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Sindh High Court declares KESC privatisation legal after 15 years

Dismisses 2005 petition

SAMAA | - Posted: Jan 21, 2021 | Last Updated: 6 months ago
SAMAA |
Posted: Jan 21, 2021 | Last Updated: 6 months ago

Photo: File

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The Sindh High Court announced after 15 years that the privatization of KESC (now called K-Electric) was legal. It has now turned down the KESC Labour Union’s petition against the 2005 privatization. The petitioner was unable to prove to the court that the privatization was against the law. Justice Aqeel Abbasi headed a two-judge bench that had earlier reserved its verdict in the case. In 2005, the government, which initially had 98% of KESC’s shares, sold 71% of its shares to the Kanooz Al-Watan-led Saudi consortium. The group paid Rs15.86 billion for the shares and the company was converted from state-owned to a foreign owned and managed corporation. The Abraaj Group took over in 2009.
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The Sindh High Court announced after 15 years that the privatization of KESC (now called K-Electric) was legal.

It has now turned down the KESC Labour Union’s petition against the 2005 privatization. The petitioner was unable to prove to the court that the privatization was against the law.

Justice Aqeel Abbasi headed a two-judge bench that had earlier reserved its verdict in the case.

In 2005, the government, which initially had 98% of KESC’s shares, sold 71% of its shares to the Kanooz Al-Watan-led Saudi consortium. The group paid Rs15.86 billion for the shares and the company was converted from state-owned to a foreign owned and managed corporation.

The Abraaj Group took over in 2009.

 
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