Federal Minister for Privatisation, Mr. Daniyal Aziz chaired a high level meeting today with the officials of SSGCL, NBP, Ministry of Finance, Pak China Investment Company Limited, and PSML. The meeting was held to discuss the long outstanding issue of PSM major liabilities, prior to proceeding with the proposed lease model of PSMC. The Minister apprised the participants that in a recent meeting of the Cabinet Committee on Privatisation (CCOP), the transaction structure as well as a broad level liability settlement plan of PSMC were discussed and CCOP has directed the Privatisation Commission to move ahead with Privatization/Restructuring of PSMC, in a transparent manner. The Federal Minister/ Chairman Privatization reiterated the government’s resolve to embark upon a comprehensive liability settlement plan by taking relevant stakeholders on board. The Minister urged NBP, SSGC and Finance Division to extend maximum support so that the issues of settlement of PSMC liabilities might be resolved in an amicable manner. The officials of Finance Division, National Bank of Pakistan and SSGC assured their complete cooperation to resolve the issue of their outstanding dues towards PSMC. NBP and SSGC, however, highlighted that they will have to seek permission of their respective Boards as well as other related forums for any waiver that might be given to PSMC. Federal Minister assured his full cooperation with regards to the provision of 5 months salaries of PSMC employees. *****
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