Printer Friendly

Senate body halts govt from PIA privatization.

Byline: Mohammad Arshad

Islamabad -- The Senate Standing Committee on Privatization and Statistics, Tuesday, observed that hurried privatization of national flag carrier, Pakistan International Airlines (PIA) would put the incoming government in a lot of problems to implement the privatization.

The Committee recommended that carving out process might be conducted and evaluation procedures followed but the actual privatization should be put on hold till the next government takes office. The Committee further observed that the incumbent government had only four months left in office and as such it should not private PIA .

Senate Committee met here with Senator Mohsin Aziz in the chair and was given detailed briefing on privatization of Pakistan Steel Mill and the fate of its thousands of employees. The Committee was told that the mill has 11,500 employees and a total of 188 billion liabilities.

The Committee was told that the transaction model approved by the Board of Privatization commission will be a 30 year lease plan of the plant and the core land of Pakistan Steel Mill.

The Committee observed that the Federal Government should have Sindh Government on board regarding the lease agreements so that no issues arise later regarding land of the mill. The Committee was assured by the Minister that Committee's concerns as to why UBL and HBL were given 6-7% discounts during sales of shares will be responded to in detail in the next meeting.

COPYRIGHT 2018 Asianet-Pakistan
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Pakistan Observer (Islamabad, Pakistan)
Date:Jan 31, 2018
Previous Article:Shahbaz forms probe committee.
Next Article:SC gives verdict on 100-year-old case.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters