Karachi 28th April 2016: In response to the ongoing media queries and discussion regarding Public Accounts Committee’s (PAC) recent comments, K-Electric has issued a press statement in which the company has categorically stated that K-Electric is a Public Listed company duly audited by leading and reputed statutory audit firms. The company is in compliance with the required rules and regulations of the Central Bank, the Pakistan Stock Exchange, SECP and the regulatory body; for all financial disclosures, audit, statutory and regulatory requirements.
The press statement added that as far as payments to the Sui Southern Gas Company (SSGC) are concerned, K-Electric being a responsible corporate entity pays its current bills to SSGC without any delay nor default. KE in the last 4 years has paid over PKR 149 Billion to SSGC. This includes all the current running bills and also includes payments for arrears to the tune of PKR 16 Billion. Spokesperson KE said, this is done as part of the Payment Plan between K-Electric and SSGC. The current outstanding balance of SSGC to date is around PKR 11 Billion only, which will also be paid as part of the Payment Plan. It is also pertinent to mention that a number of other Public Domain institutions also owe over PKR 98 Billion to K-Electric, out of which Karachi Water & Sewerage Board alone owes over PKR 37 Billion.