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Business Recorder
7 days ago
- Business
- Business Recorder
Revised business plan: PIA buyer required to invest Rs70bn in 5 years: PC
ISLAMABAD: Privatization Commission Secretary Usman Akhtar Bajwa, Tuesday, informed the Senate Standing Committee on Privatization that the buyer of Pakistan International Airlines Corporation Limited (PIACL) will be required to invest Rs70 billion over five years period under revised business plan of privatisation of PIA. A meeting of the Senate Standing Committee on Privatization was held under the chairmanship of Senator Dr Afnanullah Khan. The meeting was attended by senators Zeeshan Khanzada, Bilal Ahmed Khan, Nadeem Ahmed Bhutto, Mohsin Aziz and other officials from Ministry from Privatization, Power Division and Zarai Taraqiati Bank Limited (ZTBL). Aviation panel told: PIACL sell-off process almost over Secretary Privatization Commission, while sharing the revised business plan of privatization of the national flag carrier, stated that the due diligence process has begun for pre-qualified companies in the PIA privatization. Starting next week, site visits and expert sessions will begin for pre-qualified companies. Expert sessions will include briefings on aircraft conditions and routes, said Usman Bajwa. To a query, he said that a decision has been taken to launch PIA flights to Manchester starting from August 14. However, there are security concerns for PIA's North American routes. Efforts will be made to resolve security concerns regarding North American routes. He stated that PIA's current business model is not sustainable. In the previous bidding round, investors backed out because their demands were not met. He further briefed that now, investors will receive sales tax exemption on aircraft purchases. The government had to inject Rs100 billion annually to keep PIA running. The services of the previous financial advisor have been re-engaged for PIA's privatisation. During the meeting, the committee reviewed a report highlighting complaints of the pensioners of Pakistan International Airlines Corporation Limited (PIACL). It was also revealed that currently pension liabilities for 6,625 employees of PIACL amount to Rs14.87609 billion. Expressing concern, Chairman Committee Senator Dr Afnanullah Khan remarked that the pension amount is extremely low, asking how people are expected to survive. In response, the Ministry of Privatization stated that pension policies are regularly revised and updated annually in line with allowances. The chairman directed that Grade/Scale wise pension details, including the amount received and the distribution process, be presented in the next meeting. Privatization Commission informed the committee that the Board of the Privatisation Commission in its July 2025 meeting resolved as under:a) Pre-qualified the following interested parties as prospective bidders/pre-qualified bidders (PQBs): (i) Consortium comprising Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited and Metro Ventures (Private) Limited; (ii) Consortium comprising Arif Habib Corporation Limited, Fatima Fertilizer Company Limited, City Schools (Private) Limited and Lake City Holdings (Private) Limited; iii) Fauji Fertilizer Company Limited, and iv) Air Blue Limited. b) Consortium comprising ASIL and Serene Air (Private) Limited, Bahria Foundation, Mega C&S Holding, Equitas Capital LLC, was not pre-qualified, as it did not meet the requirements of the Request for Statement of Qualification (RSOQ). The PQBs have been invited to conduct buy-side due diligence by giving access to Virtual Data Room. The PQBs will also be invited for pre-bid conference/meetings for finalisation of bid documents, Privatization Commission added. About the privatisation of power distribution companies, secretary Privatization Commission stated that the DISCOs face issues related to asset transfers, ownership of grid stations, and recoveries from government departments. The DISCOs are also facing challenges related to regulatory frameworks, payments to government entities, and pension liabilities and payments. He further said that 51 percent to 100 percent assets of the DISCOs' will be sold. Three DISCOs will be privatised between January and June of the current fiscal year. The committee was informed that the Pakistan Minerals Development Corporation (PMDC) is not yet included in Privatization list. Senator Zeeshan Khanzada questioned why this institution is being Privatized and asked about the purpose behind it. Senator Bilal Ahmed Khan also raised concerns, questioning why land is being granted/allotted if the government plans to privatise the institution. He further asked about the area under PMDC's operation and the quantity of mineral output. Senators further queried the basis of the privatization decision, noting that the Petroleum Ministry lacks the mandate to