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At SIFC MeetIng, COAS reAFFIrMS ArMy’S All-Out SuppOrt tO CAretAker gOvt
Profit
Tuesday, 29 August, 2023 I 11 Safar, 1445
PM LAUDS EFFICIENT FUNCTIONING OF SIFC THROUGH COLLABORATIVE ‘WHOLE OF GOVT APPROACH’
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ISLAMABAD
CABINET BRIEFED ON SIFC INITIATIVES ENCOMPASSING PROGRESS IN KEY AREAS
STAFF REPORT
HIEF of Army Staff (COAS) General Syed Asim Munir on Monday reaffirmed the Pakistan Army’s all-out support to the caretaker government for the continuity of policies in a bid to revive the country’s economy and steer Pakistan towards progress and prosperity. He expressed these sentiments during the fourth apex committee meeting of the Special Investment Facilitation Council (SIFC), the first one after the interim government assumed power earlier this month. The meeting was chaired by Caretaker Prime Minister Anwaarul Haq Kakar and attended by the army chief, the entire federal cabinet, chief ministers, provincial ministers and high-level government officials. The cabinet was given a wholesome review of SIFC initiatives encompassing progress in key areas and benchmarks achieved thus far in a short span of time. Prime Minister directed the authorities concerned to accelerate the realisation of identified projects by capitalising enabling environment, already achieved
through the SIFC. The meeting was given a wholesome review of SIFC initiatives, encompassing progress in key areas and benchmarks achieved thus far in a short span of time.
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Prime Minister Kakar appreciated the efficient functioning of SIFC through a collaborative “Whole of Government Approach” for achieving horizontal and vertical synergy. The Apex Committee appreciated
SIFC’s outreach strategy to achieve global traction and ongoing engagements with brotherly/friendly countries including productive visits of high-level delegations from the Kingdom of Saudi Arabia and Islamic Organization for Food Security (IOFS). The body also endorsed the projects, approved by the previous government, for attracting investments in key sectors of agriculture, livestock, mining, minerals, information technology and energy. The Army Chief reaffirmed Pakistan Army’s all-out support to the caretaker government for continuity of policies in a bid to revive country’s economy and steer Pakistan towards progress and prosperity. The committee expressed confidence in SIFC initiatives and displayed its resolve and support in maintaining the positive trajectory towards revival of the country’s economy. It also endorsed the projects, approved by the previous government, for attracting investments in key sectors of agriculture, livestock, mining and minerals, IT and energy. At the end, the premier directed to accelerate the realisation of identified projects by capitalising the enabling environment already achieved through SIFC.
Battle for K-Electric heats up
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STATEMENT COMES FOLLOWING BOTH PARTIES HAVING DECLARED VICTORY IN CAYMAN GRAND COURT’S RULING ABOUT K-ELECTRIC’S BOARD OF DIRECTORS PROFIT
DANIYAL AHMAD
Attock jail admin shares with SC details of 'diet menu' served to Imran ISLAMABAD
STAFF REPORT
A report detailing the living conditions of the Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan currently serving time at the Attock Jail was submitted to the Supreme Cout (SC) on Monday. Superintendent Attock Jail submitted the report to the apex court as it had sought details of the living conditions of former prime minister at the cell where he has been languishing since his conviction on August 5. Last week, Imran’s wife Bushra Bibi had urged the SC to take “serious notice” of the alleged threat to her husband’s life, citing a “considerable decline” in his health in prison. She had expressed special concern over how he “appears to have lost weight substantially during the course of his confinement, particularly loss of muscles around his arms”. In the report submitted on Monday, the superintendent provided details of the “diet menu” revealing that “on demand of the petitioner, twice-a-week desi chicken and once-a-week mutton cooked in desi ghee is also provided to him”. Further, it stated that the PTI chief was being kept in a 9×11 cell and has been granted space in a strolling shed where he walks morning and evening. Imran has also been provided with an LED TV, and reading material and maintains regular access to newspapers. “An official sanitary worker has been detained for two hours daily or cleanliness of cell and washroom of the petitioner and washing of his clothes,” the report added, stressing that the PTI chief enjoyed hygienic conditions as he served his sentence. He is also visited regularly by five different doctors who are administering Imran’s medical examinations and treatment.
