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IESCO administration accused of making an attempt to hush-up corruption inquiry 

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ISLAMABAD: An inside inquiry of the Islamabad Electrical Provide Firm (IESCO) investigating a corruption rip-off has assigned junior officers to analyze their bosses. Sources have confirmed to Revenue that the IESCO administration has constituted a five-member inquiry committee to provoke a probe into irregularities within the tender course of for the constructing of a street in Rajjar. 

In line with particulars, IESCO had been engaged on two tasks which have come beneath query for irregularities. One was the restore work for an strategy street to Rajjar, whereas the opposite was the development of a boundary wall of a grid station of IESCO. A number of the senior administration of IESCO has been accused of earning money off of a bogus tender for the tasks. 

The inquiry committee is headed by Naeem Jan, Chief Engineer (CE) Planning and Engineering (P&E) whereas Aurangzeb Khan Further CE (Coordination), Naseer Hanif, Further Director (Materials Administration), Khuda Bukhsh Leghari, Director (S&I) and Raees Haidar, Deputy Normal Supervisor (GM) are made as members of this committee.

Nevertheless, the Chief Engineer assigned to go the committee must ask questions of his personal CEO, who’s his boss, and is allegedly concerned within the scandals of electrification of unlawful housing societies and set up of freed from value transformers. One other inquiry is already happening towards him. 

Sources stated {that a} new strategy street was earlier constructed for Rajjar grid station of Jhelum district beneath the supervision of Government Engineer Civil (IESCO) via a tendering course of. Nevertheless, Government Engineer Civil (IESCO) had refloated street upkeep tender of the identical strategy street of Rajjar grid station a couple of months in the past although the safety upkeep interval of this street was for one yr whereas there was no want of street building or restore till 2025 i-e three years as per IESCO rule/plan. Furthermore, as per IESCO tender commercial rule no tender is issued to a agency /contractor whose any civil work is pending from the earlier yr works tenders in the identical division. However the tender successful firm had a number of pending works of the earlier yr on its half.

The newly constructed strategy street of Rajjar grid station doesn’t want any upkeep as it’s at present accessible in good situation and anybody can go to the street web site to know the precise situation of this strategy street, sources added.

Again in October, IESCO administration together with the CEO have been accused of involvement in irregular funds of particular allowance value roughly Rs 9.25 million to its excessive ranked officers for 40 months in violation of guidelines and rules of Water and Energy Improvement Authority (WAPDA).

Syed Manzoor Hussain Shah Kazmi, chairman Anti-Corruption Cell, Labour Unity of Islamabad Electrical Provide Firm (CBA) who had earlier requested the Federal Investigation Company (FIA) via an software to analyze each issues have been requested by the inquiry committee to seem on 29th November 2022 and submit his proof relating to ‘bogus tendering course of’ of the tender of Rajjar strategy street and building of boundary wall of a grid station of IESCO. However he refused to seem.

When contacted, Syed Manzoor Hussain Shah Kazmi (the complainant) stated that this inquiry committee consists of junior officers and it’s shaped solely to save lots of the pores and skin of upper administration of IESCO. “I’ve knowledgeable the CEO of IESCO that I cannot seem earlier than this inquiry committee whose members are junior to the accused whereas the members of this committee are additionally concerned in varied irregularities, monetary embezzlement and they’re already on FIA’s radar because the FIA is investigating towards them,” he stated. 

Chairman Anti-Corruption Cell, Labour Unity of Islamabad Electrical Provide Firm (CBA) additionally stated he has requested the FIA to verify and scrutinise the tender paperwork of the final two years to search out the reality behind the corruption and misuse of authority allegedly dedicated by the officers of IESCO. Since each issues are associated to public significance and misuse of public cash, the FIA ought to wake from its slumber. 

Additionally it is learnt from sources that the fee incurred on building of the boundary wall of I-10 grid station was Rs 6,71,37,260. Nevertheless, the Government Engineer (Civil) dismantled the boundary wall after discovering cracks in it and later paid Rs 2 crore paid to a different contractor on verbal dedication with out calling a young for the development of the boundary wall of the federal capital’s I-10 grid station of IESCO.

