ISLAMABAD

The Senate Standing Committee on Finance and Revenue on Thursday constituted a sub committee to probe the matter of privatisation of Heavy Electric Complex, which was cancelled last month after the single successful bidder submitted a cheque that was dishonored.
The Senate Standing Committee on Finance and Revenue, which met under the chair of Senator Saleem Mandviwalla, has discussed the privatisation of Heavy Electric Complex (HEC) and other issues. The committee members expressed reservations over the whole process of privatising the HEC.
Chairman Committee Saleem Mandviwalla said that cheque received against the privatisation of HEC was bounced back in previous month of June. He further said that the Privatisation Commission’s role was irresponsible during the sale process of the Heavy Electric Complex. There should be thorough investigations into the entire process of HEC privatisation, he demanded.
Senators questioned the mechanism, which led to cancellation of the deal at the last moment. The committee decided to constitute a sub committee under the chair of Senator Mohammad Khan Leghari to probe the matter of HEC privatisation.
Speaking on the occasion, Chairman Privatisation Commission Mohammad Zubair briefed the Senators that the government adopted a transparent path and conducted the process under the rules and regulations.
It is worth mentioning here that the government has scrapped the sale deal of Heavy Electrical Complex (HEC) last month after failure of Cargill Holdings to deposit the due amount of Rs225 million into the national kitty. The Privatisation Commission has forfeited Rs25 million earnest money deposited by the Cargill Holdings that had purchased the HEC.
The Senate Standing Committee on Finance and Revenue rejected to approve the Credit Bureaus Bill 2015 without their recommendations. The Senators were of the view that there are flaws in the Bill, which could not be approved without amending it. The committee members said that they have sent their recommendations on bill to the chairman, which should be incorporated in it. The National Assembly had already passed the Bill. However, after the Senate Committee refusal to pass the Bill in its present form, the Bill will now again go back to the National Assembly to consider the amendments incorporated by the upper chamber of the Parliament.
Senator Islamuddin Shaikh said this could be used as political weapon. The private companies could disqualify the politicians if they will not pay their utility bills after passing the aforesaid Bill. “The dozens of politicians would have disqualified until State Bank of Pakistan takes actions against private companies”, he added.
Governor State Bank of Pakistan Ashraf Mahmood Wathra informed the Senate’s panel that private companies would not be allowed to work freely, as the Central Bank would monitor and give licences to the companies. He added that there could be problems if the bill has not approved.
Senators Kamil Ali Agha and Sardar Fateh Muhammad Hassani also demanded to reject the bill in the current form. The committee decided that State Bank of Pakistan and Ministry of Finance review the bill and incorporated the recommendations of the Senators. Governor State Bank of Pakistan informed that committee could not discuss the closure and merger of KASB bank with the Bank-Al-Islami, as the matter is sub-judice.
Chairman Committee Saleem Mandviwalla in his remarks said that Ambassador of France has written a letter to him and Finance Minister for the solution of his issues relating to the Civil Aviation Authority. Secretary Finance Waqar Masood assured the committee that issues of Ambassador would be resolved.