Hafeez Shaikh briefed on triage of SOEs

ADVISER TO THE PRIME MINISTER ON FINANCE AND REVENUE, DR. ABDUL HAFEEZ SHAIKH CHAIRING A MEETING OF THE CABINET COMMITTEE ON STATE OWNED ENTERPRISES (CCOSOES) IN ISLAMABAD ON AUGUST 31, 2020.

ISLAMABAD, Aug 31 (APP): Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh was given a detailed briefing on the triage of State Owned Entities (SOEs) here Monday.

The triage was undertaken for liquidation; privatization and retention under government ownership, on the basis of economic rationale and financial performance of SOEs.

According to press statement issued by the Finance Ministry here, Cabinet Committee on State Owned Enterprises (SOEs), meeting of which was held here under the chairmanship of the advisor, discussed in detail the proposed SOEs for retention, privatization and for restructuring.

The Advisor directed that the list should be reviewed and revisited till the next meeting and a new category may be introduced in the list where ownership may be retained by the government and the entity can be operated by the private sector for better management.

A draft Law on the State Owned Enterprises was also discussed in the meeting and the Adviser directed that the law may be reviewed further in consultation with the line Ministries/Divisions and the Law Division.

There was also a proposal on the Forensic Audit of the Major Loss Making SOEs on the instructions of the Prime Minister.

The Chair directed that before taking a final decision on the proposed forensic audit, detailed information on the availability of sufficient forensic audit expertise within AGP; the estimated cost in case the audit is to be outsourced to leading audit firms; the proposed time duration of forensic audit, and a proposed list of loss-making entities for forensic audit, should be shared with CCoSOEs in its next meeting.

He further advised that line Ministries/Divisions may also be consulted to select the companies and that the companies may not be concentrated in a particular sector.

He instructed that these proposals need to be finalized by the next meeting of the CCoSOEs, the statement said.