World Bank debars Pak Elektron for 33 months

LAHORE: Pak Elektron (PAEL), its affiliates PEL Marketing (Private) Limited, Kohinoor Power Company (KOHP), and its former general manager have been debarred for a 33-month period due to collusive practices during bidding on contracts under the World Bank (WB) financed Electricity Distribution and Transmission Improvement Project in Pakistan, as revealed by WB in its press release today.

As a result, PAEL and its affiliates have become ineligible to participate in WB-financed projects. This might have been a blow to the company had PAEL engaged in WB financed energy projects as the company generates about 40 per cent revenues from its power division. However, PAEL over the last four to five years have participated in $40,000 – $50,000 worth of energy projects with the World Bank.

The company is engaged with Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA) for funding some of its current and future energy projects.

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