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Posted by admin in "BAHRIA TOWN, Asif Zardari Crook Par Excellance, BILAWAL ZARDARI BAMBINO KINGS OF CORRUPTION, BILWAL & ASID ZARDARI SHAITANS OF PAKISTAN, CRUSHING OF PAK AWAM BY PML(N) & NAWAZ SHARIF, CRY THE BELOVED COUNTRY, DAMAGE TO PAKISTAN BY NAWAZ FAMILY, ISHAQ DAR:THIEF OF PUNJAB, Looters and Scam Artists, MALIK RIAZ, MQM TERRORISTS, MULLACRACY, NAWAZ SHARIF BUZDIL KARGIL BHAGHORA, NAWAZ SHARIF FAMILY TURPITUDE, NAWAZ SHARIF LOAN SCAM, Nawaz Sharif Malcontent, Nawaz Sharif Massive Corruption, NAWAZ SHARIF MUZZLES PRESS, NAWAZ SHARIF SAGA OF ABSOLUTE & CHRONIC CORRUPTION, NAWAZ SHARIF THIEF, NAWAZ SHARIF US & SAUDI AGENT, NAWAZ SHARIF US CIA ASSET IN PAKISTAN, NAWAZ SHARIF'S ISLAMIC REPUBLIC OF PAKISTAN, Nawaz Sharif-The Prime Minister from Hell, NAWAZ SHARIF: THE LOOTER, Nawaz US Agent, Pakistan's Hall of Shame, RIGGED ELECTION 2013, SCAMMER & FRAUDIAS on December 7th, 2014
I
Is this what the Feudal Politician
THAT, after the sellout of $ 913 m worth of OGDCL’s global depository receipts in a hush-hush manner by Shaukat Aziz government in 2006, all eyes in the international market are fixed on the lucrative sellout offer of our largest and most profitable national oil and gas company’s 10 pc shares yet again.
That, although the Honourable Apex Court had acknowledged the Federal Government’s right to sell the said shares, I beg to submit before your Honourable Lordship what all is not right in this exercise undertaken by the Privatization Commission.
That, done in the least transparent manner, the very selection of M/s Merrill Lynch and City Group, both American based consultants, violates the World Bank’s rule of ‘quality and cost’ based selection of consultants.
That, the consultants’ track record in Pakistan’s context has been highly questionable. M/s Merrill Lynch were denied payment of an upfront fee of $ 21 m in the early 2000s by OGDCL, when this scribe was the managing director, precisely for the same reasons. As of now, the Privatization Commission must declare how much upfront fee the consultants have been paid for this sellout. Again, the Privatization Commission must clarify whether or not Merrill Lynch facilitated the sellout of government’s 20 pc shares in the Badin Oil Field to BP at a paltry $ 73 m when the government was getting oil worth more than that amount annually from that share-holding. As for M/s City Group, their $ 913 m sellout of GDRs of OGDCL, the mega corruption at London and Luxemburg stock exchanges, still continues to baffle us.
That, very like the 2006 sellout, the shares have again been floated at those foreign stock exchanges where few questions are ever asked about any violations of the American Foreign Companies Corrupt Practices Act (FCCPA)-1977.
That, regardless of how many foreign directors come aboard OGDCL after this sellout, the whole exercise is already being steered by the foreign hands. The Minister of State for Privatization has strong IBM linkage. He is also the Minister of State for Investment as well as Advisor to the PM on Tax Reforms; conflicts of interests abound. OGDCL’s chairman has M/s Lasmo and Eni background with questionable credentials. For nearly ten years OGDCL has only had acting managing directors to serve the vested interests.
That, last but not the least, there are few examples in the region where strategic Oil & Gas assets are ever sold out in that manner. In fact most countries, like China, India and Malaysia continue to acquire such assets both at home and abroad.
That, my humble prayer, Honourable Chief Justice, is to kindly take a suo-moto notice and stop this thoughtless sellout which is definitely not in the interest of the Islamic Republic of Pakistan which has long been confronting serious internal and external threats to its very existence.
Maj Gen (Retd) Parvez Akmal
Former Managing Director OGDCL (May2000-March 2003)
A 31, Street : 8, DHA-I, Islamabad
The decision to defer the sale was made by the privitisation committee as the target of $800 million was not expected to be met. This was due to the decrease in the price of crude oil in the international market.
The Privitisation Commission had made a plan for the sale of the shares, but this was delayed due the sit-ins and during this period the price of crude oil decreased.
The floor price of Rs216 per share had been approved with an estimated 322 million shares to be sold out of which 311 were to be offered to institutional investors, two thirds of the remaining 11 million shares to general public and one third to OGDCL employees.
On Friday, State Minister for Privatisation, Muhammad Zubair clarified that government was not privatising OGDCL as divesting some of the company’s shares could not be termed as privatisation.
Posted by admin in Nawaz Dangerous, Nawaz Sharif & Kashmiri Biradari, NAWAZ SHARIF BUZDIL KARGIL BHAGHORA, Nawaz Sharif Dangerous Man, NAWAZ SHARIF DICTATOR, NAWAZ SHARIF FAMILY TURPITUDE, Nawaz Sharif Massive Corruption, NAWAZ SHARIF US CIA ASSET IN PAKISTAN, Nawaz Sharif-The Prime Minister from Hell, Nawaz US Agent on December 3rd, 2014
Poori Army JANTI hai kai, DANDA dai kar DHAMAKAY karwaeay Thai Army nai.
Nawaz Baighairat main Itna DAM na HAI, na THA aur Na ho ga Kabhi,
Saudi DALALOON kay Talway Chatnay Walay GANJ-AY, amrika bhi apnay
Saudi dalaloon ko beech main rakh kar BAAT karta hai en ko Direct MOONH bhi nahi lagata.
Above Comments: Courtesy:http://www.siasat.pk/forum/showthread.php?174541-Nawaz-Sharif-And-Shahbaz-Sharif-did-not-want-Nuclear-Test