Islamabad, October 31, 2018 (PPI-OT): Ms. Teresa Daban Sanchez, Resident Representative of International Monetary Fund in Pakistan, called on Federal Minister for Law and Justice Barrister Dr. Muhammad Farogh Naseem on Wednesday. Ms. Sanchez told the Law Minister she considers her work in Pakistan to be challenging and she is there to help the Government with the IMF Programme. She also said she requires support from all the quarters and would like to know about the state owned companies and their management.
The Law Minister told the IMF Representative that the Law Ministry has finalized its legal opinion regarding the State Owned Enterprises. 20% of the State Owned Corporations are either Statutory Companies or Incorporated under the Companies Laws. The Incorporated Companies would require amendment in Articles of Association proceeded by cabinet decision to be put under the control of a holding company, while Statutory Corporations would require the amendments in the statutes creating such corporations for putting them under the control of the holding company.
This way the management of all the subsidiary companies would be effectively controlled by the Holding Company. Professional managers will be put in charge of the holding company for effective management. The Minister further explained putting the control of subsidiary companies under a holding company cannot be confused with privatization but the former will help improve the management of the companies as full time entrepreneurs and managers will be responsible for the day to day business.
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