The Anti-Privatization and Peoples Rights Forum has appealed the Supreme Court of Pakistan to take a suo moto notice into alleged misappropriations in the privatization of the Karachi Electricity Supply Corporation and other precious national assets.
Forum president Alvi, secretary general Rahil Iqbal and others, in a statement on Monday, alleged that private management of the KESC in connivance with Privatization Commission was looting the national exchequer, as well as, consumers. They said that at the time of privatization, its buyers promised to invest $400 million in the utility, but this promise was never fulfilled.
They regretted that new management never spent a penny from their pocket, but generated funds by mortgaging assets of the KESC with International Finance Company and other foreign firms in the name of so-called foreign exchange to hoodwink the public.
They feared as no investment had been made by private owners to upgrade the KESC, the Karachiites would continue to face load shedding in years to come
They charged that the private owners of the KESC also violated the road map shown in privatization agreement. They appealed to the Chief Justice of Pakistan to take a suo moto notice of bungling in the privatization of the KESC and mismanagement of its private owners to save interests of citizens of Karachi.