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Download PDF Summit Industrial and Mercantile Corporation Ltd Monday filed a fresh appeal with the government to get pre-qualified for participation in the tender for Bibiyana 450 megawatt (MW) private power project.
This time Summit submitted a second opinion of a chartered accounting firm that reconfirmed the company’s financial strength at $122 million.
Previously qualified for the 450 MW Sirajganj power project, Summit was arbitrarily disqualified in the bid by the Power Cell’s consultant International Finance Corporation (IFC) in January saying that the company’s value was not more than $100 million as required by the pre-qualification criterion. The IFC calculated the net value of Summit at only $35 million.
Summit’s financial report earlier submitted by SF Ahmed and Co, an auditor recommended by the Power Cell, had put the figure at $122 million.
In mid-April, Summit pleaded not to disqualify it but the Power Cell upheld IFC’s evaluation.
Meanwhile, the cell’s Bibiyana bid is already stumbling as Summit’s disqualification reduced the number of bidders to three, and then with the withdrawal of one bidder– to only two.
This situation has now made the government reconsider Summit’s appeal, sources said.
Accordingly, Summit filed a fresh appeal along with a new independent opinion determining the net value of the company.
The opinion given by Hoda Vasi Chowdhury & Company now once again put Summit’s net value at $122 million on September 30 last year. Summit noted that Hoda Vasi was one of the four Power Cell-recommended professional firms. Hoda Vasi’s opinion confirms correctness of the certificate issued by SF Ahmed & Co.
In a letter addressed to the chief adviser’s special assistant in charge of the energy ministry, Summit now requested withdrawal of the Power Cell’s March 31 letter that disqualified the company and its bid partner GE of USA.
The Power Cell had originally set June 11 as the project’s bid submission date. It has now fixed July 15 for this.
Both the Bibiyana and Sirajganj power project tenders, floated by the Power Cell, now lack competition. Bibiyana scheme has Chevron (Bibiyana gas field’s operator) and a consortium led by Powertek as bidders, and Sirajganj scheme just has Powertek as bidder. Summit is trying to qualify in both these bids.
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