Islamabad: Government Holdings Private Limited (GHPL) outgoing managing director has completed his three-year tenure without getting his dues due to dispute over his high salary package.
According to sources, Prime Minister Shahid Khaqan Abbasi had decided on not giving an extension to GHPL Managing Director Shahid Islam due to controversy over his Rs10m salary package, reported a local newspaper.
This remuneration package is considered among the highest compared to what is being received by counterparts at other Pakistani energy companies.
MD Shahid Islam had created impediments in trying to settle issues pertaining to joint venture of oil and gas exploration companies, said sources.
Also, he tried to subvert the disbursement of funds to companies like Pakistan LNG Terminal Ltd, Pakistan LNG Ltd and Inter-State Gas Systems too.
PM Abbasi had received a complaint regarding Islam’s lack of cooperation with exploration companies who were in trouble while resolving issues with GHPL.
A source said Islam never showed any interest in the financial and operational affairs of GHPL, which had left the entity crippled. The source added that GHPL MD and petroleum division were at loggerheads over the salary dispute and the former had threatened legal action due to the non-disbursement of his salary.
To resolve this deadlock, a committee had been formed to overlook the matter and said it would submit its report on the issue to the new board of directors of GHPL. The new GHPL BOD refused to endorse this exorbitant salary package to its MD.
As a result, the flow of funds to Pakistan LNG Terminal and Pakistan LNG had also got frozen. And eyebrows were also raised over his appointment, as the age of Iqbal was 64 years which was above the stipulated limit.