Naveed Ismail, CEO of KESC Pakistan, refuted this story from The Nation and other media outlets in a press conference this morning. His statement is that “he works for a public limited company and his salary will be printed in the annual report. But the reports of the salary are much higher than he actually makes.”

The Nation ran this story this morning and cleared up why KESC can not be trusted. 

The CEO of Karachi Electricity Supply Company (KESC) is being paid in dollars despite serious financial crisis in the organisation, well-informed sources told The Nation here on Wednesday.

The CEO, Naveed Ismail, received his initial pay worth US$ 60,000/-. It is noteworthy that CEO and rest of the 40 senior KESC officials are getting their salaries through A.F Ferguson Audit Company in a bid to dupe the lower staff of the company. Moreover, the total amount being paid to them is Rs. 4.8 million (after conversion into rupees), which is the highest salary of a KESC CEO in the past.

These hefty salaries being offered to the new team KESC management are an extra burden on the company already facing serious financial crisis. The new KESC management had successfully curtailed its above-mentioned liabilities amounting to Rs. 65 billion through negotiations with the government before taking the charge.

On the other hand, the company has transferred the financial burden to the government by not owning the debts.

Sources further revealed that the amount paid to these officials would be around $8.22 million annually. Meanwhile, the demand and supply gap of electricity in the city is still lingering on despite tall claims of the new KESC management. Since the privatisation of the company, no substantial step has been taken with regard to improving the situation.

Meanwhile a KESC official, Qashif Effendi, has strictly rejected the report given above. He said the CEO was getting pay in Pakistani currency adding the total amount would be published in the annual report of the company. He further said that no audit company has been hired for this purpose. “We are the employees of the KESC and are being paid by the company”, he added. On the other hand, the longstanding issue loadshedding still persists in the metropolis and the city is facing 6 to 8 hours long power breakdowns on rotational basis.

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