Asad Ali Shah, a former director, recently made a declaration through a letter that was “concocted and fabricated to tarnish the reputation of KE,” according to a statement from K-Electric (KE), which informed the Pakistan Stock Exchange (PSX) that legal action had been taken against him.
The disclosure also highlighted a court plea, of which a copy has been obtained, that purports to contain a thorough denial of each of the claimed “material misstatements” made by Shah, the son of the former Sindh chief minister.
Shah alleged that the power firm had engaged in errors and had broken key accounting rules.
Such communication, however, “bends facts and suppresses crucial information causing damage and looks to be a purposeful, mala fide attempt to undermine the company’s reputation in the eyes of the public,” according to KE.
In order to demonstrate that the false claims of writing off bad debt as receivables from the Government of Pakistan are unfounded, KE highlighted a 2017 judgement of NEPRA on KE’s Multiyear Tariff.
