Fozia Azam

In order to protect and secure the interests of the country, the Senate Standing Committee on Privatization has requested that the Privatization Commission of Pakistan move quickly to complete the transactions of privatised state-owned enterprises. The committee, which was presided over by Senator Shamim Afridi, addressed the situation of previously privatised government enterprises whose deals have not yet been finalised.

The committee was briefed on the privatisation of the Jinnah Convention Center as well as the Pak-China Fertilizer Company's present situation. The committee was informed that the Privatization Commission has so far finished 178 privatisation deals and earned Rs 7,649,114 million in revenues from privatisations, including the privatisation of the banking sector, capital markets, telecom, and other organisations.

Regarding the privatisation of the Jinnah Convention Center, it was stated that the Federal Cabinet confirmed the transaction structure on September 1, 2020, after the Cabinet Committee on Privatisation had approved it on August 21, 2020. The Privatization Commission prequalified 12 possible investors in response to the expression of interest, the meeting was informed. However, the Capital Development Authority's board, in contrast to the approval of the Federal Cabinet, raised certain observations and expressed apprehensions about the transaction earlier.

The Jinnah Convention Center's re-privatization process is now being considered by the Cabinet Committee on Privatization, which will also provide direction for the future. The committee was also informed of the Pak-China Fertilizer Company's privatisation status and told that the Privatization Commission is pursuing the matter and making every attempt to protect the government's interests. The court, in this case, has been informed of the unpaid balance of Rs 2.8 billion.

The meeting was informed that the Schon Group's lawsuit challenging the sale of 112 kanals of land and the procedure for paying out the proceeds to the workers was dismissed by the Supreme Court of Pakistan. Speaking at the event, Senator Anwaar ul Haq Kakar voiced his worries about the fertiliser company's unfinished transaction and urged for the process to be completed quickly in order to safeguard the interests of the country. He assured that the committee would extend its support to the Privatization Commission.

Credit : Independent News Pakistan-WealthPk