Parliamentary Committee on State-Owned Enterprises (SOE) has advised President Ibrahim Mohamed Solih to abolish and form a new Privatisation and Corporatisation Board (PCB).
The 7-member PCB was established under the Law of Privatisation, Corporatisation, Monitoring and Evaluation of government businesses to carry out privatisation, corporatisation, monitoring, evaluation, selling of public shares from government companies, government shareholding companies and commercial government businesses and all procedures relating to such activities.
The report from SOE committee said the members of the PCB are not qualified to fulfil the mandate, advising to form a new board. The report also highlighted the law requires PCB to contain 7 members, although the previous administration appointed 5 members to the board.
Further, the report noted the existing members were not approved by the parliament, despite the requirement stated in the law. The report specified several loopholes in the operation of the PCB.