ISLAMABAD: The government has suspended Chief Executive Officers (CEOs) of three power Generation Companies (Gencos) after Prime Minister Shehbaz Sharif’s ire against the officials who created hurdles in disposal of dead assets of Gencos, well-informed sources told Business Recorder.
The three CEOs who have been suspended are
(i) Abdul Vakeel, CEO, JPCL(Genco-1) ;
(ii) Junaid Ahmed Baig (Genco-II) and
(iii) Sabeeh Uz Zaman Faruqi (Genco-III).
Last week, while presiding over a high level meeting on IGCEP, Prime Minister directed Minister Power Awais Khan Leghari to suspend the officials involved in delaying the disposal of dead assets of all redundant GENCOs and absorption/retirement of HR as per already issued directions of the Prime Minister.
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The Prime Minister also directed Power Division to dispose-off dead assets of all the redundant CENCOS through open auction with live media coverage, according to previously issued directives of the PMO.
Sources in GHCL told this scribe that Power Division through a letter May 7, 2024, conveyed directions to appoint State Bank of Pakistan (SBP) approved evaluators to assess or verify the base value of scrapped plants located at various sites and initiate the disposal process in a transparent manner.
The CEOs were required to promptly initiate the process, which has not been done so far, despite lapse of seven months.
“Had the evaluation been carried out in timely manner, rest of the requisite activities would have been undertaken by the due deadline of December 31, 2024,” the sources added.
The Prime Minister during his review of power sector on December 13, 2024, expressed his displeasure at the delay in the disposal of GENCOs assets and directed that the delinquent officers be suspended from service and disciplinary proceedings initiated against them.
In view of the Prime Minister’s directives, the Board of Directors (BoDs) of the three Gencos were asked to place services of their CEOs under suspension with immediate effect and initiate disciplinary proceedings against him, under intimation to this Division.
The Chief Executive Officer (CEO), Genco Holding Company Limited (GHCL), who is boss of all the three Gencos, told this scribe that these CEOs have been suspended on the directions of Prime Minister.
He maintained that these officers have been accused of not selling the scrap of old Gencos, adding that Boards of the three Gencos were directed to suspend them which they complied with.
Senate Standing Committee on Privatisation has also conveyed displeasure at CEO GHCL for failing to play his role.
Copyright Business Recorder, 2024
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