Fraud on Taxpayers Disguised as a “Regulatory Determination” NEPRA’s latest ruling is nothing short of a betrayal. Rs 50 billion in unrecovered bills by K-Electric — much of it billed to unidentified or non-existent consumers, and nearly half linked to a closed seven-year tariff period ending June 2017 — is now being offloaded onto taxpayers. As highlighted in my letter dated January 10, 2023, this write-off blatantly violates the law, IFRS 15, and core principles of public interest. Even more troubling: > The Chairman of NEPRA, who approved this determination, previously sat on KE’s Board — the same Board that endorsed flawed revenue recognition in KE’s financials. This was done despite dissent from myself and another director representing federal government. This isn’t just poor governance — it’s a textbook conflict of interest. Despite repeated communications to the Ministry of Energy, regulators, and Parliamentary Finance Committees in both Houses, these concerns were ignored. This is not regulatory oversight. This is regulatory capture. If allowed to stand, this decision would set a dangerous precedent: legitimizing misgovernance, punishing honest taxpayers, and further eroding public trust in our regulatory institutions. The Ministry’s decision to appeal is welcome — but this fiasco should never have reached this stage. Public money is not a bailout fund for corporate failure. #NEPRA #KElectric #Accountability #RegulatoryCapture #PakistanPowerCrisis #TaxpayerRights dawn.com/news/1915755/regula…