A South Korean based construction company has been blacklisted by South Korea. The firm was contracted to develop the Information Technology Park in Islamabad, Pakistan.
Under the supervision of Nawaz Sharif, the previous government gave the contract to the South Korean namely ‘SUNJIN Engineering and Architecture Company Limited’ to build IT park in the federal capital.
The South Korea Fair Trade Commission (KFTC) has been banned and given penalties on different members of the SUNJIN construction firm. After the firm was found involved in the financial corruption cases the ban was imposed. The news was disclosed on the Korean trade commission website.
Pakistan’s IT ministry was hopeful that construction work on the IT park would begin by April but as the company has been blacklisted the construction process has slowed down.
Federal IT Minister of Pakistan Khalid Maqbool Siddiqui stated, “This contract was awarded before our government came to power. The Economic Affairs Division (EAD), under the previous government, reached an agreement after conducting a complete inquiry on the matter”.
Furthermore, he said, “EAD and Korea Eximbank are the two important characters in this agreement and must have reviewed all aspects”.