NAB files reference against Instaphone for not paying license renewal fee

September 25, 2018: National Accountability Bureau (NAB) has filed a reference in Accountability Court Islamabad against Javed Feroz, Shahid Feroz and six other Directors of M/s Pakcom Limited (Instaphone) regarding willful default on account of License Renewal Fee.   

In 2005, M/s Millicom (foreign investor), a major shareholder of M/s Pakcom left Pakistan and sold its shares to remaining directors of M/s Pakcom i.e. Javed Feroz and six others. Subsequently, M/s Pakcom provided an undertaking to PTA that all liabilities would be borne by them.  

M/s Pakcom, however, defaulted on subsequent payments of installments in lieu of license fee and were issued show cause notices. PTA provided considerable time period for payment of outstanding liabilities i.e. from 2006 to 2008,

The License of Pakcom was consequently terminated on January 03, 2008 following the failure to comply with financial obligations in accordance with terms and conditions contained in license.

Pakistan Telecommunication Authority (PTA) on April 15, 2005 had asked Pakcom (Ltd) to either switch to Global System for Mobile (GSM) with 10 + 10 Mhz frequency bands, or Code Division Multiple Access (CDMA) with 7.38 + 7.38 Mhz frequency bands.    

Pakcom (Ltd) selected the latter and paid the first installment of license fee amounting to US $ 14.55 million on April 18, 2005.

Director General NAB Rawalpindi, Irfan Naeem Mangi has said that NAB officers/officials under the Chairmanship of Justice (Retd) Javed Iqbal are determined and committed to perform their duties with absolute objectivity, thorough professionalism, and without any leanings for or against anybody.

He further stressed that NAB is striving hard to recover looted wealth and huge defaults of government dues from swindlers.

APP

Posted on: 2018-09-25T14:37:00+05:00

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