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IPP owner Shahid Abdullah barred from traveling abroad amid money laundering inquiry

  • It remains unclear whether Abdullah is in custody or has been released
Published November 16, 2024

Shahid Abdullah, a prominent Pakistani businessman and the owner of an independent power plant (IPP), was stopped from travelling abroad on Friday morning via a private airline.

Sources told Business Recorder that Abdullah, the Chief Executive Officer (CEO) of Sapphire Electric Company Limited (SECL), was traveling to Dubai, United Arab Emirates (UAE), from the Allama Iqbal International Airport Lahore; however, he was stopped at the immigration desk, as his name was on the exit control list (ECL).

They said that the Federal Investigation Agency (FIA) had launched an inquiry against Abdullah some time ago for his alleged involvement in money laundering.

Till the filing of this report, it remains unclear whether Abdullah is currently in custody or has been released.

The development comes days after Abdullah wrote a letter to Prime Minister Shehbaz Sharif, expressing concerns over the ongoing negotiations between IPPs and the government’s Task Force on Energy

In his letter to the PM, Abdullah asserted that this is the fourth time sovereign power contracts are being negotiated forcibly, offering termination of sovereign contracts and doing away with capacity payment if the government accepts their proposals.

This is contrary to what is claimed by the Task Force on Energy that everything is being done with mutual consent, he conveyed to the PM.

Pakistan’s government remains in talks to renegotiate or scrap contracts with the IPPs to address financial challenges and streamline the power sector.

Comments

200 characters
KU Nov 16, 2024 04:46pm
Truth will be as elusive as is its reputation in our country, IPPs enjoy ''best place if one has right contacts n money''. Bets are that in few weeks every crook will have a clean chit of honesty.
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sadiq Nov 16, 2024 05:30pm
Lock him forever.
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Ch K A Nye Nov 16, 2024 07:14pm
Petty little small-mindedness dictated to by equally petty small minded excuse for a Government.
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Ŵillow Nov 16, 2024 09:59pm
Hole him up in a jail, they rob poor people for their fat profits.
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zh Nov 16, 2024 10:17pm
Shahid Abdullah legally concluded the agreement with the Nawaz Sharif or Bhutto regime. How come Nawaz Sharif the perpetrator can travel freely.
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zh Nov 16, 2024 10:18pm
Long live selective justice in Pakistan.
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MZI Nov 17, 2024 12:26am
War of the elites for what they think should be their unfair share of the pie.
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Aamir Nov 17, 2024 05:43am
Please arm twist every businessman so that everyone runs away from Pakistan. Soon you will have no one left and jobless useless masses.
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afridi Nov 18, 2024 09:45am
must be put in jail until he pays back the amount illegally taken from IPPs Agreement. we stand with this decision.
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