Gov’t committee finds no valid demand guarantee in PDS deal
Government report on electricity concessionaire agreement has revealed over $12 million allegedly paid by Power Distribution Services (PDS) as guarantee was not received by the Qatari insurance firm Al Koot.
This is contrary to a MiDA commissioned investigation which found no evidence of fraud.
JOYNEWS can confirm government delegation sent to Qatar to verify the $12.25 million demand guarantee posted by PDS found Qatari insurance firm Al-Koot, did not issue a valid guarantee on behalf of PDS.
This is contrary to a Millennium Development Authority commissioned investigation which seeks to clear PDS of any wrongdoing.
Government suspended the concession agreement with the electricity distributor on July 30 after it found breaches in the demand guarantee.
The five-member committee tasked to look into the matter also found the insurance officer who supposedly forged the signature of the Chief General Insurance Officer at Al-Koot had been suspended and may face prosecution.