The Senate Standing Committee on Finance yesterday unanimously approved amendments to the Privatisation Ordinance, which will make it binding for the Privatisation Commission (PC) members to disclose conflict of interest and seek post-audit of privatised entities.
The amendments were proposed by Senator Sughra Imam of the Pakistan Peoples’ Party, aimed at ensuring transparency in the government’s privatisation agenda and making sure that the stated objectives were achieved. The PC did not oppose the amendments.
Headed by Senator Nasreen Jalil of the MQM, the senate panel cleared certain clauses of the private-member bill, which will now be tabled in the upper house of parliament for voting. Pakistan is probably the only country where the issues of conflict of interest and post-audit of privatised companies are not addressed, said Imam.
She said due to the absence of post-audit clause in the Privatisation Ordinance, the allegations of favouritism and foul play in the MCB Bank privatisation were still not addressed.
