Govt mulls shifting state companies under finance ministry

Government is considering dismantling the Privatisation and Corporatisation Board (PCB) and transferring oversight of state-owned companies to the Ministry of Finance, Attorney General Ahmed Usham announced Saturday during a press conference at the President’s Office.  

Usham explained that the PCB, initially tasked with overseeing the operations of state-owned enterprises, has become redundant and confusing in its role. He emphasised that the proliferation of government agencies and institutions has created inefficiencies in governance.  

“We have been building and building institutions in a country with a population of about 500,000 to the point where we don’t know who is responsible for what,” Usham said.  

The attorney general expressed concern about the increasing confusion over which entities are accountable for managing government-owned companies.

 "One group assumes that the PCB is responsible, while another expects the ministries to intervene. Corporate corruption and malpractices have risen significantly in recent years, and it’s unclear who should take charge of monitoring them," he said.  

Usham argued that this confusion has undermined the government’s ability to effectively manage state-owned enterprises, contributing to operational inefficiencies and unchecked corporate misconduct. He stressed that it is time to evaluate whether maintaining a separate regulatory body like the PCB is necessary.  

"At this point, the government finds it difficult to assert influence over companies it owns. We need to seriously consider whether such institutions are needed at all, or whether there is a more efficient way to manage these affairs," Usham stated.  

The government is leaning towards transferring regulatory authority back to the Ministry of Finance, as Usham noted that state-owned companies were previously more efficient when supervised directly by the ministry. 

"If required, we will amend the law to facilitate this transition," he added.