ISLAMABAD: The government has suspended the Chief Executive Officers (CEOs) of three Generation Companies (Gencos) following Prime Minister Shehbaz Sharif’s dissatisfaction with delays in disposing of dead assets.
The suspended CEOs are:
Abdul Vakeel, CEO of JPCL (Genco-I)
Junaid Ahmed Baig, CEO of Genco-II
Sabeeh Uz Zaman Faruqi, CEO of Genco-III
During a high-level meeting on the Indicative Generation Capacity Expansion Plan (IGCEP), the Prime Minister directed Power Minister Awais Khan Leghari to suspend officials obstructing the disposal of redundant Genco assets and delaying human resource absorption or retirement processes.
The Prime Minister emphasized the need for a transparent auction of dead assets, with live media coverage, as per earlier directives. The Power Division, through a letter dated May 7, 2024, instructed the appointment of evaluators approved by the State Bank of Pakistan (SBP) to verify the base value of scrapped plants and expedite the disposal process.
Despite these instructions, the CEOs failed to act within the seven-month timeline, delaying requisite activities ahead of the December 31, 2024, deadline. Consequently, the Prime Minister, in a December 13, 2024 review, expressed strong displeasure and ordered the suspension of the CEOs along with disciplinary action.
The Boards of Directors for the three Gencos were instructed to implement the suspensions immediately, under the supervision of the Genco Holding Company Limited (GHCL). The CEO of GHCL confirmed the suspensions, attributing them to the failure to dispose of obsolete assets.
The Senate Standing Committee on Privatization also criticized the CEO of GHCL for not fulfilling his responsibilities, further amplifying concerns about inefficiency in the power sector.
This decisive action highlights the government’s commitment to ensuring accountability and efficiency within the energy sector.
Story by Mushtaq Ghumman
