PC Takes Charge of Government Property Sale in Coordination with Financial Authority

Islamabad: In a pivotal development, Federal Minister for Privatisation, Fawad Hasan Fawad, coordinated a Privatisation Commission meeting alongside financial advisor HLB Ijaz Tabussum and Company, marking a concerted effort with the intent of selling government-controlled properties.

Cabinet approval in February 2020 greenlit the sale of 27 government-owned properties through the Privatisation Commission. In the initial auction in September 2020, 23 properties found new owners yet 13 properties encountered obstacles and couldn’t be sold due to various reasons.

A critical point arises as 17 properties remain unsold, prompting the enlistment of financial advisory services in December 2021 to address the lingering challenges.

Minister Fawad Hasan Fawad observed procedural deficiencies, leading him to instruct the Secretary of the Privatisation Division to embark on a comprehensive process review in collaboration with the financial advisor.

The instruction involved a careful reassessment of the properties, focusing on clarifying titles and investigating other factors that led to setbacks in the previous auctions.

In an assertive move towards accountability, Minister Fawad Hasan Fawad required the fixing of responsibility for any delays within the Privatisation Commission. These identified shortcomings emerged as recurring obstacles, undermining the success of auction processes.

As the Privatisation Commission struggles with the complexities of property transactions, Minister Fawad Hasan Fawad’s proactive approach aims to rectify challenges, ensuring a transparent and successful auction process in the near future.

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