Day: June 24, 2021

The issue of the dry docking of the Engro LNG terminal has been a cause for worry for the government and customers alike for the past few weeks. This closure can lead to potential supply disruption and energy shortage in the country.

“There has been [an] exchange of more than 60 letters between the parties — Sui Southern Gas Company Limited ((SSGCL) and Engro Elengy Terminal Limited (EETL) — on dry docking of the Floating Storage & Regasification Unit (FSRU), since January 2019,” a senior official told a local media outlet.

Now, amidst this crisis, it appears that the government has decided to replace an existing LNG terminal in order to prevent the shortage. This is also being planned to avoid international litigation over the delays in managerial and operational decision-making, Dawn News reported on Thursday.

The Minister for Law will present a proposal in this regard to the Cabinet Committee on Energy (CCoE) in its meeting scheduled for today (Thursday, 24 June).

The report revealed that the proposals have been formulated with input from multiple stakeholders of the LNG supply chain, including public and private sector entities, and will put forth a detailed position on the LNG supply agreements (LSAs) and related matters.

The meeting of the CCoE will be presided over by the Minister for Planning, Asad Umar, and will deliberate on the updates on the LNG terminals and the North-South Gas Pipeline project. The implementation status of the closure of some old power plants and a report on the LPG situation is also on the agenda for the meeting.

The LMG terminal at Engro has already been given extensions for its dry docking schedule, necessitating its closure at the earliest to avoid any disasters, but some officials at the Ministry of Maritime Affairs are still of the opinion that it should be delayed until August when the demand comes down.

On the other hand, the inspectors of the Class Society concluded in their situ inspection of the FSRU in March that it is not possible to delay it beyond 10 July.

The Port Qasim Authority (PQA) had already allowed Engro on 16 June to replace the existing terminal with a new one. The pumping of LNG during this period will be paused for two days, and will build up to 92 percent gradually, the news report detailed.

According to the report, agreements for furnace oil and diesel are in place to make up for the shortfall over the next few days. They also said that as per the power sector’s demand projections no imports may be required in the short run.

Source: Pro Pakistani

The Securities and Exchange Commission of Pakistan has decided to conduct an inspection of the books of account of the M/s La Ville De Paris Housing Scheme Limited, which is involved in the unauthorized and illegal business of obtaining funds from the general public.

Sources told Propakistani that the SECP constituted a two-member team comprising Additional Joint Registrar of Companies and Assistant Registrar to conduct an inspection under Section 221 of the Act, and the powers delegated to me vide S.R.O. No. 575(I)/2018.

“The inspector will inspect all the records and books and papers of the company pertaining to its involvement in unauthorized and illegal business of obtaining funds within a period of not more than twenty (20) days and furnish a report on material and unusual transactions/occurrences, non-compliances if any and any other evasions relating to the affairs of the company,” sources added.

In addition, the SECP has also directed all the directors, managers, and other officers of the company to furnish all information that may be required by the inspector for inspection and to cooperate with the inspector with him in all respects.

Sources further said that M/s La Ville De Paris Housing Scheme Limited, a sister concern of Master Tiles & Ceramic Industries Limited, has declared that it shall not undertake or indulge, directly or indirectly, in the business of a Banking Company, Non-banking Finance Company (Mutual Fund, Leasing, Investment Company, Investment Advisor, Real Estate Investment Trust management company, Housing Finance Company, Venture Capital Company under the law.

However, SECP noticed from print and electronic media that it is inviting the public to purchase a certificate, namely ‘Le Paris Registration Certificate,’ to become entitled to investment in residential and commercial property schemes to be launched by the company in the future.

It was also observed that the company is offering a minimum guaranteed return per certificate and eligibility for lucrative cash prizes through a lucky draw.

Sources said that the SECP team has also carried out an undisclosed visit to the company to ascertain the factual position of the activities, and it revealed that the company is launching a society, namely “Le Paris,” for which they are in the process of purchasing 4,800 acres of land, soon they will have possession of the same.

Similarly, all the maps and plans are being made in Paris and they have entered into an agreement with the major brands in Paris that they will launch their brands in this society.

As per the representative, they are offering registration certificates for a price of Rs. 115,000. This certificate will be a confirmation that they will be given plots in the society like other developers Bahria Town and ARY Laguna, did and launched their limited membership forms.

The buyer of this certificate will be able to adjust this certificate against installments of the plot at an amount of Rs. 145,000, and the buyer of this certificate will instantly gain a profit of Rs. 30,000 on each certificate, Moreover, in the future, the company based on market value can change the adjustment value to a higher amount.

