PC Board Constitutes Committee Headed by Justice Munir A. Sheikh for Third Party Audit

PC BOARD CONSTITUES COMMITTEE HEADED BY JUSTICE MUNIR A. SHEIKH FOR THIRD PARTY AUDIT

Islamabad, June 25, 2010

The Board of Privatisation Commission, which met here today under the chairmanship of the Federal Minister for Privatisation Senator Waqar Ahmed Khan, constituted a Committee headed by Justice Munir A. Sheikh member PC Board for third party audit of the transactions where PC is facing litigation.

The PC Board also formed a 3 member Committee to scrutinize and the check the milestones set for the services of various Financial Advisors for various transactions for the settlement of long due outstanding payment liabilities.

Another Committee was made responsible to suggest proposals for the restructuring of Public Sector Entities (PSEs) to improve their efficiency, expansion and to get optimal output from these entities.

While addressing the PC board Senator Waqar Ahmed khan Federal Minister for Privatisation said that the Government was determined to bring in fairness and transparency in all transactions during all the phases of the privatisation process and to add value to our national assets through Public Private Partnership (PPP).

The Secretary PC Mr. Shahab Khawaja briefed the PC Board regarding the payments held by Ehtisalat Pakistan on account of mutation of Pakistan Telecommunications Company Limited’s (PTCL) properties. He informed that 3247 properties have been transferred while Ehtisalat has come up with another 311 properties. Seventeen properties are under litigation and three more properties have been transferred recently. We have approached Ehtisalat to release the long due held proceeds at their earliest.

The GoP has 62 % shares in PTCL while 14 % shares are with the general public. Ehtisalat has 26 % shares of the company. The meeting also reviewed the progress on the implementation of Benazir Employees Stock Option Scheme (BESOS), which has now started yielding results and the workers of various entities have received dividends against the unit certificates awarded to them free of cost.