ISLAMABAD: The counsel for Walters Power International (WPI) informed the Supreme Court on Wednesday that the company was returning Rs2 billion, along with mark-up, which it had taken as advance for installing rental power plants in Naudero and Guddu.

“My client is ready to return the amount taken in advance for the two power projects,” Advocate Shahid Hamid told a three-judge bench comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday.

On Tuesday, the court had ordered the WPI to submit a statement that it was returning the money, along with interest.

The counsel had sought time to consult the company’s president David Walters who was in the US for the return of the principal amount and mark-up.

The court took notice of a newspaper report that Nepra had detected irregularities in advance payment made to the company for Naudero-II and Guddu power projects.

The report claimed that Nepra had declined to approve tariff for the Naudero-II project after discovering that its equipment belonged to the Guddu rental power project.

The chief justice appreciated the role of the counsel and said that national wealth would not be allowed to go waste.

Justice Ramday observed that the bench and the bar were the wheels of the same cart and with their close cooperation issues could be resolved amicably.

The WPI had entered into a contract with the government for completing the $52 million gas-fired power plant of 51MW at Naudero-II while working on a second project of $70 million in Guddu.