Zaqsoft clarification

Apropos a news report 'Zaqsoft caused Rs 768 million loss to PSO: National Assembly body contemplating sending case to NAB' carried by Business Recorder on January 20, Zaqsoft has clarified that the news report about Zaqsoft Private Limited (Zaqsoft) and its Director, Mohammad Shahrukh Qaisar, is completely false, baseless and an irresponsible attempt to malign Zaqsoft and Mohammad Shahrukh Qaisar.
"Please be advised that neither Zaqsoft nor its Director, Mohammad Shahrukh Qaisar, have ever been involved in any kind of financial embezzlement or malpractice of any kind whatsoever with any organisation let alone Pakistan State Oil Company Limited (PSO). For your kind information and record, PSO had never entrusted any funds to or at the disposal of Zaqsoft or Mr Mohammad Shahrukh Qaisar. Further, Zaqsoft and PSO are two commercial business entities independent of each other. No question of any financial embezzlement therefore arises.
"It is a fact that the National Assembly Committee and its Chairman have been deliberately misinformed and misled about Zaqsoft and Muhammad Shahrukh Qaisar. Qaisar is neither an employee nor a director in PSO (nor has he ever been so) and has not engaged in any kind of direct transactions with PS0. Qaisar takes strong exception to the baseless and false allegations levelled against him and demands an unconditional public apology from those involved in this malicious and defamatory campaign against him. Further, PSO and Zaqsoft had been in business relations pursuant to lawful and binding contract between both parties executed in 2003 and renewed in 2007. All transactions executed between Zaqsoft and PSO pursuant to the aforesaid agreement have been 100% above board, lawful and formally concluded. Any and all costs and charges pursuant to the said contract with PSO were agreed charges having been duly accepted and paid by PSO to Zaqsoft after due verification by the relevant authorities and departments within PSO's organisation. At no point in time has Zaqsoft ever been accused or charged of any malpractices or causing any kind of loss to PS0 through the sale of its products or services.
"Qaisar takes strong exception and offence to the statement of PSO's M.D., Irfan Qureshi, where he has falsely alleged Qaisar of writing threatening letters and using derogatory language against Chairman NA Sub Committee on Petroleum and Natural Resources. At no point in time has Zaqsoft's Chief Executive issued any verbal or written statement containing any kind of derogatory language or insinuations against any Government or Non Government officials. Such a statement by anyone is completely false, without basis and is liable of being challenged.
"The Retail Automation Project pursuant to the aforesaid agreement under question was not the brainchild of a few individuals as alleged, but was conceived and implemented by the entire PSO Management including, but not limited to, PSO's Managing Director, Executive Directors, General Managers and Deputy General Managers of the Retail Construction & Facilities, Special Projects, Cards' Division, Brand Management, Finance, Retail Sales, Legal Affairs and I.S Department.
Furthermore, the said project was thoroughly reviewed and tested fourteen months between July 2002 and October 2003 during which period a prototype Pump Controllers/Retail Automation system was setup by Zaqsoft for evaluation by all concerned parties at no cost or risk to PSO. This fact is not only fully documented, it has also been acknowledged publicly and privately by PSO and its functionaries through official correspondence and a press release issued in Business Recorder on 12th May 2010.
In the same press release, PSO has not only acknowledged that Zaqsoft was awarded the Retail Automation Project after full and thorough evaluation and due diligence, it has also been confirmed that the project has resulted in huge savings to PSO and has also increased its cards revenue and profitability by bringing stronger and more stringent control and checks on the forecourt. Copies of these written acknowledgements are fully documented and on record with Zaqsoft and PSO.
"It is also surprising why and how any discrepancies (as alleged) could have existed unchecked for seven long years, especially since PSO had the opportunity to review and reconsider the project after expiry of the first agreement with Zaqsoft in 2006, ie, three years down the line of the project. The PSO Management at the time again saw the benefits and advantages of the system and chose to renew the contract with Zaqsoft based on its excellent performance, commitment and impeccable track record.
"Once again the renewed/second agreement was thoroughly reviewed and vetted by all concerned departments and functionaries of PSO for eight (8) months prior to signing and such functionaries included PSO MD, Executive Directors, General Managers, Deputy General Managers and Executives from the Retail Construction and Facilities Department, Finance, Retail Sales, Cards Division, NFR and Retail Automation Department, RIT Team, I.S Department and Legal Affairs.
"Lastly, the NA Standing Committee report appears to be self contradictory as it recommends putting on hold any ongoing work with Zaqsoft, whereas Zaqsoft has already concluded its agreements with PSO as per the terms of the last agreement ending in June 2010. It is up to PSO should they wish to continue, upgrade, expand or wind up the Retail Automation Project, and Zaqsoft has at no point tried to force or influence PSO's decision making in this regard.
If PSO is suffering losses or incurred damages since the conclusion of the agreement in June 2010, such losses can in no way be attributed to Zaqsoft, Mr Muhammad Shahrukh Qaisar or any of Zaqsoft's other Directors or employees.
"Based on the foregoing facts, it is clear that the NA Standing Committee has been provided with selective details and concocted information about Zaqsoft, Muhammad Shahrukh Qaisar and the Retail Automation Project, by vested interests perhaps within PSO who have launched a malicious defamatory campaign against Zaqsoft and Qaisar for reasons best known to them. "Zaqsoft has not caused any loss to PSO, and it will guard and defend its credibility and integrity against any and all malicious attempts against Zaqsoft or its directors as necessary including initiating appropriate legal action."