Cheque that bounced was received deliberately: PC chief

Chairman Privatisation Commission (PC) Muhammad Zubair has made startling disclosures by stating that Privatisation Commission had deliberately got the cheque of Rs 250 million, submitted by the bidder of Heavy Electrical Complex (HEC), Sabur Rehman, Adviser of M/s Cargill Holdings Limited, which was later bounced.
He made these remarks during heated discussions on the proposed privatisation plan of Pakistan Steel Mills (PSM) at a meeting of National Assembly's Standing Committee on Industries and Production headed by Asad Umar.
Addressing to the Chairman Privatisation, the Standing Committee's chairman said, "You had told that transaction was cancelled because the cheque was bounced. Now keep this thing in mind before completing the entire privatisation process of the PSM so that no such situation arises where the cheque is bounced at the end like it happened in the case of HEC."
Zubair said, "You should seek information from us instead of any anchor. Please understand the same bidder gave cheque of Rs25m as the earnest money which was cleared and the amount is with us."
The Chairman Privatisation said: "We had got the cheque of Rs250m deliberately which was bounced, because the bidder was defaulted and wanted to get out of it by blaming us, but we didn't want that to happen."
Zubair further stated that the Adviser of M/s Cargill, Holding Limited of Kenya, had intended to give cheque and the PC allowed him to do this and the cheque had been bounced that's why PC won the case in Islamabad High Court (IHC) and Supreme Court of Pakistan.
On October 21, 2016, the PC had issued a press release stating that Supreme Court has vindicated the stance of Privatisation Commission in the case of HEC transaction by dismissing an appeal filed by M/s Cargill Holdings Limited, the unsuccessful bidder of the HEC transaction.
The decision of the Supreme Court puts to rest all of the doubts raised in media and parliamentary committees, which created unfair speculations regarding decisions made by the PC.
The PC in its press release had stated that the decision comes after the PC has already won four other cases filed by M/s Cargill Holdings Limited against PC in Islamabad High Court for revoking the letter of acceptance issued to it for violating the terms and conditions of the offer of sale. The PC has also filed a criminal case/FIR against the representative of Cargill for submitting a cheque to the PC, which was dishonoured.
When contacted, Sabur Rehman said that the cheque given to the PC did not bounce as it was not to be presented, adding that the cheque was in schillings and not in the US dollars.
"On the insistence and request of an official of PC it was changed from schillings to the US dollars as he had mentioned that they have to show it to the IMF that the deal is concluded," he added.
The PC official, he said, took the cheque knowingly that it will not be paid and was also told how can a cheque of schillings account can pay dollars, but he insisted that it would help them (PC) and after taking the cheque, the same day they cancelled the deal.
"This was done deliberately to usurp Rs25m. Secretary PC had objected to it and was against taking the cheque in schillings, but the official took it against the wishes of the Secretary Privatisation."
He further stated that the Supreme Court had referred to negotiate but were not clear on what price, either Rs 100m and liabilities to be accepted till March 31, 2015 as CCoP terms, or Rs250m and liabilities to be cleared by Privatisation.
In reply to another question, he said that a review petition has been filed in the Supreme Court which has been accepted for regular hearing.