With the develo­pment, K-Electr­ic’s stake sale to China’s firm may be accele­ratedKARACHI: K-Electric has appointed Ikram Sehgal as its new chairman with immediate effect in a bid to accelerate the long pending sale of its majority stake to China’s state-owned Shanghai Electric Power by the crisis-hit Abraaj Group. “Tareen’s presence on K-Electric’s board of directors reflected conflict of interest as he was simultaneously a director on the KES Power (K-Electric’s holding company) board, which was dealing with Shanghai Electric Power,” a K-Electric director disclosed. The authorities wanted that “there should not be any conflict of interest in the deal,” he said. There was no doubt that Naqvi had went through a mega crisis, but “Dubai-based cases have been settled now”. A K-Electric’s statement said, “Ikram Sehgal succeeds Tayyab Tareen who resigned from the role today (Friday).”Tareen served in many roles during his 10-year association with K-Electric including as CFO before being appointed CEO in 2014.

Source: The Express Tribune January 19, 2019 04:14 UTC