KARACHI - The ex-President of Pak-Saudi Fertilizer Company (CBA), Meerpur Mathelo, Amin Soomro has appealed to the Supreme Court of Pakistan to take suo moto notice of the privatisation of Pak-Saudi Fertilizer Limited (PSFL) allegedly done in a fraudulent manner during the regime of former military ruler General (r) Pervez Musharraf.

He said that government of Pakistan Privatization Commission vide letter bearing No- 6(8) PC/98 Vol.VIII dated July 30, 1998 issued to him (Amin Soomro) informed that the government in the meantime decided to defer the privatisation of PSFL for the time being.

It assured to the President CBA that government will be intimated of the privatisation programme of the PSFL as and when the government reconsiders its decision.

He said the Pak-Saudi Fertilizer Limited was privatised through sale of share by defrauding the union by publication made in the newspapers on May 27, 2000.

“The government of Pakistan invites expression of interest from prospective investors for pre-qualification to participate in the privatisation process of Pak-Saudi Fertilizer Limited (PSFL). He said the earnest money was deposited by him (Amin Soomro) and Munir Ramejo. He said that not only this, the Privatisation Commission of Pakistan started adopting tactics by following the pressure of high-ups of the country personal pre-bid meeting and bidding has been postponed only with a view to usurp the valuable right of the Employees Management Group of Pak-Saudi.

The Privatisation Commission vide letter No PC/PSFL/Ind/2000 dated February 21, 2002 knowingly and deliberately invited sealed bid, not open bid, just to give the bid in favour of his own choice person under schedule. “Pre-bid conference held in the committee room of the Privatization Commission on March 4, 2002 at 10-30 hours.”

Last date for submission of earnest money together with sealed bid, special power of attorney and application form for the purchase of PSFL on an “As is where is” basis, was fixed during office hours on March 7, 2002. Bidding was held on March 9, 2002 in the conference room of the Privatisation Commission for the sale on an “as is where is” basis.

According to the summary of valuation the net worth of PSFL was determined at Rs8,861,779 million and value per share at Rs147.70 under asset valuation methods as number of ordinary share is 60,00,000 and value per share of Rs147.70.

He alleged that privatisation commission has committed illegality with necked eye and sold the share at Rs135.85 per share to the Fauji Fertilizer Company Limited which comes apparently loss to the tune of Rs71,10,00,000 and an embezzlement was committed in connivance with each. The actual value of the factory was on that time more or less of Rs30 billion thus loss to the tune of Rs23 billion was caused to the national exchequer as the time of privatization, the net profit of the factory was Rs2 billion per year which can be ascertained from the record.

He said the Privatisation Commission of Pakistan vide letter bearing No PC/psfl Ind/2000, dated March 11, 2002 issued letter of acceptance to the managing director of Fauji Fertiliser Company Limited, with the direction that: “As per the term of payment in the Bid Document dated 4 March, 2002 (the bid documents), the successful bidder has requested to pay the balance sale price (being Rs7,185,900,000) Rs7 billion within 90 days from issuance of this letter of acceptance).

He said that as per the letter of acceptance the date of payment was essence of time, but as per the record, it reveals that the successive bidder has not paid the full amount to the PSFL and as per inquiry the successive bidder paid the amount, vide receipt/letter No PC/PSFL/Ind/2002 dated May 31 to the tune of Rs1,63,49,000/-.

He claimed that about 60,000 tonnes urea which were available either at the storage of the company in different warehouses that comes to rupees at that around one and half billion and at present market rates the value of urea is more than Rs10 billion. Moreover, the raw material available at the factory more that rupees three and half billion, thus the whole factory was given to the Fauji Fertilizer free of cost.

He alleged that all these illegal action were committed in connivance with the high-ups of M/s Fauji Fertiliser Company, Meerpur Mathelo, Pak-Saudi Fertilizer Company and Privatization Commission of Pakistan.