The Ministry of Privatization has said that it is reviewing matters pertaining to the privatization of the Jinnah Convention Center (JCC) in Islamabad and is devising alternative ways to generate funds.

A meeting of the Senate Standing Committee on Privatization was held on Thursday at Parliament House. Senator Shamim Afridi chaired the meeting; which was attended by Senator Syed Muhammad Sabir Shah, Senator Anwar Lal Dean, Senator Molvi Faiz Muhammad, Senator Umer Farooq, and senior officers of the Ministry of Privatization along with its attached departments and agencies. Federal Minister for Privatization and Chairman Privatization Commission Abid Hussain Bhayo was also present.

Issues taken up included a briefing by the Ministry of Privatization regarding the privatization of the Jinnah Convention Center (JCC), privatized government entities the process for which has not been completed, and auctioning of one of two buildings in Washington owned by the Pakistan Embassy.

While being briefed by the ministry regarding the privatization of the Jinnah Convention Center (JCC), the committee was of the view that details of the meeting held regarding this property by the Cabinet Division may be submitted to the committee. The ministry further revealed that the property did not belong to the Capital Development Authority (CDA) and was sold to the Ministry of Interior.

The committee directed the Ministry of Interior to be summoned to the next meeting. Federal Minister for Privatization assured the committee that no negotiations regarding any state property will be held secretly and that the committee will be apprised regarding all activities. He further said that since strong recommendations were made by the committee to revisit the decision of privatizing JCC, the ministry is reviewing the matter and is devising alternative ways to generate funds.

Discussing privatized government entities, the process for which has not been completed, the committee was informed that since 1991 Privatization Commission has completed 178 transactions against the value of Rs 649,114 million.

The enterprises that are awaiting financial closure include Pak China Fertilizer Company, Pak PVC Limited, Sindh Alkalis Limited, Baluchistan Wheel Limited, Dandot Works of National Cement (Pvt) Limited (Awan National Cement), Haripur Vegetable Oil Processing Industries (Friends Vegetable Ghee Mills), National Fibers Limited, Crescent Factories Vegetable Ghee Mills (SJ Industries), Mubarakpur Rice Mills, Fareed Tawakkal (Navadoor Motors) and PTCL.

Regarding auctioning of one of two buildings in Washington owned by the Pakistan Embassy, the committee was informed that the matter pertained to the Foreign Office. The committee decided to summon representatives of the Ministry of Foreign Affairs for a detailed briefing in the next meeting.

Source: Pro Pakistani