Press Releases

PTCL signs contract to recover bad debts

December 18, 2007

PTCL, on Tuesday, signed contracts with three leading companies of the country to outsource recovery of its bad debts. The Contract signing ceremony was held at PTCL Headquarters G-8/4, Islamabad where Management of these Companies and the General Manager, International Revenue PTCL, Mr. Amir Hussain signed the agreement.

The outsourcing was conceived and finalized under the dynamic leadership of Mr. Walid Irshaid, President & CEO PTCL.Mr. Mohamed Elmugtaba Babiker played important role in finalizing these agreements through his vast experience. Mr. Muhammad Nehmatullah Toor, SEVP Finance/CFO, PTCL was also among the distinguished guests who attended the ceremony. Later he advised PTCL partners to perform professionally and achieve milestones negotiated bilaterally for mutual success. PTCL shall be assisting these companies extensively to expedite recovery. Mr. Ismail S Taha SEVPHR & A was also present on the occasion from PTCL Top Management.

The geographical areas/PTCL Zones allocated to each of the Company are: M/s ICIL Karachi North Zone (Whole NWFP &Islamabad/Rawalpindi (including Rawalpindi Division. M/s KAP Associates Lahore Central Zone (Whole Punjab exceptIslamabad & Rawalpindi Division). M/s SAA Digital Islamabad South Zone (Whole Sind including Karachi).

The amount of bad debt is around Rs 6.5 billion spread over a period of five years from July 2001 to June 2006. For recovery of this amount, these Companies shall be completely responsible and PTCL’s own resources shall not beutilized any more. Accordingly public at large and the defaulters in particular have been advised to clear their liabilities as quickly as possible through these companies whose authorized representatives shall be contactingthem, to avoid legal action.

All the amounts are required to be paid in PTCL designated Bank Accounts and no cash transaction is authorized.However, PTCL shall be recovering its dues from July 2006 to date through its existing means and methods.These agreements shall be facilitating long-term development/growth of bad debt collection agencies in Pakistan on the pattern of international market. PTCL shall be paying service charges on monthly basis of the recovered amountsto the respective company.

Media

PTCL signs contract to recover bad debts