privatise the PMDC. In response, the minister clarified that the Cabinet Committee on SOEs is responsible for evaluating organisations and that the Petroleum Ministry can better explain its mandate. The committee was briefed on the privatisation process, which involves recommendations to the Board, Cabinet's approval, and hiring of financial/legal advisors through advertisements. The evaluation criteria will then be assessed before final approval. The Chairman Committee Senator Dr Afnanullah Khan proposed that PMDC be invited to the next meeting to further deliberate on this matter. Regarding ZTBL, the committee was informed that it is included in Phase One of the privatisation list approved by the government in August 2024. A total of 24 organisations are to be privatised. ZTBL is currently in the process of hiring a financial adviser. The ministry stated that the negotiations are in progress to finalise how ZTBL will be privatised. Moreover, Senator Dr Afnanullah Khan questioned the delay in hiring a financial adviser, noting that the last meeting was held on January 31st, when the bids were submitted and evaluated. He expressed concern that nearly six months had passed without finalizing the appointment. The ministry responded that the process typically takes six to eight weeks but was delayed due to high fee demands by one party nearly Rs500 million forcing a restart of the process. The ministry assured the committee that the complete privatisation process is now targeted to be completed within nine months. Furthermore, Senator Zeeshan Khanzada raised a critical point upon the overall privatisation process of the entities. He further questioned the rationale behind privatizing the entities while highlighting the performance of the Privatization Commission. He urged that this issue be thoroughly discussed in the committee. Copyright Business Recorder, 2025
Business Recorder
10-07-2025
- Politics
- Business Recorder
Key scientific institutions: Senate body concerned at stagnant state
ISLAMABAD: A meeting of the Senate Standing Committee on Science and Technology chaired by Senator Kamil Ali Agha expressed grave concerns over the stagnant state of Pakistan's key scientific institutions, warning that persistent inaction is crippling the nation's research and innovation potential. The meeting, held at the Parliament House, Thursday, was attended by senators, Husna Bano, Nasir Mehmood, Saeed Ahmad Hashmi, Dr Afnanullah Khan, and Nadeem Ahmed Bhutto. Also present were the Federal Minister for Science and Technology, senior officials of the ministry, and representatives from the Pakistan Council for Science and Technology (PCST) and the Pakistan Council of Scientific and Industrial Research (PCSIR). Officials revealed that the National Commission for Science and Technology (NCST), formed in 1984 as a 26-member statutory body under the prime minister's chairmanship, has held only three meetings since its inception, with the last one taking place in 2001 — a stark indicator of institutional neglect. As per the PCST Act 2017, the PCST serves as the Secretariat of the NCST but remains under threat of rightsizing, further destabilising the sector. Chairman Kamran Ali Agha termed the Commission's performance 'highly unsatisfactory,' demanding to know why scientists and industrialists have not been appointed since 2020. Officials confessed that despite repeated correspondence from 2017 to 2023, the proposed nominations expired before they could meaningfully contribute. If the members in this body are not complete yet, how will the Commission be functional? the chairman asked pointedly. In response to this institutional paralysis, the chairman directed the formation of a proper committee within 15 days, with a clear agenda to revive and streamline the work of the NCST and PCST. 'There is a building, the institution exists — keep working!' Senator Agha emphasised, rejecting any speculation about closures before clear decisions are made. The Committee also scrutinised Pakistan's underwhelming budgetary allocation for science and technology, with the joint secretary admitting that a mere 0.16 per cent of GDP is devoted to the sector, resulting in outdated equipment despite capable human resources. When asked by Senator Dr Afnanullah Khan about this year's budget, the ministry disclosed that only Rs4.5 billion had been released — an amount the committee, unanimously, termed inadequate to meet national innovation goals. Adding a global perspective, Senator Dr Afnanullah Khan highlighted China's ambitious plan to establish a solar power plant in space by 2028, urging that Pakistan must invest in futuristic energy solutions and public awareness campaigns for solar technology. Chairman Agha echoed this, stressing that falling behind in emerging technologies would widen the innovation gap. Equally alarming was the committee's discussion on harmful consumer