PAC: Sub-committee opposes privatisation of HEC

SEC chairman informs the committee that the HEC has earned around Rs46 million from July-2015 to April-2016

ISLAMABAD: The Sub-Committee of the Public Accounts Committee (PAC) unanimously opposed the privatisation of Heavy Electrical Complex (HEC), saying that it was now earning a profit.

The committee, chaired by Syed Naveed Qamar, discussed the audit paras of Ministry of Industries and Production for fiscal year of 2002-03.  An audit official told the committee that Heavy Mechanical Complex (Taxila), Pakistan Machine Tool Factory (PMTF) Karachi and HEC had not made payment of interest to the State Engineering Corporation (SEC). To this, Secretary Industries Khizer Hayyat Gondal informed the committee that the three organisations were now reviving and would be helpful in the early completion of CPEC.

SEC Chairman Kukab Mohyuddin briefed the members that the HEC had earned around Rs46 million from July-2015 to April-2016 and its performance had improved.

Published in The Express Tribune, June 1^st, 2016.

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