Kanooz Al-Watan, the Saudi-group which has purchased Karachi Electric Supply Corporation (KESC), has yet to deposit Rs 20.24 billion in the GoP account despite passage of more than two months after signing the deal, it is learnt. "The buyer has not deposited the amount so far because of some procedural formalities, which both sides have yet to fulfil. However, it is hoped that the amount will be cleared by the end of the current month," said an official. The Privatisation Commission has been claiming for the last three weeks that Kanooz Al-Watan has deposited the amount.
The official said that the issues like Power Purchase Agreement (PPA), GoP guarantees etc which need some clarifications were the main hurdle in handing and taking over and payment of the amount.
The official said that loan agreement between KESC and commercial banks was being studied by the relevant quarters and feasible options would be finalised as early as possible.
"The consortium of commercial banks has submitted different proposals for short and long term loans and the government will finalise them as early as possible," the official added.
He said that the government plans to delay complete handing over of KESC to the buyers for a few months, especially during load-shedding period.
Asked when the Ministry of Water and Power will stop influencing KESC administration for taking undue favours, he said that time was coming when the utility would be independent in taking decisions.
When a spokesman of Privatisation Commission was approached for comments on the delay in payment, he said that the Secretary would return on Tuesday from abroad and he is the competent authority to answer the queries.
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