products. Under the Pakistan National Quality Policy (PNQP) 2021, which sets the framework for national and international testing standards, Senator Afnanullah Khan raised serious concerns over widely sold 'tea-whitening' products masquerading as milk alternatives, were products that pose grave health risks, including cancer. The joint secretary endorsed these concerns, confirming that such products are indeed a major cause of cancer, and backed the committee's call for stringent legal action, including possible bans and the closure of companies selling unsafe substitutes. The committee strongly recommended an immediate ban and the ministry assured that a detailed briefing and necessary enforcement measures would be presented in the next meeting. Wrapping up, Chairman Agha warned: PCST and the National Commission are important institutions. Without them, the ministry will come to a standstill. Copyright Business Recorder, 2025
Business Recorder
10-07-2025
- Business
- Business Recorder
FBR not used as political victimisation tool: chairman
ISLAMABAD: Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, Wednesday, categorically stated that the FBR has not been used for political victimisation of politicians and there is no pressure on the FBR to make cases for victimisation. The FBR chairman informed Senate Standing Committee on Finance that, 'I assure the committee that there is no political victimisation and we have never received any order from high ups on such kinds of actions. The politician interference has been totally stopped in the FBR.' He said that the FBR has already warned tax officials of immediate suspension, in case, they try to exert pressure for seeking choice postings in field formations. Arrest for tax fraud: Senate panel for defining a threshold In this regard, the FBR chairman has issued a letter to all the departments with regard to use of extraneous influence by officers/ officials of the FBR in administrative matters. The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, received a comprehensive briefing on the updated status of its budget recommendations made during the Budget 2025-26 deliberations. Highlighting alleged harassment of senators by FBR officials, Senator Afnanullah Khan stated that a notice had been issued to an IT company registered under his name. He underlined that FBR demanded income tax on a project which was not completed due to COVID. The FBR chairman assured the committee of prompt resolution, stating that the matter would be thoroughly examined without delay. Senator Afnanullah Khan accused that a tax official (Additional Commissioner Ali Jafar) of the Corporate Tax Office Islamabad has made a wrong case against his IT company, he alleged before the committee. The FBR chairman responded that if tax official is found guilty, he would be punished and prosecuted. Senator Mohsin Aziz said that it is a fact many cases are re-opened against the taxpayers. Responding to this, the FBR chairman said that, 'I have conveyed to the entire tax machinery that it is their work to collect only due tax from taxpayers. Tax officials are not assigned to collect more taxes, but only due and correct amount of taxes from the taxpayers.' Discussing the recent status of barter trade between Pakistan and Iran, officials stated that the Commerce Ministry has initiated barter trade on the basis of mutual understanding between the parties, and the arrangements will be finalised after the approval of FBR and the State Bank of Pakistan (SBP). Copyright Business Recorder, 2025
Business Recorder
30-05-2025
- Business
- Business Recorder
PAC examines MOC's audit report
ISLAMABAD: National Assembly's Public Accounts Committee (PAC) on Thursday examined the audit report of the Ministry of Communication for the year. During the meeting, audit officials said that instead of 3,938 sanctioned posts, 4,252 were advertised. 314 additional recruitments were made. On one point, Junaid Akbar Khan said that the documents of the majority are fake; jobs were sold, and you are saying there is a stay order. Most peoples' documents were forged, he added. Whoever took the money did wrong, and whoever gave the money also did wrong, member Afnanullah Khan said. He recommended action should be taken against those responsible. Action should also be taken against whoever made the appointments, says Junaid Akbar Khan. The committee referred the matter of illegal recruitments to NAB for investigation as well as decided to summon the Attorney General regarding the stay order cases. Audit objection also been raised pertaining to the unauthorised use of over Rs 4 billion by Pakistan Post Office. The communications secretary said, 'We have taken departmental action.' He said that reconciliation with the bank is very important. 'How did you use the money from utility bills?' asks the committee chairman. Copyright Business Recorder, 2025
