ISLAMABAD: Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation, in its meeting has asked the National Accountability Bureau to complete the investigation regarding the matter of privatisation of Muslim Commercial Bank (MCB) in 1991 and has asked to provide the committee with a status report every month.
The meeting was held under the chairmanship of Senator Saleem Mandviwala here at the Parliament House on Tuesday.
The matter was taken up as result of a question raised in the Upper House by Senator Saeed Ghani during the 104th session. Senator Saeed Ghani expressed his displeasure over the lack of interest taken by NAB to probe the matter of privatisation of MCB.
The committee also decided to review the 21 folders of investigation reports either by asking for their copies or going to NAB Headquarters. The committee discussed in detail Karachi Electric Supply Company’s (KESC) working, performance and terms and conditions of its agreements with the privatisation commission of Pakistan. Chairman NEPRA told the committee that the company is allowed 15 percent losses; however, the actual losses are around 25 percent.
Members of the committee asked Chairman NEPRA about the performance of the company as compared to other Electricity Supply companies. They were told that performance is judged on the basis of uninterrupted supplies, relief to the consumers and profitable self-sustainability of the company. He told the committee that Islamabad Electric Supply Company tops the list with 9percent losses and 100percent recovery. He further said that GEPCO and FESCO are also among the better. K-electric has a good ranking when it comes to profitability.
HESCO, SEPKO and PESCO are considered weak companies. Secretary Ministry of Water and Power told the committee that poor performance of K-electric is partly because of the fact that its agreement with the government has expired since January and the company has since then not negotiated on renewing its agreement. He further said that the company should come out of denial mode and negotiate the terms of a new agreement.
The members of the committee expressed serious concerns over the differential load shedding in different parts of Karachi and called it discriminatory attitude of the company. The committee was of the view that if things don’t change, it will bring bad name to the company, the government and the parliamentarians.
The committee deferred discussion on The Anti-Money Laundering (Amendment) Bill, 2014’till its next meeting so that members can study the bill and send their recommendations and amendments in writing to the committee.
The meeting was attended among others by Senator Muhammad Talha Mehmood, Senator Saeed Ghani, Senator Fateh Muhammad Muhammad Hassani, Senator Nasreen Jalil, Senator Mohsin Aziz and Senator Saud Majeed.
