Ex-MD PTV dismissed as matter of routine: spokesman | Pakistan Press Foundation (PPF)

Pakistan Press Foundation

Ex-MD PTV dismissed as matter of routine: spokesman

ISLAMABAD- A Pakistan Television (PTV) spokesman has reiterated that former managing director Yousuf Baig Mirza was relieved of his responsibilities as a matter of routine and the termination of his contract was in no way connected with the issue of payment of arrears to PTV by any of its clients.

Terming the allegations by the former MD unfounded and unfortunate, the spokesman explained that PTV earns an annual advertising revenue of nearly Rs 2.2 billion and given the industry practice of 90 days credit, it was normal for an average sum of over Rs 500 million remaining due to PTV from all its clients at any given time.

To raise higher revenues and facilitate the clients to do so, on behalf of PTV and to also ensure recoveries and discourage defaults, the PTV has in the past many years been allowing credit beyond 90 days to a number of clients in special circumstances. This practice was in vogue during the tenure of former MD who had been occasionally seeking approval of the BOD whenever he considered such approval necessary. It is, therefore, not true that his contract was terminated on account of initiation of any recovery proceedings.

PTV has pursued a consistent client-friendly policy for the past many years without in any way compromising the financial interests of the corporation. There has never been any pressure from any quarter against this policy of the PTV management as a result of which it has achieved higher financial targets every year.

The PTV clients continue to pay their due as per PTV policy and whenever amounts become overdue, these are negotiated by the management with the concerned clients and payments are recovered under mutually agreed arrangements, a policy initiated and pursued by the former MD also.

The PTV would never compromise its financial interests and the government, which is the sole owner of this corporation, would never allow the PTV to do so. It is, therefore, unfair and clearly wrong to attribute the termination of the contract of the former MD to any other reason, the spokesman said.

Source: The News
Date:3/27/2003