ICP is an autonomous body and has reportedly earned more than Rs 430 million profit during the FY 2005-06. Winding up of such a profitable institution is not a wise decision in any case. It has also been reported that some of the shareholders of ICP have also opposed winding up of ICP.
Winding up of ICP was first planned on baseless assumptions, which totally turned against the decision on record-breaking bullish trend of the stock market. After recognising the strong financial position, the decision of winding up was changed to privatisation. ICP was than placed on the list of Privatisation Commission but could not be privatised due to some legal hindrances.
Lastly, it has been reportedly decided that winding up of ICP is being carried out in a very hectic manner by disposing off its assets on forced sale value and handing over all litigation cases to IDBP, which is almost a dead entity.
At this juncture, I request President Pervez Musharraf, Prime Minister Shaukat Aziz and Governor SBP, Shamshad Akhtar, to look into the matter personally, take back the decision of winding up of ICP just like the decisions of winding up and privatisation have been withdrawn in the past and allow ICP to keep its operations continue independently.
If it is not possible then order its merger, along with the staff, with the NBP instead of IDBP, which is already sinking, so that the bread-earning of workers of ICP may not be terminated as several persons are depending on these workers.
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