$25m scandal of excess payments: Govt removes MD PLTL

ISLAMABAD: At last, the government has removed Nadeem Nazir from the post of MD Pakistan LNG Terminal Limited (PLTL) and appointed MD Govt Holdings Private Limited (GHPL) Masood Nabi as its acting MD with immediate effect from November 30, 2020 following news reports about the scam of excess payments of $25 million by the PLL (Pakistan LNG Limited) to LNG suppliers as port charges published in The News International’s editions of November 9 and 10, 2020.

The News had published on November 9, 2020 a story with the headline of ‘PSO, PLL paid Rs6.28 bn to LNG suppliers in excess'; and on November 10, 2020, the story with headline of ‘Scam of excess payments to LNG suppliers: Energy ministry mobilizes for action against MD PLTL.’

PSO had also made excess payment of $14.5 million to LNG suppliers, but it recovered the said amount. However, the inquiry against GM LNG of PSO is underway. But the excess payments made by the PLL have not so far been recovered from the LNG suppliers.

The Pakistan LNG Limited (PLL) deals with imports of LNG and Pakistan LNG Terminal Limited (PLTL) deals with affairs of Pakistan Gas Port Company (PGPC) LNG Terminal. Nadeem Nazir was also the Chief Financial Officer (CFO) of PLL from April 2018 to August-September 2020 and he also held the portfolio of MD of PLL for two months till September 2020. He was originally appointed the CFO of PLTL and continues in that position.

According to the letter written on November 30, 2020 to secretary PLTL Board under the subject “Excess payment to LNG suppliers in connection of port charges’, the Petroleum Division said that the competent authority had appointed Masood Nabi MD of Government Holdings Private Limited (GHPL) as acting PLTL MD with immediate effect from November 30, 2020 till the appointment of regular incumbent, unless revoked earlier. Until November 30, 2020, he was the PLTL MD too.

The spokesman of Petroleum Division, Qazi Sajid, also confirmed to The News saying that Nazir has been removed as PLTL MD on alleged charges of excess payments of $25-26 million to LNG suppliers. He said that a three-member fact finding committee has been notified to submit its findings within

2-3 weeks time and if Nadeem Nazir is found guilty, he will be also terminated from the post of CFO.