GEPco Privatization: Union Alleges Billions in Losses Due to Undervaluation of outdated valuations ahead of privatization could undermine transparency, investor confidence and fair pricing. The union leader said the audit observations supported concerns Assets
Lahore: All Pakistan WAPDA Hydro Electric Workers Union CBA Central President Abdul Latif Nizami has strongly opposed the proposed privatization of Gujranwala Electric Power Company (GEPCO), alleging that the company’s assets are being valued using outdated historical costs instead of current market prices.
Addressing a union meeting at Labour Hall after being re-elected unopposed as central president, Nizami said the Auditor General’s 2024-25 report had raised serious questions about the valuation of GEPCO’s assets.
According to the union, GEPCO’s total assets were shown at around Rs238.08 billion, but they were recorded based on historical costs after depreciation and losses rather than their current economic value.
Nizami claimed that failure to revalue the assets according to international accounting standards could cause significant losses to the national exchequer and the public.
He alleged that the continued use of outdated valuations ahead of privatization could undermine transparency, investor confidence and fair pricing. The union leader said the audit observations supported concerns previously raised by workers about the privatization process.
Nizami accused the government of attempting to sell profitable national institutions at undervalued prices and announced that the union would intensify its campaign against privatization.
Provincial General Secretary Iqbal Ahmed Khan congratulated Nizami on his re-election and said the union’s workers remained united against privatization. He added that workers were awaiting the leadership’s next course of action and would continue their struggle until the “privatization threat” was removed.
The union reiterated its demand for transparency and protection of public assets, while opposing any move that could result in the undervaluation or unfair disposal of GEPCO.
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