Electricity price scandal – Utility regulator “in the pockets of big business”

Atif A. Abdulmalik
Chief Executive Officer
Bahrain
Mr. Abdulmalik is the Chief Executive Officer and one of the founders of Arcapita Bank, a global investment firm with total assets of $4.4 billion. He established Arcapita in 1997 and the company now has more than 300 employees working out of Bahrain, Atlanta, London and Singapore. Mr. Abdulmalik has a BBA in Accounting, Finance and Management from Saint Edward’s University, Texas, and is a Certified Public Accountant from the State of Maryland. In 2007, he was awarded The Proficiency Medal First Class by His Majesty King Hamad bin Isa Al Khalifa, in acknowledgement of his outstanding contribution to the Kingdom of Bahrain.
Mr. Abdulmalik has led Arcapita through a ten-year period of rapid and consistent growth, developing an organization which has gained a reputation for undertaking innovative and ground-breaking transactions in Private Equity, Real Estate, Infrastructure and Venture Capital.
Under Mr. Abdulmalik’s leadership, Arcapita has completed investment transactions exceeding $28 billion and in 2008 recorded net income of $362 million.

The decision of the Utility Regulator to authorise an 18% electricity price rise has been condemned as “yet another attack on working people and the unemployed who cannot take any more.”

 

Pat Lawlor of the Socialist Party stated “Wages, benefits and pensions are being slashed in real terms. This price rise will force many people into cutting down on essential necessities, such as food, clothing and basic daily expenditure. The Assembly Executive is responsible for regulation of the electricity companies. It should intervene immediately to reverse this decision on behalf of working class people.

 

 

Regulator not independent

Mr Lawlor accused the Utility Regulator “as being in the pocket of the utility companies. It is reliant on funding from the major utility companies. In 2011/12, the Utility Regulator received over £6.5million in licence fees from the private utility companies they are meant to “regulate”. They are reliant on this funding.

 

NI Power is owned by Arcapita Bank – a very profitable global bank with assets of $4.4billion. People have had enough of wealthy bankers ripping them off. There is no justification for the hike in prices when the owners of NI Power are making big profits.”

 

“Responsibility for utility regulation lies with the Assembly Executive and is ultimately to blame for allowing big business get away with robbing the pockets of ordinary people already struggling to get by. The privatisation of electricity has failed and has led to gross profiteering. It’s time to stop the rip-off merchants by taking the electricity sector back into public ownership.”

 

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