ISLAMABAD, Sept 3: The government has been advised by its top constitutional and legal experts to go ahead with the re-bidding schedule of the United Bank Ltd (UBL) on September 5 without the fear of being challenged by any pre-qualified bidder in any court.

According to official sources, the Privatization Commission has consulted Attorney General Makhdoom Ali Khan and other government’s experts, and they termed the decision of fresh bidding of the United Bank Ltd (UBL) very much legal and could not be challenged in any court of law.

Mr Khan said that the government has the right to seek maximum price for its units, which was very much in line with the international practices.

“The government’s objective is to ensure transparency in privatization process and the maximization of the United Bank Ltd transaction,” said an official of the ministry of finance.

When contacted he said that United Bank Ltd (UBL) could give a higher price and as such why should the government not opt for it through fresh bidding.