Urgent reforms needed to halt GENCOS financial drain: Minister

March 27, 2024 (MLN): Maladminstration within Generation Companies (GENCOS) is causing financial losses to taxpayers and urgent future course of action is needed to stop bleeding of tax payer money, Federal Minister for Power Sardar Awais Ahmed Khan Leghari expressed during a briefing with officials from Genco Holding Company (GHCL) on Tuesday.

According to a press release issued on the same day, the minister ordered for a comprehensive report on the affairs of all GENCOS including the potential sale or alternative utilization of their assets.

He highlighted that such information is crucial for the government to make informed decisions regarding such institutions, which currently pose a huge financial burden on the national exchequer.

Additionally, Minister Leghari also emphasized the need for a detailed report on the surplus employees within GENCOS.

This data is essential for making timely decisions regarding the status and future of these additional employees.

Furthermore, he directed GENCOS officials to prioritize and efficiently handle pending legal cases in courts.

This approach aims to protect the institutions from further financial losses and ensure their operational sustainability in the long term.

Copyright Mettis Link News