Karachi: K-Electric has categorically refuted and denied the false and defamatory allegations that have been referenced in a few publications regarding undue favors taken by the company and/or the provision of illegal gas connections and supply. K-Electric is a publicly listed company and operates in strict compliance with national laws and regulations and adheres to the highest standards of ethics and corporate governance.
Referring to the allegations, a spokesperson from K-Electric reiterated that the company has no affiliation to any political person or political party. It maintains a zero tolerance policy towards corruption and nepotism.
The spokesperson further added that K-Electric has been making regular payments to SSGC and has paid over PKR 217 billion to SSGC since 2009. Moreover, payments of around PKR 8 billion have been made in excess by K-Electric in terms of arrears. Despite fulfilling its payment obligations, only 168 MMCFD gas was being provided on average to K-Electric between the years of 2010 and 2015, against a quota of 276 MMCFD for its five power plants.
K-Electric can confirm that the claims of SSGC’s interest and the issue of Late Payment Surcharge (LPS) is a disputed matter and sub judice. K-Electric has substantial amount of receivables PKR 109 Billion from Government entities including KWSB’s outstanding amount of PKR 40 Billion. KE has always made full and proper disclosure of the dispute with SSGC on LPS/interest and the same has been duly highlighted in its annual reports for several years.