Monday, September 27

‘Sunder Owners Front’s accusations baseless’

The Punjab Industrial Estate has found out that the allegations levelled by the Sunder Industrial Estate Owners Front baseless and fabricated, and the PIE has written a reply to the Industries Department mentioning that a group of a few persons is creating misconception in the business community.
“The allegations made are baseless, fabricated and without a shred of evidence. The PIE Management is in the process of moving the competent court in defamation and criminal suits against SIE Owners Front,” says a letter written to the Secretary Industries, who had earlier sent letter to the PIE management seeking latter’s reply regarding allegations for alleged embezzlement in the SIE.
It has been maintained that the Front’s letter was aimed at stopping PIE’S management from pursuing its policy of SIE’s colonisation. The PIE, created under section-42 of the Companies Ordinance 2003, is managed by a Board of Directors comprising eminent industrialists from private sector, and it implements decisions of the BoD in line with Punjab govt’s policy. Now baseless allegations are being levelled by a small group of PIE’s defaulters, whose plots have been cancelled due to their default and violation of conditions of allotment. PIE’ colonisation drive is a transparent and even-handed process. Serious industrialists wanting to set up industries have been given another chance to colonise after obtaining a legal undertaking. The same facility was offered to the defaulter group, but they are spreading disinformation instead of accepting the offer.
Secondly, it is incorrect to create a nexus between SM Muneer and Maj Gen (r) Tariq Javed and linking cancellation of Bayindir’s M-1 Motorway contract due to their friendship since they were complete strangers to each other. SM Muneer’s name has been implicated only because his son SM Tanveer is Chairman BoD of PIE.
It has been further added that Bayindir’s contract was cancelled due to its poor performance. Later, Bayindir lost its case against Pakistan in the International Centre For Settlement of Investment Disputes. Gen Javed assisted the govt as ICSID team leader on honorary basis, while in last August, the Tribunal lifted stay on encashment of Bank Guarantees obtained by Bayindir from Turkish banks, and a deposit of $ 47 million as the first tranche was made to Pakistan’s govt. Neither Turkey-Pakistan relations were affected as the matter concerned a private contractor, who had tried to implicate Pakistan as a state.
Also award of balance work of M-1 motorway was made many years after Gen Javed left NHA, and Front’s allegations automatically stand negated.

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