KARACHI, Aug 1: The People's Workers Union, the former CBA of the Karachi Electricity Supply Corporation, expressing concern over the proposed privatization of the KESC, has termed it a conspiracy against the national interests and has decided to resist it.

The decision to this effect was taken at a union meeting held at the People's Secretariat on Sunday. The meeting decided to launch a movement with a protest demonstration at the Press Club on Friday afternoon.

The union maintained that the privatization of the KESC was being carried out at the directives of international financial institutions, and apprehended that an important national asset would thus be given to some multinational company, which would remit its profits abroad.

It claimed that the privatization would result in enhanced electricity price, which would cripple the local industry, making it unable to compete in the international market.

The union said that with privatization, the foreign owners of the utility would have an access to the country's defence installations which would be a threat to the national security.

It said it would also be a threat to the jobs of over 11,000 KESC employees, as the private party might sack the workers to cut down the costs. The move would further aggravate employment scenario in the country.