A delegation of Etisalat, an Emirati-based multinational telecommunications services provider, briefed Finance Minister Ishaq Dar about its ongoing operations in Pakistan.
The delegation called on the finance minister at the Embassy of Pakistan in Abu Dhabi and apprised him of the future business plans of the company in Pakistan, according to a short statement issued by the Ministry of Finance.
It is pertinent to mention here that Pakistan has been trying to resolve the PTCL-Etisalat deal for many years. The company has been holding back $800 million out of $2.6 billion bid proceeds of majority stakes in PTCL for almost 16 years.
Etisalat had made upfront payments of $1.4 billion in a couple of installments but then stopped the remaining amount on the premise of non-transfer of all properties in the name of PTCL.
Last month, the federal cabinet approved the appointment of Prime Minister’s Adviser Ahad Khan Cheema as a Land Utilization Expert in the PTCL Board in a bid to retrieve the outstanding sale proceeds of PTCL.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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