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RPP returns advance on SC orders

Updated at:,  Friday, November 18, 2011  ISLAMABAD: A report stating the details of the advance given to the Reshma Rental Power Company has been submitted in the Supreme Court, Geo News reported. The report, submitted by the PEPCO director, stated that the amount of advance has been returned by the company without mark-up. The Supreme Court of Pakistan on Thursday directed the Reshma Rental Power Company to return till Friday with mark-up (Rs 4.5 billion in total) which it took as mobilisation advance two-and-a-half years ago while failing to deliver on the agreement. A two-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Chaudhry and Justice Khilji Arif Hussain heard a suo moto case along with two identical petitions filed by Federal Housing Minister Faisal Saleh Hayat and PML-N MNA Khawaja Muhammad Asif against the alleged corruption in Rental Power Projects (RPPs). The court directed the National Electric Power Regulatory Authority (Nepra) to produce details of reference tariff and generation tariff of RPPs by today. The court said since the amount was paid in US dollars, it should be paid back in the same currency, with mark-up. The court said legal action would be taken against the company’s executives if it failed to pay back the money within the stipulated time. The court noted that the government had paid this amount to the company about two-and-a-half years ago by getting a loan from a bank on 16 percent mark-up.