The Privatization and Corporatization Board (PCB) has met the audit committees of the board of several government-owned companies and senior officials of the finance departments to inquire regarding the challenges faced by the companies.
The meeting mainly discussed the challenges in completing audits and filing tax returns.
The PCB did not disclose details of the meeting, which was not open to the public.
The privatization board has met with officials of several government-owned companies at a time when many companies are suffering financial losses. Allegations of wasteful spending and corruption-inducing practices in companies have always been directed at state-owned companies.
The Privatization Board consists of seven members appointed by the President along with the Chairman and Vice-Chairman of the Board. The board members are appointed under the Privatization, Corporatization, and Monitoring and Evaluation of State Enterprises Act. The board's duties include planning and managing the privatization of state enterprises. The term of office of a board member is four years.
