ISLAMABAD: The National Accountability Bureau (NAB) has challenged the Lahore High Court’s (LHC) verdict to halt the inquiry into the 15-year-old case of privatisation of Muslim Commercial Bank (MCB) against Mian Muhammad Mansha in the apex court, it was learnt here. The NAB had conducted a preliminary inquiry into the privatisation of MCB in the year […]

ISLAMABAD: The workers union of State Life Insurance Corporation (SLIC) has rejected the plan for privatising the state-owned insurance giant and turning it into a public limited company, saying it will deal a blow to the rights of orphans and widows, who hold 99% of statutory funds of the corporation. Speaking at a meeting of the […]

ISLAMABAD: Cabinet Division has reportedly sought federal cabinet’s endorsement of public sector entities sell-off decisions taken by the Cabinet Committee on Privatisation (CCoP) from 2014 onward, well informed sources told Business Recorder. Recently, Supreme Court of Pakistan set aside a decision of the Prime Minister for withdrawing exemption on sales tax to the companies, importing […]

Islamabad—Chairman Senate Special Committee on Performance of Pakistan International Airlines Mushahidullah Khan on Friday said the government had haltedthe process of finding a strategic partner for PIA, and Therefore, the employees of the airlines may immediately call off the strike. He said this while addressing a hurriedly called press conference at the Aviation Division. The secretary Civil Aviation Authority was also present. Mushahidullah said […]

ISLAMABAD: The government has assured the International Monetary Fund (IMF) that it will privatise 10 public sector enterprises in 2016 and transaction of four entities will be completed by June. According to the timeline of the privatisation plan, transaction of State Life Insurance Company (Slic), Kot Addu Power Company (Kapco), Pakistan International Airlines (PIA) and […]

ISLAMABAD: Just weeks before the next round of negotiations with the International Monetary Fund (IMF) for the release of the second last loan tranche of $500 million, the government has claimed that it is in a comfortable position to meet all key conditions except for privatisation. Finance Minister Ishaq Dar expressed satisfaction with results of […]

KARACHI: Foreign investors sold net $322 million worth stocks during the year 2015. Most investors curse overseas investors for having pulled down the market, which a day to the Banker Pakistan of the New Year, remains flat, giving stock investors a pittance of 1.7 per cent in returns, which fades in the face of average 33pc […]

LAHORE: The Lahore High Court (LHC) summoned on Thursday the record of privatisation of the Muslim Commercial Bank (MCB) on an application filed by the National Accountability Bureau (NAB) against suspension of its investigation into the bank’s privatisation. During hearing of a petition filed by MCB Chairman Mian Mansha and MCB Director Khwaja Javed Iqbal, […]

When all is said and done, there will be some criticism of how the government handled the $1 billion Habib Bank secondary offering, the largest capital markets transaction in Pakistani history. And indeed, when dealing with a transaction that size, an error of even a few basis points can mean hundreds of thousands, if not millions, […]

Putting his weight behind the privatisation process, business giant Mian Mansha expressed his support for privately-owned businesses. “Privatisation of state-owned corporations is the only way to put the economy on track as it’s not the government’s job to run businesses. “Successful governments always have a minimum role and a smaller cabinets, it’s not the job […]