ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Monday directed the Finance and Privatisation Divisions to undertake a comprehensive review of all pending litigation involving state-owned enterprises listed for privatisation, aiming to ensure a seamless and efficient sell-off process.
Chairing the meeting, Federal Minister for Finance and Revenue Muhammad Aurangzeb instructed both divisions—working closely with relevant ministries and the Law Division—to identify obstacles, devise solutions, and ensure the entities are fully prepared for privatisation.
The Committee also approved several key board appointments and reconstitutions across major SOEs after considering summaries submitted by the Finance Division, Maritime Affairs Division, Petroleum Division, and the Industries and Production Division.
These approvals included:
- Appointment of an independent director to the Board of Zarai Taraqiati Bank Limited (ZTBL).
- Appointment of independent directors to the Board of Port Qasim Authority, Karachi.
- Nomination to fill a casual vacancy on the Board of Sui Northern Gas Pipelines Limited (SNGPL).
- Constitution of the Board of Directors for Sindh Engineering (Pvt) Limited (SEL).
- Appointment of a private sector member from Punjab to the Board of SMEDA.
- Constitution of the Board of Directors for the State Engineering Corporation (SEC).
The Chair commended the efforts in selecting qualified private-sector candidates as independent directors, emphasising the need to maintain high standards to ensure boards comprise individuals with strong expertise, experience, and professional competence.
The Committee reiterated its direction to the Finance and Privatisation Divisions to thoroughly evaluate all legal cases linked to SOEs on the privatisation list and to develop mechanisms—together with respective ministries and the Law Division—to resolve these issues promptly.
The meeting was attended by Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Science and Technology Khalid Hussain Magsi, and senior officials from concerned ministries, divisions, and regulatory bodies.
Story by Tahir Amin
