Liquidation of Pak China Sost Dry Port
SOST TODAY: The liquidation process of Pak China Sost Dry port has formally started. A group of liquidator took over the charges of Pak China Sost Dry port on Monday.
Chief court of Gilgit Baltistan has appointed Muhammad Husssain Shehzad, Mirza Ali with their associates Latif Shah and Muhammad Qasim Shehzad.
Pak China Sost Dry port was established in 2003 and was innugrated by then president of Pakistan general Parviaz Musharaf. The port was formed on the recommendation of Federal Ministry of Commerce and Industries and Federal Board of Revenue to facilitate trade between Pakistan and China via Khunjerav pass.
A land of 200 Kanal was acquired by Silk Route Dry Port Trust and Sino Trans, a Chinese logistic company made investment to construct the infrastructure. The Joint Venture between these two companies was agreed for a term of ten years. Latterly, the agreement was extended for another two years through an exclusive resolution by the former board of director of Pak China Sost Dry Port. Though the extension of the contract remain controversial within the members of SRDP as well Sino Trans.
Latterly, the extension resolution was challenged in the court where the extension was declared illegal.
During these years, the Pak China Sost Dry Port always remain in the headline due to strife between the management of the Joint Ventures over financials misconduct and other offices issues, Which consequently led the Joint venture to an unpleasant end.
According to our source, National Logistic Cell NLC has shown interest acquire the dry port on lease. NLC as submitted a proposal to Silk Route Dry Port Trust.
Abdul Rauf, Vice chairman of Silk Route Dry Port Trust told SOST TODAY that an MoU between NLC and SRDPT as been signed. The port will be handover to NLC later this year for an agreed term of period.
Responding to a question, Rauf said that interest of the land owners and other stake holders has been fully protected.
Photo: Sabir Ali