audit of major transactions privatised in the past in order to assess the performance evaluation of the privatisation process of these entities and to have current status of the value addition in these entities and the value of government’s shares position in these entities. Senator Waqar Ahmed Khan Federal Minister for Privatisation said while talking to media persons here today.

The Minister informed that 13 transactions referred for special audit included Telecommunication: Pakistan Telecommunication Company Limited (PTCL) B class 26 % shares, Ufone, Banking Sector: United Bank Limited (UBL) 51 % shares, Habib Bank Limited (HBL) 51 % shares Capital Market: Transactions of Pakistan Oil fields (POL) (CDC), Attock Refinery Limited shares (CDC), Energy Sector: Karachi Electric Supply Company (KESC) 75 % shares, Kot Adu Power Company (Escrow Account), Cement Sector: Mustehkam Cement Limited, Javedan Cement Limited, Fertilizer Sector: Pak Arab Fertilizers (Pvt) Limited (94.8 % shares), Pak American Fertilizers and Tourism Sector: Falletis Hotel Lahore.

The present government had initiated the special audit through AGP of some major transactions and their findings of audit were being examined for making further improvements, he added.

Senator Waqar further stated that the Privatisation Commission endeavored to carry out the Privatisation Program in an open, fair and transparent manner for the benefit of the people of Pakistan. As stipulated in the PC Ordinance 2000, the audit of Commission is carried out annually by AGP in addition to the external auditors (a firm of Chartered Accountants) for each year accounts.

The PC has so far privatised 167 transactions for more than Rs.476 billion since its inception and net proceeds transferred to Federal Government for 90 % debt retirement and 10 % for poverty alleviation program as envisaged in the PC law.