Inquiry into seizure of Chinese company accounts ordered

Islamabad

The government on Thursday ordered an inquiry into seizure of bank accounts of Chinese company by Pakistan’s tax authorities involved in construction of 720 MW Karot Hydropower Project with estimated cost of $1.5 billion under $51 billion China Pakistan Economic Corridor (CPEC).

The orders for conducting an inquiry was issued by Federal Minister for Planning Ahsan Iqbal here on Thursday while chairing a review meeting on CPEC projects in which the representatives of relevant ministries and provinces participated.

After the meeting, it was told that the tax authorities had attached bank accounts of one Chinese company involved in construction of Karot Hydropower project that got annoyed the Minister for Planning who ordered to hold inquiry and fix responsibility against those involved in creating hindrances in the way of execution of CPEC project in timely manner.

China International Water & Electric Corporation has been executing the Karot Hydropower Project. The Karot Hydropower Project is an under construction run-of-river concrete-core rockfill gravity dam in Pakistan with an installed capacity of 720 MW that is being developed as part of the $51 billion China–Pakistan Economic Corridor, and is expected to be completed in 2020.

After completion, the company will run and maintain the project for 30 years at a levelised tariff of 7.57 cents per unit after which it will be transferred to the Punjab

However, according to press statement issued by Ministry of Planning here on Thursday after the meeting stating that the Minister for Planning, Development and Reforms Ahsan Iqbal said that in order to ensure timely completion of China Pakistan Economic Corridor (CPEC) projects, the federal government would work together with all stakeholders and would also remove all barriers which might have even the slight margin to halt the smooth progress of any of the projects. 

Similarly, the federal government is committed to provide all resources to the provinces if they face due to lack of capacity in either of the domains. Federal government and the provinces are already working as a team and group harmony can be witnessed throughout the implementation of the CPEC projects which indeed, is the biggest achievement and a milestone to guarantee the success at all levels, maintained the minister. 

While presiding over a meeting in Islamabad to review the progress of ongoing projects under CPEC in various sectors including communication, Railways, infrastructure, energy, Gwadar Port and Special Industrial Zones (SEZs), the minister directed the federal departments to cooperate with the provincial governments in order to ensure smooth working on the under-construction CPEC projects.

“It is good to note that federal as well as provincial governments are working on CPEC projects together like one team”, the minister said adding that the timely completion of CPEC projects would be a success for the people of Pakistan.

The minister said that new technologies were being introduced in infrastructure, transportation and engineering sectors due to CPEC projects.

“The Economic Corridor is helping Pakistan as it has great opportunity to learn the state-of-the-art knowledge and technologies in these sectors”, Iqbal remarked.

Ahsan Iqbal said that Pakistani universities and research institutes should tap those opportunities by making comprehensive planning in this regard.

The federal minister directed the Higher Education Commission (HEC) to prepare a comprehensive report for this purpose with the help of all universities and research institutes across the Country. He also stressed the need to improve the educational curricula in line with modern trends and research.

The minister said that improving capacity building of the concerned institutes and the individuals was also an important goal of the government. The meeting was also attended by Secretary Planning, Shoaib Ahmed Siddiqui and high officials from Chinese embassy and the concerned provincial and federal ministries.