Special committee recommends closing 30 private companies

Minister says this measure will save billions of govt’s rupees

LAHORE: A special committee, formed by the Punjab Chief Minister to probe private sector companies (PSCs), has recommended the closure of 30 out of 70 such entities.

This was suggested in a meeting held at the Civil Secretariat on Tuesday.

Provincial Minister for Law, Parliamentary Affairs and Local Government Raja Basharat, Provincial Minister for Industries and Trade Mian Aslam Iqbal and secretaries of departments attended the meeting.

The meeting deliberated issues of PSCs of Punjab in light of the Lahore High Court case.

Raja Basharat said that the closure of non-functional companies would save billions of rupees of the Punjab government. He regretted that no measures were taken to make the companies sustainable at the time of their inception. Therefore, no mechanism exists for the repayment of heavy loans borrowed by the PSCs and now the present government will bear the burden.

Published in The Express Tribune, May 22^nd, 2019.