Five directors walk out, breaking quorum and halting leadership vote
A dramatic attempt to oust K-Electric (KE) CEO Syed Moonis Abdullah Alvi failed on Thursday when five board members walked out of a critical session, effectively collapsing the vote and deepening internal divisions within the power utility’s governing body.
The move was spearheaded by independent director Javed Kureishi, who had been lobbying to remove the CEO amid growing shareholder disputes and government involvement.
Walkout Halts Proceedings, Exposes Deepening Split
The meeting, convened solely to push through top management changes, quickly unravelled as the majority bloc read out a pre-written statement declaring that it would be inappropriate to press ahead when the outcome would be split 5–5.
The walkout denied the board its required quorum, immediately ending the session and undermining Kureishi’s campaign.
Departing members insisted their action was taken “in the best interest of K-Electric,” arguing that internal politics and deadlocked votes threatened to drag the company into legal complications at a time when it should be focused on delivering safe, reliable and uninterrupted power to Karachi.
Failed Expectations and Shareholder Tussles
According to sources, Kureishi had believed he had the numbers to force the CEO’s removal, expecting backing from Shaheryar Chishty’s AsiaPak Holdings, which had previously signalled openness to supporting a government-backed nominee.
However, Thursday’s events demonstrated that divisions within the board were deeper than anticipated.
The walkout follows an earlier failure on November 5, when five directors refused to attend a session on the same agenda, also resulting in a lack of quorum.
The fractured meeting exposed widening rifts between key shareholders:
- The Government of Pakistan
- AsiaPak Holdings
- Saudi Al-Jomaih Group, KE’s largest foreign investor
Insiders say the dispute is now threatening to paralyse the company’s governance structure.
Government Officials and Directors Show Unease
Secretary Finance Imdadullah Bosal again did not attend the meeting, while Secretary Power Dr Fakhr-e-Alam Irfan reportedly appeared unsettled by the increasing boardroom hostility.
Some directors expressed discomfort over perceptions that KE Chairman Mark Skelton was receiving external advice and allegedly giving mixed signals to different board members, further eroding trust.
Routine Agenda Items Turn Contentious
Even standard agenda items came under dispute.
The appointment of a new Chief Distribution Officer (CDO) remained unresolved despite the withdrawal of an earlier FIR against the candidate.
Some directors argued that senior appointments should be avoided until shareholder disputes stabilise, warning that pushing key hires during a period of uncertainty could deepen instability.
Kureishi had pressed to finalise the hiring of the CFO and CDO within one week and begin the search for a new CEO immediately, yet no consensus candidate has emerged.
Shareholder Tensions Reach New Peak
The conflict is unfolding against the backdrop of a major international dispute.
Earlier this year, KE’s largest foreign shareholders Al-Jomaih Group and Kuwait’s National Industries Group (NIG) issued a $2 billion legal notice to Pakistan over delays in the long-pending share transfer to Shanghai Electric and prolonged non-payment of dues.
Despite the legal escalation, Al-Jomaih has publicly reiterated its desire for an amicable resolution, signalling that confrontation is not its preferred path.
Crisis Persists, CEO Remains in Office
With the latest walkout, Javed Kureishi’s bid to oust CEO Moonis Alvi has effectively stalled.
The episode leaves KE’s leadership crisis unresolved and the board more divided than ever.
When approached for comment, a Ke spokesperson confirmed that Thursday’s meeting took place but declined to share specifics, saying only that the board discussed “matters other than the financial results.”
Kureishi did not respond to requests for comment.