AsiaPak Investments — a consortium under the aegis of Shehryar Chishti, who earlier this summer procured the Infrastructure Growth and Capital Fund (IGCF) — has launched a scathing critique against the minority shareholders of KES Power. They have implicated these shareholders in the ongoing legal imbroglio concerning K-Electric, accusing them of its mismanagement. As a corollary, they have attributed Karachi’s electricity predicaments to these minority shareholders. This statement comes almost two weeks after both factions had claimed victory in the aftermath of the Cayman Grand Court’s ruling. To recap, Shehryar Chishti is the proprietor of Daewoo in Pakistan. Through AsiaPak Investments, Chishti purchased IGCF earlier this summer, thereby acquiring a substantial 53.8% stake in KES Power. This, in turn, translates to a commanding 66.4% of K-Electric’s shares. The residual 46.2% of KES’ shares are apportioned between Aljomaih Power Limited, based in Saudi Arabia, and Denham Investment from Kuwait. The rationale behind Daewoo’s owner acquiring Pakistan’s sole privately-owned electric utility company has been previously documented by Profit. The aforementioned minority shareholders are the ones facing the brunt of IGCF’s reproach. The underlying reason for this — apart from the historical intricacies explored in the aforementioned article by Profit — is a ruling passed by the Cayman Grand Court. While the court has deferred its final judgement until a conclusive hearing, both AsiaPak and the minority shareholders have seized the opportunity to proclaim their respective victories through media channels. Profit has chronicled this entire saga, particularly highlighting how a single court verdict could ostensibly yield two victors who were previously at odds with each other. Now back to AsiaPak’s recent statement. Profit reached out to Shan Abbas Ashary, Chief Investment Officer at the Al-Jomaih Group and Non-Executive Director of K-Electric, to understand the minority shareholders’ point of view. However, sadly, no comment could be elicited. Subsequently, we will only be able to convey AsiaPak Investments’ tirade. AsiaPak’s accusations In the communique, AsiaPak is delineated as the predominant stakeholder of KESP, possessing a substantial 53.8% share. This proprietorship, AsiaPak asserts, bestows upon it the legal prerogative to nominate its representatives on the KE Board — a privilege that it states was instituted, and subse-
quently reaffirmed by the Cayman Courts in 2009 and July 2023, respectively. The proclamation further elucidates that the minority shareholders of KESP acquiesced to this arrangement in 2015. Intriguingly, AsiaPak states, are the sole entities who have liquidated some of their underlying KE shares to date. The communique articulates, “Since 2009, both IGCF SPV 21 and the minority shareholders have been exercising their aforementioned legal rights to appoint their allocated number of directors on KE Board.” Nevertheless, the communique voices apprehension over recent endeavours by the minority shareholders to negate and usurp AsiaPak’ss rights. These attempts are characterised as a blatant infringement of the KESP shareholders agreement, Cayman Islands law, and its recent Order. The communique also underscores the tribulations in Karachi owing to these unlawful skirmishes instigated by KESP’s minority shareholders and KE’s dwindling performance. It culminates with a clarion call from AsiaPak: “IGCF SPV 21, KESP’s majority shareholder, must immediately be fully seated on the KE Board to spearhead KE’s significant turnaround with a concerted focus on providing affordable and reliable electricity to Karachi.” Should we expect more quarrels in the media going forward? In a nutshell, the likelihood is high. The Grand Court of the Cayman Islands is yet to hold one final session to definitively resolve the issue at hand. This forthcoming assembly, as alluded to in the aforementioned article, presents a potential win for both parties involved depending on the when and how the final hearing is conducted. It could potentially tip the scales in favour of one party, possibly yielding more than what they initially sought. However, until the session is held, more media tirades are a given.
Imaan Mazari re-arrested outside Adiala Jail hours after getting bail ISLAMABAD
STAFF REPORT
Human rights lawyer Imaan Zainab Mazari-Hazir was re-arrested outside the Adiala Jail in Rawalpindi on Monday, hours after an Islamabad anti-terrorism court granted her bail in a sedition case. Confirming the arrest on X (formerly Twitter), the Islamabad police said Imaan was taken into custody in a terrorism case registered at the Bhara Kahu police station. A video of the arrest showed Islamabad police officials taking Imaan away in a police van from outside the jail. The arrest comes hours after an Islamabad anti-terrorism court granted Imaan and former lawmaker Ali Wazir post-arrest bail in a sedition case. While Imaan has been re-arrested, Adiala Jail superintendent Asad Warraich told media that Wazir’s release is still pending. Wazir was arrested on August 19, while Imaan was picked up from her home during the early hours of August 20. A pair of first information reports (FIR) were registered against the two at Islamabad’s Tarnol police station and Counter-Terrorism Department (CTD) police station. The arrests were made two days after a public meeting, organised by the Pashtun Tahaffuz Movement (PTM). Wazir, a PTM member, and Imaan had both addressed the rally, with videos circulating on social media showing speakers criticising the military establishment over enforced disappearances. On August 22, an Islamabad court had granted Imaan post-arrest bail in a rioting and