The latest generation COPHC free zone area will built on land reclaimed. from the sea in the North Port (within the port area). New development of 923 hectares with permanent exemption from taxes. and tariffs will allow us to optimize traffic flow. In order for Gwadar port to remain a viable option for transport-dependent industries. authorities are developing access to and from the free zone.
Exchange Commission of Pakistan
Documents filed by COPHC-Pakistan with the Securities. and Exchange Commission of Pakistan (SECP) show. that a total of 10 million shares Here’s. what the company has to say about its profile, background and key management. Documents filed by COPHC-Pakistan with the Securities. and Exchange Commission of Pakistan (SECP) show. that a total of 10 million shares owned by COPHC Ltd, except for three shares, one for each of its three directors. The main office is Kong in Hong Kong.
Establishment in Pakistan
COPHC-Pakistan has not submitted its annual documents for the 2017 financial year. It has not submitted its annual accounts to the SECP for all the years. since its establishment in Pakistan in October 2014. Under Pakistani law. companies with a capital of Rs 10 crore or more required to submit their annual accounts to the SECP. BR Research has informed that the SECP. which has recently entered into an agreement with COPHC-Pakistan to set up a facility office at Gwadar port. It has issued a valid notice to COPHC-Pakistan. for failure to file annual returns ( 9 February) has released. 2017) has presented. Accounts and other updated documents. But this is a small matter. The real deal is about the introduction and profile of the company.
Fast-growing startup
SECP, COPHC-Pakistan has mentioned below address of its parent company
It’s a red flag for a “fast-growing startup” to headquartered in one room. which is often indicative of a classic paper company. especially if that room shared by at least four other companies. VA, one of which is on the list. the panama leak. BR Research randomly selected two companies (Acota and Dynasty). and purchased their documents from the Hong Kong government. and both have the same addresses as COPHC-Hong Kong.
But even if that were to happen. the details of the consortium should known. and disclosed to those involved in handing over the port to COPHC. and to those monitoring the port. After all.
Central pillar of CPEC
they are forming a central pillar of CPEC. and it is not uncommon for consortium parties to share details. the sale of a strategic stake in the Pakistan Stock Exchange is a recent example. Showing red flags. BR Research approached a large number of stakeholders to determine. the profile and background of COPHC-Pakistan’s parent company and its key management. From the Planning Commission to the concession agreement signed in 2013. most stakeholders said it was a Chinese state-owned company. But when asked for evidence, they said they had none and only a “guess” that COPHC was a state-owned company.
International media outlets
For standard and generally readily available information, the silence is frightening.
China is buying up ports around the world. The case has attracted the interest of international media outlets including the Financial Times. and the Economic Intelligence Unit. as well as international investigative firms such as Drury, Maritime. and Shipping Consultants. Several detailed reports and studies have published in recent months on this topic. In those reports three Chinese buyers of ports. and terminals topped the list: COSCO, China Shipping and China Merchants. So much for “up and coming”
leading port operating companies
When Pakistan invited bids to develop Gwadar Port in 2006. leading port operating companies from Dubai, Saudi Arabia, China. and Singapore submitted bids for the Build, Operate and Transfer (BOT) contract award. Gwadar Port Senior Advisor Arthur D. The tender committee in consultation.. with Little was then headed by Farooq Rahmat u Allah, an experienced. and highly respected energy professional. PSA International of Singapore won the tender. when PSA International awarded port concessions to COPHC. after years of non-compliance. no such list of claimants existed. If there was, it certainly wasn’t made public.
State-owned company
The port assigned only to COPHC and the media reported silence on the profile. and background of the firm. But no one knows for sure. Will China’s state-owned company share a one-room office? On the one hand, there is an inclination to think that. there is something suspicious in COPHC-Pakistan thinking that. it located in a room in Hong Kong. I would like to give the benefit of the doubt. that maybe this is the Chinese way of doing things, especially considering.
Base of CPEC
His column is fully CPEC compliant. But not at the expense of transparency. CPEC is the flagship project of OBOR. Gwadar is the base of CPEC. No amount of urban development can turn Gwadar into a spectacle unless its port succeeds. Pakistanis, both individuals and companies have no idea. about the company that has held the concession for Gwadar port for 40 years. The Chinese public may not accustomed to answering. But here in Pakistan the public is becoming more sensitive to democratic standards of transparency. and accountability. As a private company, COPHCL may be within its rights not to disclose its key corporate data. but the Pakistani government cannot afford such secrecy. Ports are strategic assets.
Major business plans
And so the public, especially businesses. have a right to know in whose hands the fate of CPEC lies before making any major business plans. The Chinese government should also consider. that it is risking making OBOR an international laughing stock with the main pillars. its flagship project (CPEC) built by a company with the most dubious credentials. There are letters.
Also read: Gwadar today
