Who’s who of the Privatisation Commission Board
A look at the profiles of members who are entrusted with the responsibility.
With so much at stake, many are curious as to find out who are the members of the board, entrusted with the task to implement the privatisation plan so that eyebrows are not raised over transparency and conflict of interest. PHOTO: FILE
ISLAMABAD:
The government has embarked upon the country’s biggest privatisation programme, the estimated value of which is no less than Rs1 trillion by any stretch of the imagination.
Responsibility of ensuring transparency and earning maximum gains for the state has been given to the Board of the Privatisation Commission (PC).
With so much at stake, many are curious as to find out who are the members of the board, entrusted with the task to implement the privatisation plan so that eyebrows are not raised over transparency and conflict of interest.
The power to appoint the board members lies with the chief executive of the country.
Prime Minister Nawaz Sharif recently appointed Mohammad Zubair Umar – a key member of the PML-N election manifesto committee – as the chairman, reconstituted the board and appointed six members of his choice. His decision came after he disapproved the original list of proposed members sent by the PC and, instead, gave his own.
Appointing a political head is usual and, somewhat, even acceptable in the developed nations. But putting in place politically-connected officials as board members raises suspicions of foul-play.
Amid the hype, we take a look at the board members who will be leading the privatisation programme.
Farooq Khan: One of the richest industrialists in Punjab with hands and feet in the sugar and beverage industry. He is said to be one of the leading financier of PML-N, according to his family sources. Farooq is said to be close to the premier. He is also a beneficiary of the PML-N privatisation that was carried out in its previous tenure. Then, Farooq had bought an industrial unit.
Munir Kamal: The brother of the PC chairman and Asad Umar, PTI’s MNA from Islamabad constituency. Kamal is also the Karachi Stock Exchange board of directors chairman and holds the same post at the National Bank of Pakistan (NBP). He is a leading contender for the post of NBP president as well.
Out of 32 shortlisted companies the government has chosen for the privatisation programme, 11 entities are for capital market transactions. Five have already been approved by the PC Board that include three banks and two oil and gas exploration companies.
Chaudhry Arif Saeed: A Punjab industrialist and owner of the Services Industries Limited. His company is registered at the Karachi Stock Exchange and is one of the leading footwear, tyre and tube manufacturers. He is also said to be close to the Nawaz family.
Zafar Iqbal Sobani: He has remained associated with the Hub Power Company and was chief executive officer at Hubco till recently. He is a chartered accountant by profession.
Hubco is aiming to acquire stakes in power generation and distribution companies, but has not publicly announced its intention. Kot Addu Power Company, Islamabad Electricity Supply Company, Hyderabad Electricity Supply Company, Jamshoro Power Generation Limited and Northern Power Generation Limited have been shortlisted for privatisation.
Arsala Khan Hoti: A PML-N election manifesto committee member from Khyber-Pakthunkhwa. He was also a candidate for the provincial assembly seat PK-24, Mardan-II and is a PML-N Mardan district general secretary.
Nasiruddin Ahmad: A retired bureaucrat, who has served with former prime minister Zafarullah Khan Jamali, and is said to be in the good books of the Nawaz family.
The stated objective of the privatisation programme is to improve efficiency within key economic activities and ease fiscal financing pressures. A three-pronged strategy for the purpose has been devised. But analysts’ concerns are whether the privatisation will benefit the few already rich families and will the associates of the ruling class be the beneficiaries of the process?
To address these concerns and many others such queries, the government needs to be careful and ensure that decision-makers do not lie in the conflict-of-interest area.
Published in The Express Tribune, January 13th, 2014.
The government has embarked upon the country’s biggest privatisation programme, the estimated value of which is no less than Rs1 trillion by any stretch of the imagination.
Responsibility of ensuring transparency and earning maximum gains for the state has been given to the Board of the Privatisation Commission (PC).
With so much at stake, many are curious as to find out who are the members of the board, entrusted with the task to implement the privatisation plan so that eyebrows are not raised over transparency and conflict of interest.
The power to appoint the board members lies with the chief executive of the country.
Prime Minister Nawaz Sharif recently appointed Mohammad Zubair Umar – a key member of the PML-N election manifesto committee – as the chairman, reconstituted the board and appointed six members of his choice. His decision came after he disapproved the original list of proposed members sent by the PC and, instead, gave his own.
Appointing a political head is usual and, somewhat, even acceptable in the developed nations. But putting in place politically-connected officials as board members raises suspicions of foul-play.
Amid the hype, we take a look at the board members who will be leading the privatisation programme.
Farooq Khan: One of the richest industrialists in Punjab with hands and feet in the sugar and beverage industry. He is said to be one of the leading financier of PML-N, according to his family sources. Farooq is said to be close to the premier. He is also a beneficiary of the PML-N privatisation that was carried out in its previous tenure. Then, Farooq had bought an industrial unit.
Munir Kamal: The brother of the PC chairman and Asad Umar, PTI’s MNA from Islamabad constituency. Kamal is also the Karachi Stock Exchange board of directors chairman and holds the same post at the National Bank of Pakistan (NBP). He is a leading contender for the post of NBP president as well.
Out of 32 shortlisted companies the government has chosen for the privatisation programme, 11 entities are for capital market transactions. Five have already been approved by the PC Board that include three banks and two oil and gas exploration companies.
Chaudhry Arif Saeed: A Punjab industrialist and owner of the Services Industries Limited. His company is registered at the Karachi Stock Exchange and is one of the leading footwear, tyre and tube manufacturers. He is also said to be close to the Nawaz family.
Zafar Iqbal Sobani: He has remained associated with the Hub Power Company and was chief executive officer at Hubco till recently. He is a chartered accountant by profession.
Hubco is aiming to acquire stakes in power generation and distribution companies, but has not publicly announced its intention. Kot Addu Power Company, Islamabad Electricity Supply Company, Hyderabad Electricity Supply Company, Jamshoro Power Generation Limited and Northern Power Generation Limited have been shortlisted for privatisation.
Arsala Khan Hoti: A PML-N election manifesto committee member from Khyber-Pakthunkhwa. He was also a candidate for the provincial assembly seat PK-24, Mardan-II and is a PML-N Mardan district general secretary.
Nasiruddin Ahmad: A retired bureaucrat, who has served with former prime minister Zafarullah Khan Jamali, and is said to be in the good books of the Nawaz family.
The stated objective of the privatisation programme is to improve efficiency within key economic activities and ease fiscal financing pressures. A three-pronged strategy for the purpose has been devised. But analysts’ concerns are whether the privatisation will benefit the few already rich families and will the associates of the ruling class be the beneficiaries of the process?
To address these concerns and many others such queries, the government needs to be careful and ensure that decision-makers do not lie in the conflict-of-interest area.
Published in The Express Tribune, January 13th, 2014.