THATTA, Oct 27: The Privatization Commission has confiscated Rs50 million security amount and cancelled the deal made to sell the Thatta Cement Factory.

The step was taken after failure of the buyer to pay the remaining amount in the stipulated period.

The buyer called back its managerial as well as security staff from the factory.

Ibrahim Kumbhar, general secretary, and Syed Farooq Asghar Shah of the Progressive Employees Union said that the factory had been sold out for a mere Rs709 million as against its actual worth of Rs3 billion by the Privatization Commission to a private party over a month ago.

The union leaders said they launched a protest campaign to save the factory but it yielded no results.

The new company had purchased the factory on depositing an initial security amount of Rs50 million while the rest was to be paid within a month. However, it failed to comply with the agreement within the stipulated period as a result of which the Privatization Commission withdrew its decision and confiscated the initial payment.

The labour leaders said that former bureaucrats rendered huge financial losses to the profit-earning factory, which was evident from the fact that the then managing director deputed by the State Cement Corporation had been reverted to the general manager.

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