ISLAMABAD: The Public Procurement Regulatory Authority (PPRA) has warned different public sector organizations that they will have to face the music if beneficial owner of the contracts is not mentioned in the documents, well-informed sources told Business Recorder.
Declaration of Beneficial Owners Information of Public Procurement Contract Awarded Regulations was notified on May 10, 2022 and is available on Public Procurement Regulatory Authority (PPRA) website for information of the general public and compliance by the procuring agencies.
In terms of Regulation 4 of the said Regulations, all procuring agencies while engaging in public procurement contracts of worth Rs. 50 million and above shall make a mandatory provision of beneficial ownership information of the company in the contracts as prescribed in the given performa in accordance with annexures to the Regulations.
The procuring agencies while entering into such contracts shall provide the beneficial ownership information of the company to PPRA which will place this information on its website.
Information about beneficial owners: PPRA issues regulations
According to Managing Director PPIB, Maqbool Ahmed Gondal, this requirement is mandatory and shall be complied with in all circumstances. During the procurement process, the Department Peshawar Electric Supply Company (PESCO) has entered into contract worth Rs.71,409,000/- with M/s Elcon Technologies and the Department has not provided information of beneficial owners to the PPRA.
Managing Director PPRA has requested Power Division that all the departments may be directed to comply with the mentioned mandatory requirements. In case the departments under administrative control of Power Division fail to provide Beneficial Owner’s information of the bidder required under Regulation 4 and these departments enter into the contract with bidders then the PPRA has to take action in accordance with these Regulations.
In pursuance of these Regulations, PPRA is authorized to declare such procurement process as misprocurement and blacklist all the bidders who have entered into a contract with the department without disclosure of mandatory information required under these Regulations.
Copyright Business Recorder, 2023