Public Accounts Committee seeks to delay power firms’ sell-off until asset valuation
ISLAMABAD: The Public Accounts Committee (PAC) on Tuesday proposed deferring the privatisation of power companies, expected to take place in January, until their assets, machinery, land and other properties are properly assessed and revalued to prevent potential losses to the national exchequer. The proposal came after Auditor General of Pakistan Maqbool Ahmad Gondal raised concerns that the…
The Public Accounts Committee (PAC) has proposed delaying the privatisation of power companies until their assets are properly assessed and revalued. This proposal came after concerns raised by the Auditor General of Pakistan regarding outdated valuations of public assets. The committee expressed worry that the government's reliance on these outdated valuations could lead to potential losses for the national exchequer.
The issue of asset valuation was further highlighted by the committee's examination of audit reports of the Power Division and its attached entities for 2024-25, where it was noted that the management had failed to revalue fixed assets worth Rs624.47 billion. The committee also raised concerns over the Rs8.6bn payments made by electricity consumers due to poor planning, faulty procurement of equipment, and deficiencies in the performance of a grid station and its associated transmission line.
The Privatisation Commission and the Power Division were directed to submit detailed reports at the next meeting.
Brief written by urgent.news from Dawn's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