When inquired about guarantee for the investors, the company representative told Master Tiles & Ceramic is standing behind this project.

In light of the aforementioned, it is evident that the company is taking deposits from the general public and is issuing registration certificates as an acknowledgment of that deposit.

It is apparent that the company is involved in issuing registration certificates for monetary value and announced a lucky draw to lure potential investors as per the promotion extracted from the website. This prima facie indicates the involvement of the company in unauthorized and illegal business of obtaining funds from the general public.

In view of the above, the Commission considered that a probe is needed with regard to the business being carried on by the company, and the books of account and other relevant books and papers are required to be inspected in terms of section 221 of the Companies Act, 2017 (the “Act”) to ascertain, whether:

1. The Company is carrying on the business of advertisement/marketing of projects of other companies having real estate business as claimed by the Company or the Company itself is indulged in the business of real estate by inviting deposit from the public as an investment for hefty returns.

2. The Company is involved in taking deposits on behalf of its associated/related companies/undertakings.

3. The Company is complying with the mandatory provisions of the Act, including with regard to the maintenance of books of accounts and other books and papers.

4. Any unusual or suspicious transactions/occurrences, non-compliances, if any, particularly in AML/CFT perspective, and any other evasions relating to the affairs of the Company and other companies, have been observed.

5. The affairs of the Company are being managed in accordance with sound business principles or prudent commercial practices.

Source: Pro Pakistani

To simplify the taxation processes, JS Bank is now allowing its customers to generate their tax certificates instantly through JSBot – the bank’s Personal WhatsApp Banking Assistant.

According to the press statement, users can simply send a message to JS Banks’ dedicated WhatsApp number +92348 7003000, enter required details, and get their Tax Certificate generated instantly for the yearly submission of their tax returns.

Speaking on the matter, Mr. Noman Azhar, Chief Digital Officer JS Bank, said “The goal is to provide consumers with an unparalleled digital experience and financial solutions that make their mandatory yet tiresome tasks, like tax filing, easier.”

“We will continue to develop innovative and technology-driven solutions that will enable the migration of our customers from branches to digital channels. For us, speed is the name of the game,” he added.

The bank says that its WhatsApp Banking service offers a convenient and cost-effective self-service banking platform using encrypted messaging functionality for users to access various banking services including Account & Credit Card Inquiry, Location features, Product offerings, Deals & Discounts, Complaint Facility, and more.

“Focusing on helping Pakistan progress with technology, JS Bank is seeking innovative solutions to serve customers at their preferred touchpoints. Given the proliferation, and convenience of WhatsApp in everyday life, this offering will help gain customer engagement and confidence in digital transactions,” adds the press statement.

Source: Pro Pakistani

The incumbent government is aiming to double the IT industry in two years by setting up tech zones across Pakistani. These zones will offer tax breaks to investors, Bloomberg reported.

Earlier this year in January, the government had transferred 150 acres of land to the Special Technology Zone Authority (STZA) for setting up a special zone for technological advancement in Islamabad. The STZA had been established under the STZA Ordinance 2020.

The authority is tasked with setting up Special Technology Zones (STZs) all across the country, with the initial phase to include one STZ each at Islamabad, Lahore, Karachi, and Quetta, and Haripur, informed the STZA Chairman, Amer Hashmi, in an interview with Bloomberg.

By next year, these STZs are expected to grow to a dozen, he informed, adding that these STZs will entail a 10-year waiver on corporate tax, as well as on any equipment and building material imports.

This is expected to give Pakistan’s IT industry a “catapult push”, which could ultimately double the country’s IT industry to its current size, soaring up to $6 billion in two years, Hashmi added.

This expansion in the IT industry will also be useful in generating employment opportunities for the youth of the country. The improvement in this sector is also being helped by the fact that international investors are pouring in funding to fintech and e-commerce startups in Pakistan.

The absence of an effective tech ecosystem has caused Pakistan to lose out on the tech boom for so long.

Hashmi, who came to join STZA after leaving his job with the International Business Machines Corp. in Canada, shared his own experience of the lack of such an ecosystem. He tried opening a technology company and faced a myriad of problems, including people asking for bribes and delays in setting up the fiber network.

Speaking on the STZ initiative now in progress, he said that nearly 50 domestic and half a dozen global companies have expressed interest in setting up in proposed zones.

As much as $1.5 billion of private investment will pour into these projects over the next two years, he said.

Finance Minister, Shaukat Tarin, has also pledged support to the IT industry. He said in an interview last month, “The industry can be a game-changer and will be given anything they want.”

Source: Pro Pakistani