Federal Minister for Privatisation chairs high level meeting regarding PSM liabilities

Islamabad, March 06, 2018 (PPI-OT): Federal Minister for Privatisation, Mr. Daniyal Aziz chaired a high level meeting today with the officials of SSGCL, NBP, Ministry of Finance, Pak China Investment Company Limited, and PSML. The meeting was held to discuss the long outstanding issue of PSM major liabilities, prior to proceeding with the proposed lease model of PSMC.

The Minister apprised the participants that in a recent meeting of the Cabinet Committee on Privatisation (CCOP), the transaction structure as well as a broad level liability settlement plan of PSMC were discussed and CCOP has directed the Privatisation Commission to move ahead with Privatization/Restructuring of PSMC, in a transparent manner. The Federal Minister/ Chairman Privatization reiterated the government’s resolve to embark upon a comprehensive liability settlement plan by taking relevant stakeholders on board.

The Minister urged NBP, SSGC and Finance Division to extend maximum support so that the issues of settlement of PSMC liabilities might be resolved in an amicable manner. The officials of Finance Division, National Bank of Pakistan and SSGC assured their complete cooperation to resolve the issue of their outstanding dues towards PSMC. NBP and SSGC, however, highlighted that they will have to seek permission of their respective Boards as well as other related forums for any waiver that might be given to PSMC.

“The draft agreement for settlement of liabilities was read out with legal advisor present endorsed by the Ministry of Finance representative agreed to be presented in the respective boards of National Bank, SSGC and a copy to be sent to State Bank of Pakistan for consultation and input”.

The matter of settlement of steel mill employees dues and liabilities was discussed thread bare and it was resolved that each penny of retired and serving employees would be honoured in accordance with the employees preference Federal Minister assured his full cooperation with regards to the provision of 5 months salaries of PSMC employees.

For more information, contact:
Privatisation Commission
5-A EAC Building Constitution Avenue,
Islamabad- Pakistan
Tel: +9251 920 5146 -47
Fax: +9251 920 3076
Email: info@privatisation.gov.pk