SC to hear case of $800m scam in buying of BP assets on Nov 22

On a petition against the alleged $800 million scam in the buying of the assets of British Petroleum, the Supreme Court of Pakistan would hear the case on 22nd November 2010. A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry has already been constituted, comprising Justice Tariq Pervaiz and Justice Ghulam Rabbani to hear the petition filed by a former Amir Jamaat-e-Islami Qazi Hussain Ahmed. According to Syed Husnain Qazmi, counsel for Qazi Hussain Ahmed has said that the petition has been filed under article 184 (3) of the constitution of Islamic Republic of Pakistan. He said that the apex court, in a similar case in regard with proposed sale of Pakistan Steel Mills, has taken strong notice to avert huge financial loss to national exchequer. He said that the honorable court has directed the Oil and Gas Development Corporation (OGDC) to submit paragraph-wise comments regarding purchase of British Petroleum Company assets on exorbitant price. Qazi Hussain Ahmed, in his petition, claimed that the government of Pakistan has first sold the assets of the same company at a low price and than buying it back at higher price which is self evidentiary that this whole process has been done by inflicting huge financial lose on the state of Pakistan. He argued that the Government earlier sold BP assets at very low rate in a few years back but now buying the same assets at a high price, thus causing loss of $800 million to the national exchequer. The petition has also argued that the government is purchasing the assets of BP with loan and both parties have signed a contract regarding this secretly. The council of Qazi Hussain Ahmed has said that the court, after initial study of the case, has observed that this is an important matter and it would examine it. The court directed the respondents including Federation of Pakistan, OGDCL, Ministry of Petroleum and Pakistan Petroleum Limited (PPL) to submit paragraph-wise comments on the contents of the petition till November 22. The further hearing of the case would be preceded on the same day. Its worth mentioning here that BP, at present, confronting with huge financial crisis resulted by Gulf of Mexico disaster and eventual environmental claim as high as US$ 63 Billion, British Petroleum (BP) has decided to dispose of many of its overseas ventures including assets in Pakistan. Therefore, offering high price for such venture is being deemed as dubious on the part official quarters involved in the purchase bid of these assets.

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