ISLAMABAD: The government has decided to extend the period of Managing Director, Pak-Iran Investment Company Limited (PAIR), Abbas Daneshvar Hakiml, for another three years, well informed sources in Finance Ministry told Business Recorder.
The PAIR was established in January 2007 as a Joint Venture Division between Government of Pakistan and Government of Iran through Iranian Foreign Investment Company (IFIC) on the Memorandum and Articles of Association of equal shareholding basis. Article 31 PAIR provides that "the Chairman and MD/CEO may be alternately nominated by the two Governments and they may be removed or replaced by the respective Governments if so desired".
In accordance with the Article, the previous MD (Hamid Eftekhari Kondelaji), from Iran , was appointed on August 04, 2017 for a term of three years. However, his visa for Pakistan expired on October 24, 2017 and he could not get visa to return to Pakistan . Resultantly, he has to look after the company matters while based in Iran . In view of difficulties faced by the company in obtaining visa for Hamid Eftekhari Kondelaji, IFIC nominated Abbas Daneshvar Hakimi Meibodi, as new MD/CEO of PAIR till August 03, 2020. The Federal Cabinet (being Federal Government as defined by Supreme Court of Pakistan in Mustafa Impax Case) ratified/approved his nomination as new MD/CEO, PAIR. However, he joined as new MD/CEO on March 01, 2020, after FPT clearance by SBP , for a period of about five months.
Hassan Abghari, Managing Director, Iranian Foreign Investment Company (IFIC) has requested that term of Hakimi Meibodi may be extended for three years subsequent to end of his current term on August 03, 2020, as current term of 05 months is too short to effectively contribute to the development of an organization.
Pakistan Government appointed two CEOs i.e. Syed Iqbal Ashraf for the period 2011-14 and Nadeem Karamat for the period 2014-17 for two consecutive terms of 3 years each . Hence there is precedence for a consecutive term of six years as Managing Director of PAIR by a nominee of Government of Pakistan . As per Article 31 of the Memorandum and Articles of Association of PAIR the Chairman of the PAIR board of directors will be nominee of the Government of Pakistan till the time MD from Iran continues on his post.
Finance Ministry has proposed that the employment agreement of MD/CEO PAIR Abbas Daneshvar Hakiml Meibodl may be extended for another period of three years effective from August 04, 2020.
Copyright Business Recorder, 2020
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