Wah Cement dues to be paid

ISLAMABAD: A 15-year-old conflict between the Privatisation Commission and the Army Welfare Trust involving payment of Rs874 million dues over privatisation of Wah Cement has finally been resolved.

An agreement in this regard was signed by Secretary Privatisation Commission Shahab Khawaja and Chief Operating Officer Army Welfare Trust Major General (R) Abdul Jabbar. The agreement signing ceremony was attended by Federal Minister for Privatisation Waqar Ahmed Khan and Managing Director Army Welfare Trust Lt General (R) Imtiaz Hussain.

According to the agreement, the Army Welfare Trust will pay the remaining amount with basic interest in 18 months while additional interest has been waived. The Trust will pay Rs234 million immediately and Rs640 million in three installments.

Published in the Express Tribune, May 14th, 2010.