islamabad
The Senate Standing Committee on Finance and Revenue on Wednesday agreed that foreign companies/individuals should take national security clearance certificate before going into the privatization process of the public sector entities of the country.
The Senate’s Committee, discussing the amendments to the Privatisation Ordinance, agreed with the proposal of Senator Sughra Imam of the Pakistan Peoples’ Party that government should make it mandatory for the foreign companies to take security clearance before entering into privatisation deal.  The officials of Interior Ministry also favoured the proposal. The committee was informed that foreign investors take part in the privatisation process of the public sector entities, which should be cleared through security clearance. However, Privatisation Commission’s officials opposed the proposal, as they were of the view that this move could disturb the privatisation programme of the government.
The Senate Standing Committee on Finance and Revenue, which met under the chair of Senator Nasreen Jalil, on consecutive second day, has discussed the privatisation commission (Amendment) bill, 2013 presented by Senator Syeda Sugra Imam.
The committee also agreed to enhance the time period for investigating the privatisation transaction from one to three years and for the company to take national security clearance certificate before privatisation deal. Senator Sughra Imam of the Pakistan Peoples’ Party, mover of amendments to the Privatisation Ordinance, said there should be investigation/ audit of the privatisation transactions. Still, questions are arising on the privatisation of PTCL, MCB and OGDCL, she added.
Chairperson Senator Nasreen Jalil in her remarks said that amendments relating to the good governance should be incorporated in the privatisation bill. The committee decided to constitute a two members sub committee comprising Senator Rafeeque Rajwana and Senator Usman Saifullah for further amendment in privatisation bill. The sub committee would meet Securities Exchange Commission of Pakistan (SECP) officials for compiling the report.