Islamabad September 21, 2021: Total outstanding sale amount of Pak-China Fertilizer till August 31, 2021 is PKR 2.8 Billion, Senate Committee on Privatization informed.
Senate Committee on Privatization was also briefed on the privatization of Pak-China Fertilizer Company, Haripur, KPK with regard to its present status, outstanding amount payable to Government, reasoning for delay in its privatization and expected date of its functioning. Employee status and future plans of the Government for the said fertilizer company.
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Secretary Privatization Commission while briefing the committee members said that “90% of the shares of PCFC were sold to M/S Schon Group vide sale agreement dated 26-05-1992, for total consideration sale price of Rupees 456.84 million. Of which 40% sale price was paid by the buyer amounting to 182.736 million rupees. The Total outstanding sale amount till August 31, 2021 is Rs. 2.8 Billion. There are multiple litigations going on regarding the fate of this property. Commission is currently perusing the case in Islamabad High Court.
Senator Fida Hussain apprised the committee members of the dismal situation on ground in Haripur of the said property. Senator Fida Hussain lamented lack of action from Ministry officials regarding multiple attempts of encroachment and theft of scrap worth Billions of rupees. He further expressed his discontent regarding the fate of employees who still have not received their due compensation even after 30 long years. Senator Sabir Shah also weighed in on the current status of the said property. He said that “It is our duty to protect public property and we will do whatever it takes to solve this issue”.
Chairman Committee directed to summon the Deputy Commisioner Haripur in next meeting of the committee along with complete details of the current situation on ground. Committee also deliberated upon the idea of setting up a sub-committee in order to visit the site and take count of the alleged mismanagement.
Meeting of Senate Standing Committee on Privatization was held under the chairmanship of Senator Shammim Afridi at Parliament House.
Meeting was attended by Senators, Umer Farooq, Syed Muhammad Sabir Shah, Muhammad Qasim, Molvi Faiz Muhammad, Anwar Lal deen, Special invitee Senator Fida Muhammad and Officials from Privatization Commission.