10 February 2005	Thursday	30 Zilhaj 1425

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ISLAMABAD, Feb 9: The combined opposition in the Senate on Wednesday criticized the privatisation of the Karachi Electric Supply Corporation (KESC) and called for a reversal of the last week's deal.

An inconclusive debate on the issue was held on an adjournment motion moved by opposition leader Raza Rabbani. The house adjourned it until Thursday evening when Privatisation and Investment Minister Abdul Hafeez Sheikh is likely to reply to the opposition criticism.

Mr Rabbani described Friday's sale of 73 per cent of KESC shares to a consortium of Saudi Knooz Group and Siemens Pakistan for Rs20.24 billion as part of the agenda of what he called 'international financial imperialism' seeking to compromise the country's economic sovereignty.

He said the sale, which has already been approved by a cabinet committee on privatisation, would endanger national interests by giving a sensitive institution in foreign hands. It would also harm interests of KESC employees and Karachi industry, he added and called for a reversal of the deal.

He questioned the justification of the sale after a report sent to the Senate standing committee on water and power by the KESC managing director had said the corporation would make a profit of Rs1.6 billion in fiscal 2005-06.

Mr Rabbani's demand for reversing the deal was strongly supported by Prof Ghafoor Ahmed of the Muttahida Majlis-i-Amal (MMA) and Safdar Abbasi, People's Party Parliamentarians (PPP). But the deal was justified by two opposition senators, Ilyas Ahmad Bilour of the Awami National Party and Azam Khan Swati of the MMA, and Mohammad Amjad Abbas of the ruling Pakistan Muslim League on the ground that the government should sell loss-making enterprises to private parties.

However, Mr Bilour and Swati shared opposition fears about possible retrenchment of KESC workers and future increase in its power rates.

Earlier, the opposition marched out of the upper house to join a walkout by journalists from the press gallery to protest against the killing of two reporters by unknown gunmen in Wana on Wednesday.

NA SESSION: In another move, President Pervez Musharraf issued an order on Wednesday summoning the National Assembly to meet on Feb 21 at 4pm, according to an assembly press release.

Clarification

KARACHI, Feb 10: In a press release issued here on Thursday, Siemens Pakistan Engineering Co. Limited has said the firm has no equity in the KESC and the impression created by some reports that it is part owner is not based on facts.

The fact, the press release says, is that Siemens is exclusive no-stock holding technical partner to Kanooz Al Watan Holding Group. This Saudi group has acquired the KESC through a bid and is the sole new owner of this utility. Siemens as a technical partner will limit its contribution to technical aspects of the improvement of KESC as and when required to do so by Kanooz Al Watan.