Etisalat refuses to budge on PTCL payment

2 Jan 2013

UAE-based Etisalat has refused a government proposal intended to end a dispute over an outstanding payment of USD800 million due as part of Etisalat’s acquisition of a 26% stake and management control of Pakistan Telecommunications Company Ltd (PTCL) dating back to 2006. The Business Recorder writes that as part of the deal some 3,248 properties were to be transferred to PTCL, of which 3,117 have been transferred to date. The government had offered to deduct the value of the remaining 131 properties from the USD800 million, but such an offer was rejected. Prime Minister Raja Pervez Ashraf recently weighed in on the matter, requesting in a meeting with Etisalat’s CEO that the telco clear the funds, adding that Etisalat should nominate a team to negotiate with the government to resolve the issue.

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