ISLAMABAD - The Chief Justice of Islamabad High Court has grilled the Privatisation Commission in its case against Schon Group asking the government entity was it was not interested in taking the money.
The IHC Chief Justice made these remarks during the hearing of case ‘Privatisation Commission Vs Schon Group.’ Lawyer for the Schon Group informed the court that Schon Group had offered to pay close to Rs1 billion to Privatisation Commission and repeated the offer in front of Justice Amir Farooq but the Privatisation Commission told the court that a committee has been formed to negotiate with the Schon Group.
The Chief Justice remarked that Pakistan desperately needs money but Privatisation Commission was refusing to take money. The Chief Justice wondered why the government entity was refusing to take money and delaying matters due to bureaucracy at a time that the government needs money badly.
The judgement debtor is willing to pay but you are not accepting even in these economic conditions, said the chief judge.
The judge asked: “Why should I not call the secretary Privatisation Commission?” The IHC Chief Justice remarked that the only reason why privatisations in Pakistan have suffered is on account of the bureaucratic approach by the Privatisation Commission.
The Chief Justice noted that business means quick and timely decisions. He said in this case Schon Group was upfront offering Rs235 million and securing the remaining amount of close to Rs700 million but the Privatisation Commission was forming committees over committees rather than taking firm decisions.
The case relates to Pak China Fertilizers Limited purchase by Schon Group wherein Privatisation Commission had always mentioned that the principal due from Schon was NIL from 2004-2019 and the mark-up due was Rs235 million, including in all audited statements and government of Pakistan external audits and filings. The matter was subjudice since 2005 and the amount was declared through correspondences of Rs235 million. Against norms of any government department and in contradiction to all audited statements of GOP in the past 15 years, the Privatisation Commission board made a new claim and revised the figures though the matter was subjudice. Now the execution proceedings are to execute the decree and the next date of hearing is set for March 2023