Govt urges reforms to rectify failures in state-owned property auctions

November 29, 2023 (MLN): To address the issue of unsold government-owned and controlled properties, Fawad Hasan Fawad, the Federal Minister for Privatization, has urged the need to rectify lapses within the Commission that have led to repeated failures in the auction process.

According to a press release issued yesterday, the minister for Privatization made these remarks during a meeting with HLB Ijaz Tabassum and Company, the Financial Advisor for the sale of identified properties owned or controlled by the Federal Government.

27 properties owned and controlled by the government were approved for sale through the Privatization Commission by the cabinet in February 2020.

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

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, Privatization 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.

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