dacoity case. However, she remained in police custody in connection with the sedition case. Meanwhile, an Islamabad ATC on August 24 had rejected the prosecution’s request to extend Imaan and Wazir’s physical remand in the sedition case and sent the two to Rawalpindi’s Adiala Jail on judicial remand. At the same time, Imaan’s counsel Zainab Janjua had filed a petition seeking her post-arrest bail. On Monday, Judge Abual Hasnat Zulqarnain presided over the hearing at the outset of which a script of Imaan’s speech from the PTM rally was read out aloud. As the prosecution presented its argument, it opposed granting bail to Imaan and Wazir. It informed the court that a report on the contents of a USB in Imaan’s possession had not yet arrived and that the “forensics of the event were still needed”. However, the ATC granted both the suspects postarrest bail against surety bonds of Rs30,000 each. However, the two had not yet been released from jail. Imaan’s lawyer Janjua told AFP that her client “should be released today”. Wazir was also granted bail but will be produced before another Islamabad court in a separate case related to the rally, she said. Two first information reports (FIR) were registered against the two on August 19 at the Tarnol police station and CTD police station. The first FIR was registered on the complaint of Tarnol Station House Officer (SHO) Mian Mohammad Imran under Sections 148 (rioting armed with deadly weapon), 149 (unlawful assembly), 186 (obstructing public servant in discharge of public functions), 188 (disobedience to order duly promulgated by public servant), 341 (punishment for wrongful restraint), 353 (assault or criminal force to deter public servant from discharge of his duty), 395 (punishment for dacoity), 440 (mischief committed after preparation made for causing death or hurt) and 506ii (criminal intimidation) of the Pakistan Penal Code (PPC). The FIR said that the complainant was present with other police officers at Tarnol Phatak Chowk to maintain peace and calm during a rally of the Pashtun Tahafuz Movement (PTM). It said that the rally led by PTM chief Manzoor Pashteen, including Wazir and Imaan, began moving from the spot allocated to it in violation of its no-objection certificate. The SHO said when the police officers attempted to stop the rally from moving towards Islamabad, the rally’s 700-800 participants armed with sticks confronted the officials. He said that upon being stopped after attempting to move towards Islamabad again, the crowd blocked both lanes of Grand Trunk (GT) Road by placing containers and staged a demonstration while traffic was completely blocked.
ISO suspends Pakistan for non-payment of subscription fee
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ISO HAD OUTLINED PROCESS FOR MEMBERSHIP RESTORATION UPON CLEARING OUTSTANDING FEE PROFIT
GHULAM ABBAS
In a major blow to Pakistan’s standing in the world of standardization and quality control, the International Organization for Standardization (ISO) has suspended the country’s membership due to non-payment of the annual subscription fee. Despite repeated reminders and emails, the Pakistan Standard and Quality Control Authority (PSQCA), a part of the Ministry of Science and Technology, failed to settle the outstanding dues. The ISO, a globally recognized inde-
pendent and non-governmental organization, has a membership of 169 national standards bodies across the world. This suspension comes as a result of the PSQCA’s negligence and lack of responsiveness to the ISO’s communication. This incident has the potential to harm Pakistan’s reputation in terms of adhering to international standards and producing quality goods. In the latest communication sent on August 17, 2023, the ISO informed the Director General of PSQCA that the subscription fee for the year 2022 remains unpaid, leading to the suspension of the authority’s membership. As per ISO’s statutes, a suspended member
body loses its voting rights, its seat in the General Assembly, and access to free publications and documents from the organization. This development followed a series of reminders and warnings sent by the ISO, the latest of which was on July 25, 2023, stressing the unpaid subscription fee and the subsequent suspension of membership. The ISO outlined the process for membership restoration upon clearing the outstanding fee. “Intriguingly, despite attending various ISO meetings and training programs, PSQCA officials have failed to pay the ISO and other standard body fees. This suspension arrives at a time when PSQCA operates under tem-
porary leadership, a situation highlighted by the Islamabad High Court in a case related to the appointment of a regular Director General for PSQCA. The organization is being managed by interim officials due to the absence of a permanent DG, Secretary, Director Admin, and Director Finance. Known for its alleged corruption, even the current interim officials overseeing PSQCA are reportedly facing multiple inquiries and cases at the National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA). Despite attempts, Minister of Science and Technology, Umar Saif, and Secretary
of the Ministry, Ali Raza Bhutta, did not respond to inquiries or meeting requests regarding this matter. Experts are concerned about the repercussions of this suspension. Without ISO membership, Pakistan might encounter challenges and skepticism regarding the quality and standards of its goods, both domestically and in the international market. The ISO, founded in 1947, has published thousands of international standards covering various technological and manufacturing domains. With its headquarters in Geneva, Switzerland, the ISO’s influence extends to 167 countries as of 2023.