Finally Supreme Court disqualified the Prime Minister on the back of contempt case. For the first time the ruling political party has accepted the decision of Supreme Court and announce Mr. Raja Pervaiz Ashraf as the candidate for the Prime Minister for a period of 244-days. The political tug of war continued to hamper the market sentiment and investors willingness towards investing in Pakistani Equity.
HUBC - Still The Ark To Cling On
After a long delay, NEPRA has finally notified the post-COD reference tariff for HUBC Narowal Power Project (HNPP). The 225MW project achieved commercial operation (COD) on April 21, 2011 after a delay of 385 days from required COD of March 31, 2010. Pre-COD tariff curtailed HUBC total earnings by PKR0.56/share during 9MFY12 as cost overruns were not accounted for in the tariff components including the debt schedule of HNPP.
Post Gilani Dilemma
As per the Supreme Court Decision, Prime Minister Yousuf Raza Gilani was disqualified from holding a seat in the Parliament from the date of his conviction on April 26, 2012. Furthermore the decisions taken by the cabinet run by the Prime Minister stand dissolved from the same date. Hence the decision taken by Economic Coordination Committee (ECC), authenticated by the Prime Minister and various other decisions require validation from the new Prime Minister.
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