Islamabad: A dramatic attempt by independent director Javed Kureishi to remove K-Electric CEO Syed Moonis Abdullah Alvi collapsed Thursday as five board members walked out, stripping the meeting of quorum and halting all decisions. The directors issued a joint statement warning against a 5-5 deadlock and dragging KE into “internal politics,” prioritizing uninterrupted power supply to Karachi.
The session—called after a November 5 no-show left no quorum—was meant to finalize top-level changes, including CEO removal, CFO and CDO appointments. Kureishi, backed by government lobbying and AsiaPak’s Shaheryar Chishty, expected majority support. However, deep rifts between government, AsiaPak, and Saudi Al-Jomaih shareholders surfaced. Secretary Finance Imdadullah Bosal skipped the meeting; Secretary Power Dr. Fakhr-e-Alam attended amid rising tension.
Even routine items stalled. A CDO candidate’s appointment—despite a withdrawn FIR—faced resistance due to shareholder disputes. Al-Jomaih, holding significant stakes, reiterated commitment to amicable resolution despite a $2 billion legal notice earlier this year over delayed share transfers and unpaid dues. KE confirmed the meeting via PSX but withheld details. Leadership uncertainty persists.