Game On Ha
Correct with the news that Orange Train is not part of CPEC.
Sharif brothers tried hard in getting it connected to CPEC, to hijack credit for this part of CPEC, however, the Chinese Govt. did not approve a loan to Sharif Govt and cleverly they offered a soft loan, as the Chinese knew there was no way to recover the money.
Right now this project is in a lot of trouble. Originally project awarded to 2 parties. Maqbool/Calson and Habib construction.
Exim bank had released $300 million and when they released the next $30 million they sent their experts to check progress. Turns out that on M/C side some of the pile foundations are not even half the required depth and there is a FIR against 3 Nespak site engineers. Maqbool/Calson guarantee of 980 million was encashed however they have been overpaid Rs.3 billion so no loss to them.
Now the contract is awarded to ZKB/Reliable…however Exim bank has refused to make any additional payments.
The Punjab govt. acquired some short-term financing from Bank of Punjab and paid a markup of Rs392 million plus payments of Rs. 217 million was to be paid in Oct and so on.
Workaround heritage sites have been stopped by the High Court and case is now pending in Supreme Court.
Work is at a snail’s pace and the whole thing stinks to high heaven.
Just think what the govt. could have achieved with $2 billion. But then we’re not the thinking type…can cause brain cancer.
CPEC, CPEC in Jeopardy, Sharif Govt Meddlers & Corruption
