PC vindicated by Supreme Court in HEC transaction

Islamabad, October 21: The Supreme Court of Pakistan has vindicated the Privatisation Commission (PC) in the case of Heavy Electrical Complex (HEC) transaction by dismissing an appeal filed by M/s Cargill Holdings Limited, the unsuccessful bidder of the HEC transaction.

The decision of the Supreme Court puts to rest all of the doubts raised in the media and parliamentary committees, which created unfair speculations regarding decisions made by the PC.

The decision comes after the PC has already won four other cases filed by M/s Cargill Holdings Limited against PC in Islamabad High Court for revoking the letter of acceptance issued to it for violating the terms and conditions of the offer of sale. The PC has also filed a criminal case/FIR against the representative of Cargill for submitting a cheque to the PC, which was dishonored.

“The PC has always stood firm on its commitment to ensuring transparency in all of its transactional work. The Supreme Court’s decision reaffirms that PC’s transactional decisions of the process for HEC’s transaction has been carried out with the highest integrity, as our case has been accepted through out up to the level of the Supreme Court of Pakistan through multiple judicial decisions and they have all been in favor of the Privatisation Commission”, said Mr. Muhammad Zubair, Chairman PC. Chairman Zubair also highlighted that unnecessary doubts were created on the basis of factually incorrect information, and at times even lack of understanding of the legal process followed in running privatisation transactions.

The Privatisation Commission initiated the privatisation transaction for the state owned enterprise HEC, under the Ministry of Industries and Production, in 2014-2015.