PCB appeals for autonomy amid parliament scrutiny

Privatisation and Corporatisation Board (PCB) on Wednesday urged parliament to release it from under the finance ministry.

The parliament's State Owned Enterprises (SOE) committee on Wednesday launched an enquiry after receiving complaints from MPs and companies following a circular issued by the PCB on October 5 directing state-owned companies not to do five main things including not starting new projects during the transitional period.

When the PCB officials were produced before the SOE committee on Wednesday, the board said it wanted to be independent from the finance ministry.

The seven-member PCB was established in 2013 under the 'Privatisation, Corporatisation and Monitoring and Evaluation of State Enterprises Act'.

During the hour-long SOE committee meeting, the dissatisfaction of MDP MPs over the recent circular issued by the PCB was heavily targeted at the board.

At the closure of the heated committee meeting, PCB Vice-President Mohamed Firaz asked for an opportunity to speak:

"You are the legislators. It allows you to review the law to address the current problems in the PCB Act and change the SOE Act or PCB Act in the near future, and change the way the Finance Ministry secretariat is, so that PCB has its own secretariat. I am making this request because I really want it,” he said.

In response, the committee chairman, Kendhikulhudhoo MP Ahmed Easa, said the PCB is not seen as a political entity. However, the recent circular was issued at a bad time, he said.

“We believe that you have raised questions on this issue by issuing a circular at a very bad time and at a very political time,” he said.

According to the PCB Act, the board has the power to carry out independent activities and is granted the direct and indirect powers required to carry out these activities. However, the Act currently states: