LAHORE: No sectoral professionals are being made part of the upcoming boards of power distribution companies (Discos) and the new boards are being filled-up with persons having weak linkages to even the corporate sector, said sources.
According to the sources, the strange part is that a mid-level former KE employee, who had figured in electrocution cases in Karachi, a former consultant and now an employee of the Saudi AL Suwaidi’s power transformer factory at Karachi these days (suppliers to the DISCO/NTDC), has been tipped as the Chairman of three DISCO BoDs.
This, according to sources, is a serious conflict of interest because the sole market for the Al-Suwaidi product are the DISCOs and especially the IESCO, LESCO, and MEPCO, which are to be headed by this person.
The sources said a former MD NESPAK – having no experiences of power utility business is tipped to be a part of the new BoDs. He is reportedly linked to a mega-construction conglomerate, which now wishes to operate in the power sector through the buy-out of DISCOs.
In addition, some persons with banking experience have been added to the list. Experts opine that none of the new names measure up to the actual requirements of the DISCOs, they added.
Sectoral experts have claimed that the new boards would be tools at the hands of interested parties who are in the race to buy some of the DISCOs under privatization and who would desire sale at a very low value.
Another aberration has been highlighted by sources to the effect that the HESCO and SEPCO BoDs comprising of politically linked persons have been spared due to intervention by the PPP.
On the other hand, informed insiders have told the scribe that the existing board members have resolved to fight out the accusations of inefficiency in the courts – specially, when the figures of FESCO, GEPCO and IESCO do not support the accusations of a colossal loss of Rs589 billion for the ongoing fiscal year by the power division.
Reportedly, a few existing BoDs have resolved to take up the issue with the power division. According to them, if they are to be accused of any inefficiency, the government nominees on the BoDs and the secretary power division too have to be held responsible.
Copyright Business Recorder, 2024
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