It’s pertinent to say that the size of the designed retaining wall is 131 ft, whereas the size of excavation is 310Ft. Equally, the designed peak is 13.5 Ft and the depth /peak of excavation is 31.5 Ft. When contacted IESCO spokesman, he earlier stated that the representatives of Operation Directorate have confirmed that the inquiry committee had already been constituted to inquire concerning the difficulty. And, a report might be shared as and when it’s issued.

 



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Pak-IMF talks finish with out consensus on energy sector subsidies, major deficit

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ISLAMABAD: A Week lengthy technical talks between Pakistan and the Worldwide Financial Fund (IMF) ended on Monday with out constructing consensus on energy sector subsidies and first deficit.  

Sources mentioned that either side will begin dialogue on coverage degree talks from Tomorrow (Tuesday) to finalize the Memorandum of Financial Insurance policies Framework (MEFP) and they’re going to attempt to kind out the pending points.

Sources mentioned that the Pakistani facet couldn’t persuade the IMF crew about curbing the vitality sector round debt. 

The Fund needed the federal government to extend electrical energy tariff to beat losses of DISCOs in addition to withdrawing Rs100 billion vitality associated subsidies to the export sector.

Sources mentioned that the federal government has given assurance that it’s going to withdraw Rs100 billion subsidies to the export sector, nevertheless provinces might be free to subsidize the export sector on their very own.

In the meantime, the federal government crew has additionally assured the IMF that they shall make cuts in PSDP in addition to growing the electrical energy tariff to beat vitality sector round debt.

Alternatively, the federal government crew has additionally shared a plan with regard to decreasing the round debt of the oil and fuel sector.

As per the plan, the federal government will make a money injection in a single day price Rs 543 billion to SSGC and SNGPL.

The federal government pays Rs 241 billion to SSGC and Rs 302 billion to SNGPL.

The quantity obtained by SSGC will additional clear the round of OGDCL. The SSGC will have the ability to repay Rs 154 billion mortgage to OGDCL and Rs87 billion to Govt Holdings pvt ltd, sources added.

As well as, SNGPL pays Rs 172 billion to OGDCL, Rs 90 billion to PPL and Rs 40 billion to GHPL, sources added.

Sources mentioned that IMF has additionally forecasted 0.9% major deficit towards the budgeted estimation of 0.5 p.c throughout this yr.

Sources added that the IMF crew has additionally proven issues over non implementation of Single Treasury Accounts as plenty of departments nonetheless are working accounts in personal banks.

Sources additionally added that the IMF crew remained dedicated to its calls for with regard to growing of GST from 17 to 18 p.c GST on all items with a viewpoint that one p.c GST hike will assist in gathering one other Rs 39 billion, sources added.

The fund has additionally emphasised the Pakistani crew not just for abolishment of revenue tax exemption however to impose Rs180 billion Flood levy to fulfill FBR’ income goal.

Sources mentioned that Finance Minister Ishaq Dar nonetheless sticks to not imposing gross sales tax on petroleum merchandise as he thinks {that a} new wave of inflation will comply with.

Sources mentioned that the IMF agrees to subsidize vitality associated tariffs within the Kisan package deal in addition to the Balochistan tube effectively scheme.

The federal government crew can even give a roadmap for the privatization program through the coverage talks, sources added.

 

 



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CDWP clears 10 growth tasks price Rs87.17bn

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ISLAMABAD: The Central Growth Working Social gathering (CDWP) has cleared ten growth tasks price Rs 87.17 billion throughout its assembly on Monday.

The assembly, which was chaired by Federal Minister for Planning Growth & Particular Initiatives Professor Ahsan Iqbal, was additionally attended by the Planning Ministry secretary, the Chief Economist, members of the Planning Fee and representatives from numerous different ministries and divisions.

