ISLAMABAD: Federal Minister for Privatisation, Fawad Hasan Fawad chaired a meeting of Privatisation Commission with HLB Ijaz Tabussum and Company, the financial advisor for the sale of identified properties owned or controlled by the federal government.

Twenty-seven properties owned and controlled by the government were approved for sale through the Privatisation Commission by the cabinet in February 2020.

In the first round of auction in September 2020, 23 properties were auctioned, out of which, sale of 13 properties could not materialise later due to various reasons.

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Currently, 17 properties remain unsold for which services of the financial advisor were hired in December 2021.

The minister took serious notice of shortcomings in the current process and directed the secretary Privatisation Division to review the process in consultation with the financial advisor.

The minister further directed that the properties shall be evaluated again particularly with regard to the title and other possible reasons for the unsuccessful sale in the previous bidding process.

He also directed that responsibility shall be fixed for delays and lapses within the Commission which have resulted in repeated failures of the auction process.

Copyright Business Recorder, 2023