Govt invokes nationalisation order

The bureaucracy is trying to take over management of a publicly listed company by invoking the "notorious" 53-year-old Nationalisation and Economic Reforms Order of Zulfikar Ali Bhutto that torpedoed the economy, revealed proceedings of a parliamentary committee meeting. In order to stop further destruction of Pakistan Engineering Company (PECO), the existing shareholders complained to Prime Minister Shehbaz Sharif and Special Investment Facilitation Council (SIFC) National Coordinator Lt General Sarfraz Ahmad, Arif Habib, one of the key shareholders, told the National Assembly Standing Committee on Privatisation on Tuesday. The State-Owned Enterprises (SOEs) Act empowers boards to appoint managing directors of government-owned companies but the government wants to exercise this right in case of a public listed company by invoking the Nationalisation and Economic Reforms Order of 1972, revealed Arif Habib, who owns a 25% stake in PECO.