In accordance with particulars, the discussion board thought-about ten tasks associated to the Ministry of Housing and Works, Ministry of Nationwide Well being Companies Rules and Coordination, Ministry of Communication, Ministry of Science & Expertise and Greater Schooling Fee HEC. These tasks embrace: reconstruction of Turbat-Mand Street, building of Pun Panjgur-Gichak-Awaran Street, reconstruction of Manghopir, completion of Niheng Bridge, the Shagharthang Hydropower Mission, the Strengthening Establishment for Refugee’s Administration (SIRA), institution of Most cancers Hospital in ICT, Gwadar Protected Metropolis Mission (Section-1), growth of Ziarat City and the Nationwide Forensic Science Laboratory.

The discussion board cleared the Reconstruction of Turbat- Mand Street from M-8 until Iranian Border-Radeeq at the price of Rs 20,992.875m to the Government Committee of the Nationwide Financial Council (ECNE). 

The revised mission moreover envisaged the completion of 410-meter lengthy and eight.2-meter large two lane Niheng Bridge at Rodbun, District Kech, Baluchistan Province at the price of Rs 673.688m. The place to begin of the mission extends from the present Nehang Bridge, the South aspect embankment of which has been washed away on account of floods.

The discussion board additionally really useful the Building of Pun Panjgur-Gichak-Awaran Street, District Awaran at the price of Rs 29,638.353m to the ECNE. This entails the development of 228-kilometer lengthy and seven.3-meter large (3.65-meter large every) asphaltic carriageway, ranging from Panjgur – Gichak -Awaran, District Panjgur & Awaran, within the Southern Baluchistan Area. The highway will join Gichak with Panjgur, in addition to with Karachi by way of Bela-Hoshab Street. 

Equally, the reconstruction of Manghopir at the price of Rs 3190.432m was additionally cleared by the discussion board.

The CDWP moreover authorised the mission, Strengthening Establishments for Refugee’s Administration SIRA at the price of Rs 2.043.000m. The Ministry of States and Frontier Areas is remitted to take care of the problems associated to Afghan refugees. The Chief Commissionerate for Afghan Refugees (CCAR) being an connected division of the Ministry of SAFRON is the operational arm to handle Afghan Refugees. CCAR and its Provincial Afghan Commissionerate’s places of work are liable for advising/ offering inputs on coverage issues and implementing the insurance policies of the Ministry of SAFRON on Afghan Refugees’ points. It’s estimated that almost three million Afghan Refugees live in Pakistan i.e. 1.436 million Afghans with Proof of Registration Playing cards (POR) for his or her identification; along with roughly 840,000 Afghan Citizen Card holders and an estimated 700,000 undocumented Afghan dwelling in Pakistan. The Ministry of SAFRON with the technical help of the Nationwide Database & Registration Authority (NADRA) has registered these Afghan refugees. The Authorities of Pakistan has allowed UNHCR to conduct refugee standing dedication (RSD). People acknowledged as refugees on the end result of the UNHCR’s RSD course of and members of their household are issued with UNHCR Refugee Identification playing cards, referred to as Proof of Registration (PoR) playing cards.

Furthermore, the 26 MW Shagharthang Hydropower Mission in Skardu was really useful at the price of 17,972.902m to the ECNE. The Ministry of Kashmir Affairs and Gilgit-Baltistan is the sponsoring company of the mission. The principle goal of the mission is to take advantage of the potential of hydropower out there within the center stretch of Kachura Lungma to generate 26 MW output, which can increase energy to the present electrical energy community of the realm to resolve energy scarcity to the shoppers of load facilities in Skardu valley.

The CDWP additionally authorised the institution of a Most cancers Hospital in ICT (Revised) at the price of Rs3,406.169m. The Ministry of Nationwide Well being Companies, Rules and Coordination is the sponsoring company of the mission. This mission envisages the institution of a 200 bedded cutting-edge hospital for indoor admission of assorted sorts of most cancers sufferers. The division of the beds embrace 75 beds for grownup oncology, 25 beds for girls oncology, 25 beds for ICU, 30 beds for personal and 20 beds for emergencies.

