Abraaj founder sought to buy Sharifs' cooperation for K-Electric sale: WSJ

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GEO NEWS
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Head of Abraj Capital Arif Naqvi and a lawyer for the Sharif family have both denied the report. — FILE image

Abraaj Capital wanted to sell shares of K-Electric for which it offered $20 million to a businessman, Naveed Malik, to seek cooperation from former premier Nawaz Sharif and his brother Shehbaz Sharif, an article published in the Wall Street Journal claimed.

The government owns a stake in K-Electric and its approval would be required for the sale to go through.

However, the head of Abraaj Capital, Arif Naqvi, and a lawyer for the Sharif family have both denied the report.

They said that no such discussion was held with any man named Naveed Malik.

According to Pakistan Muslim League-Nawaz (PML-N) sources, deliberation has been under way with regard to serving a notice to the newspaper over the report.

Meanwhile, former water and power minister Khawaja Asif while speaking on Geo News programme Aaj Shahzeb Khanzada Kay Saath, said, "I know Naveed Malik but since K-Electric was not sold to a Chinese company, how did the question regarding taking $20 million arise?"

"There are a lot of issues regarding K-Electric's sale to a Chinese company," the PML-N leader said while adding that the power utility has to pay dues to the Ministry of Petroleum and Sui Southern Gas Company (SSGC).

Asif further said, "A clearance for the sale was not even issued by the privatisation commission."

"Nawaz never contacted to resolve these issues," he added.