ISLAMABAD: As the Board of Directors (BoD) of K-Electric (KE) prepares to appoint an interim Chief Executive Officer (CEO) on Friday (today), uncertainty persists over who will take charge due to reported infighting between Gulf and Pakistani investors, well-informed sources told Business Recorder.
Syed Moonis Abdullah Alvi, who has resigned as CEO, is also likely to step down from the Board as part of a “broader understanding” with stakeholders closely overseeing KE’s affairs.
Meanwhile, international law firm M/s Omnia, in a letter addressed to the Attorney General for Pakistan, has alleged that the government is “weaponising” the Securities and Exchange Commission of Pakistan (SECP) to pursue a “politically motivated agenda” aimed at ousting KE’s current Board.
READ MORE: Moonis Alvi steps down as K-Electric CEO
The firm claims the SECP’s recent directive represents the culmination of efforts to “orchestrate a hostile takeover” of KE to the detriment of its clients (the Claimants).
According to the letter, a week after the Claimants served a Notice of Dispute on October 20, 2025, three government-nominated directors — allegedly acting in concert with two directors allied to Sheheryar Chishty — called a Board meeting on October 28, 2025.
The agenda reportedly included: (i) replacing senior management; (ii) appointing a new CEO; and (iii) resolving that KE should not participate in arbitration proceedings.
The law firm argues that there were no bona fide grounds to replace the CEO or senior management, who were performing satisfactorily, nor any justification to decline participation in arbitration. It alleges that the proposed changes were intended to sideline management perceived as insufficiently aligned with the Chishty/Government faction and to prevent KE’s involvement in arbitration proceedings that could benefit the (Claimants).
Copyright Business Recorder, 2026
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