Moreover, the discussion board authorised of the Gwadar Protected Metropolis Mission (Section-1) at the price of Rs 4,966.905m. Authorities of Balochistan is the sponsoring Company. This mission seeks to supply a safer metropolis for the residents of Gwadar significantly on the recognized strategic areas and likewise helps the legislation enforcement businesses in detecting and investigating crime by gathering proof. Gwadar is comparatively an unsafe metropolis, with many international governments advising their residents in opposition to touring there. The present infrastructure is inadequate to cater to the safety wants of Gwadar metropolis. Gwadar secure metropolis has been developed exactly to assist all authorities stakeholders together with town administration, Gwadar police and different Legislation Enforcement Businesses (LEAs) to mitigate the safety and communication challenges. 

Lastly, institution of the Nationwide Forensic Science Laboratory at the price of Rs 1978.422m was additionally authorised by the discussion board. The Ministry of Inside is the sponsoring company of the mission. The laboratory will probably be established in ICT.

 

 

 

 

 

 



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Second buy-back of 2023: Kohinoor Textile Mills declares 30m share buy-back

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ISLAMABAD: Kohinoor Textile Mills Restricted (KTML) has determined to purchase again 30 million of its atypical shares, the corporate introduced to the Pakistan Inventory Alternate (PSX) on Monday. That is the second such buy-back announcement in 2023 after Kohat Cement Firm Restricted (KOHC) introduced the identical final month.

The KTML’s notification to the PSX learn: “The Board of Administrators of Kohinoor Textile Mills Restricted in its assembly held on February 06, 2023, has accorded approval to the corporate, topic to approval of shareholders by the use of particular decision, with a view to buy/buy-back of its personal shares by way of Pakistan Inventory Alternate Restricted upto a most of 30,000 000 constituting 10.023% of the issued atypical shares of the face worth of Rs 10 every on the spot / present share worth prevailing throughout the buy interval in money and out of distributable income of the corporate.”

The principal enterprise of KTML is the manufacturing of yarn and material, processing and stitching the fabric and commerce of textile merchandise. The choice of the board of KTML to buy-back shares will have to be authorized by way of a particular decision handed by the shareholders within the subsequent Extraordinary Normal Assembly (EGM) of the corporate. The EGM can be held on March 3. The proposed buy-back interval will begin from March 13 to August 29. 

The aim of the buy-back is the cancellation of shares and can be made out of the distributable income of the corporate. In line with the corporate, the decreased share capital after the buy-back will enhance the earnings per share, future dividends, and break-up worth of the corporate’s shares. As well as, it’ll additionally enable a possibility of exit to these buyers who want to liquidate their investments within the firm’s inventory.

In 2022, six main firms on the PSX introduced share buybacks. The unsure financial state of affairs in Pakistan decreased the share costs of many beneficial and established firms which made their valuations enticing. Attributable to a scarcity of institutional and overseas buyers available in the market, these firms determined to reap the benefits of the decline of their share costs to purchase again their very own shares. 

It began with NETSOL in Could (two million shares), adopted by Maple Leaf Cement (25 million shares), then Fortunate Cement (10 million shares), JDW Sugar Mills (two million shares), then BAFL (200 million shares), and at last ENGRO (70 million shares). Aside from the ENGRO buy-back, which is but to start out, all earlier buy-backs have been accomplished.

We wrote a featured piece for Revenue journal on the finish of final 12 months titled ‘2022: the 12 months of share buybacks’. The article predicted that “it would even be the case that the buybacks have solely simply began, and subsequent 12 months in 2023 we might even see much more buybacks than those we noticed in 2022. Time will inform.” After KOHC, the KTML announcement is the continuation of the buy-backs we noticed final 12 months.

On Monday, the share worth of KTML opened at Rs 46.5, reached a excessive of Rs 49.45 and at last closed at Rs 48.77, a day by day enhance of 6.02%. The amount traded was additionally a large 1,909,500 shares. 



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