Port Qasim LNG terminal: Report vindicates winning bidder
The bid was backed by banks including the Bank of China.
The bid was backed by banks including the Bank of China. PHOTO: FILE
A company accused of submitting a fake document as part of its successful bid for second LNG terminal at Port Qasim has stated that the allegations have been proven to be false.
According to a press release issued by Akbar Associates (AA), it had successfully won the contract, but was unable to close the deal after its ‘credit worthiness certificate’ (CWC), issued by Burj Bank Islamabad (BBI), was deemed fake.
However, it has been proven to be malicious and false says a press statement issued.
Investigations conducted by the Federal Investigation Agency’s Central Banking Circle (FIA-CBC) and the State Bank of Pakistan (SBP), initiated on the formal complaint of BBI, have shown that the CWC submitted by AA was not fake, as alleged.
The FIA inquiry report submitted to the Supreme Court clearly states that the CWC was indeed issued by BBI’s Sector F-8 Branch, with the knowledge of the bank’s regional management.
In addition, Sui Southern Gas Company’s Procurement Grievance Committee (SSGCL PGC) report further reveals that the bank’s CWC was neither considered nor was relevant in determining the financial standing of the AA-led consortium.
The report further observes that AA’s bid was backed by equity commitments from credit-worthy Chinese engineering firms that are foreign partners of the consortium. The bid was also backed by multiple letters of intent from banks such as the Bank of China.
In its written report dated June 22 and submitted to the Sindh High Court, SSGCL’s PGC has categorically stated that the only allegation on which AA was being denied the contact is the “fake CWC”.
The project as proposed by Akbar Associates brings $400 million in direct investment and promises to increase the country’s LNG import infrastructure, the statement said.
Published in The Express Tribune, November 26th, 2015.
According to a press release issued by Akbar Associates (AA), it had successfully won the contract, but was unable to close the deal after its ‘credit worthiness certificate’ (CWC), issued by Burj Bank Islamabad (BBI), was deemed fake.
However, it has been proven to be malicious and false says a press statement issued.
Investigations conducted by the Federal Investigation Agency’s Central Banking Circle (FIA-CBC) and the State Bank of Pakistan (SBP), initiated on the formal complaint of BBI, have shown that the CWC submitted by AA was not fake, as alleged.
The FIA inquiry report submitted to the Supreme Court clearly states that the CWC was indeed issued by BBI’s Sector F-8 Branch, with the knowledge of the bank’s regional management.
In addition, Sui Southern Gas Company’s Procurement Grievance Committee (SSGCL PGC) report further reveals that the bank’s CWC was neither considered nor was relevant in determining the financial standing of the AA-led consortium.
The report further observes that AA’s bid was backed by equity commitments from credit-worthy Chinese engineering firms that are foreign partners of the consortium. The bid was also backed by multiple letters of intent from banks such as the Bank of China.
In its written report dated June 22 and submitted to the Sindh High Court, SSGCL’s PGC has categorically stated that the only allegation on which AA was being denied the contact is the “fake CWC”.
The project as proposed by Akbar Associates brings $400 million in direct investment and promises to increase the country’s LNG import infrastructure, the statement said.
Published in The Express Tribune, November 26th, 2015.