I had written a detailed report on KESC titled “KESC Swindles: Past, Present, and Future”. Of course nothing has changed and things are going ‘according to plan’. Just a quick update on some of the latest news:
1. PSO has cut KESC’s fuel supplies because KESC has not being paying PSOs bill. Remember KESC was already getting supplies at a MAJOR discount on Zardari’s orders (How big a discount? How about 100,000 tons of furnace oil at the price of Rs13,000 only!). But even getting the oil at next to nothing, KESC was still not paying for it and still claims to be running at a bigger loss than last year. It also continues to run it’s plants way below capacity because it makes more money by doing so — it has secured deals kind of like the Rental Power Plants (RPP).
2. The transfer of ownership to Zardari continues with issuance of another Rs.6.3 Billion in ‘right shares’ in mid-Feb and another Rs.3.6 Billion in ‘right shares’ this month.
UPDATE: March 17, 2010
As expected, KESC ONCE AGAIN gets away with not paying it’s bills:
Govt intervenes to ensure KESC gets furnace oil
UPDATE: March 19, 2010
Just got “official” confirmation from former MD KESC (watch today’s — March 19th — 11th Hour on ARY) that KESC was sold to present owners for…………….
[Of course this too is NOT all the truth. In fact they were paid billions to “buy” KESC (and more and more payments are ongoing as I mentioned in my first report)].