Sitara Energy denies wrongdoing in FIA case over 2006–2015 power agreement 

Sitara Energy Limited has rejected allegations contained in a First Information Report (FIR) registered by the Federal Investigation Agency (FIA), saying the matter primarily concerns regulatory issues linked to a discontinued power purchase agreement with Faisalabad Electric Supply Company (FESCO).

In a clarification submitted to the Pakistan Stock Exchange on July 23, the company said its Chief Executive Officer had also been named in the FIR, which had been reported across print, electronic and social media.

Sitara Energy said the allegations largely relate to a Power Purchase Agreement entered into with Faisalabad Electric Supply Company. The agreement was discontinued in March 2015.

According to the company, the issues arising from the agreement have previously been, and continue to be, considered by the National Electric Power Regulatory Authority and other competent legal forums.

The company maintained that it had complied with applicable laws and regulatory requirements and had cooperated fully with the relevant authorities by providing the required information, documents and assistance.

Sitara Energy said the FIR concerned business activities conducted between 2006 and 2015. It noted that the activities began around 20 years ago and ended 11 years ago.

The allegations remain subject to investigation and adjudication by the competent authorities, the company said.

Sitara Energy categorically denied the allegations and said it reserved all legal rights and remedies available under the law. It added that the matter was being pursued before the relevant legal and regulatory forums.

The company said its operations were continuing as usual and that its obligations remained unaffected.