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Ministries now to liquidate laid-off factories

STAFF CORRESPONDENT
Citing obscure reasons, a cabinet committee yesterday decided that from now on ministries, instead of the Privatisation Commission, would liquidate the laid-off mills and factories.
The Cabinet Committee on Economic Affairs, at yesterday's meeting with Finance Minister M Saifur Rahman in the chair, also approved the draft of the Privatisation Rules in a bid to accelerate the privatisation of state-owned factories and strengthen the commission's power.
As per the draft, the Privatisation Commission would have the authority to liquidate a factory. But, yesterday's meeting entitled ministries concerned to do the job.
After the meeting, Saifur explained why the government suddenly stripped the Privatisation Commission off one of its basic responsibilities: "The laid-off mills usually have huge liabilities. So, the ministries that own these laid-off units will be better able to waive the debts of the factories through negotiations with respective banks or other parties."
Bypassing the question on whether the Privatisation Commission was doing its job properly or not, Saifur said, "The
ministries can do it even better."
The liquidation cells of the ministries will be entrusted with the tasks since the Privatisation Commission is not equipped with adequate facilities and mechanism to negotiate with the banks for debt write-offs or other options, the finance minister added.
But, some Privatisation Commission officials said there was no good reason for stripping the commission off this entitlement which it had been carrying out well so far. They said the move was likely to slow up the government's privatisation drive and create scopes for corruption.
"The commission acts as an independent body but the ministries don't and so they cannot do the job like the commission does. The ministries also operate under various external and motivated pressures," noted a Privatisation Commission official, expressing his doubts about the neutrality of the ministries in privatising the laid-off factories.
Replying to a query on whether the decision would reduce Privatisation Commission's responsibilities, Saifur said, "No. The commission will privatise other factories (which are not laid-off)."
According to the draft
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Privatisation Rules, prospective buyers will not be liable for any debt of the privatised factories and the government will resolve or waive debts through negotiation with banks or other parties concerned.
It also offers a rebate up to 35 percent for any buyer who would pay the whole price of a factory in one instalment and an additional five percent if in foreign currency.
In September last, a six-member committee was formed headed by the Privatisation Commission chairman to formulate the draft rules.
There are presently over two dozen laid-off mills and factories while the government plans to privatise another 75 state-owned enterprises within the next three years.