Thursday, 27 April 2017

How a foreign bankrupt firm can win a contract in Afghanistan (?!)

>>> READ ORIGINAL ARTICLE: http://1tvnews.af/en/news/afghanistan/29026-bankrupt-firm-wins-share-in-multimillion-afghan-contract >>> http://www.heartofasia.af/index.php/economy/item/3809-bankrupt-firm-wins-share-in-multimillion-afghan-contract

Bankrupt firm wins share in multimillion Afghan contract.
A bankrupt Turkish firm is among winners of $79 million contract from the Afghan government over a major dam project in the southwest of the country. Pimatek is suffering from financial problems and it has shared the issue with the court of the relevant country, according to official documents obtained by 1TV. In an official letter to the National Procurement Authority, the Ministry of Economy has made it clear that Pimatek has officially claimed bankruptcy to a Turkish court. The contract with the company along with two others, including one from Turkey and from Afghanistan, was signed three days later when the president visited Nimroz province to inaugurate construction of the third phase of Kamal Khan Dam. The issue of the company’s bankruptcy has been raised in a letter by the Afghan Foreign Ministry as well. “How can a bankrupt firm win such a major national contract,” said Wafiullah Sharifi, head of a bidder company. “One of the criteria for a firm to win the contract was that it should make a profit of at least $60 million annually.” Based on the documents, the issue of the company’s insolvency is being investigated by the commercial court of Turkey. Afghan Ministry of Energy and Water Ali Ahmad Osmani admitted that the firm is undergoing court procedures over bankruptcy; however, he said the final approval of the firm lied at National Procurement Authority. The authority said that the issue of the company’s insolvency is still being assessed by the Turkish commercial court, and that according to the court, the company could take part in the bidding processes until the court order. 1TV attempts to reach Pimatek for comment over the issue but didn’t succeed. President Ashraf Ghani launched construction of the third phase of strategic Kamal Khan Dam on Helmand River in Nimroz province this week. With the completion of the project expectedly in three and half years, the dam would reserve 52 million cubic meters of water to irrigate more than 80 hectares of land. The dam is also expected to generate 9 megawatts of electricity.  Other companies which have won the contract are Sarol and Afghan Asia Bena.

>>> READ ORIGINAL ARTICLE http://1tvnews.af/en/news/afghanistan/29026-bankrupt-firm-wins-share-in-multimillion-afghan-contract >>> http://www.heartofasia.af/index.php/economy/item/3809-bankrupt-firm-wins-share-in-multimillion-afghan-contract