Privatisation Commission suggests disinvestment

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Sonia H Moni Thirty- four state -owned enterprises (SoEs) out of 39 under the ministries of Jute and Textile and Industries are incurring a huge loss every year, said a report of Privatisation Commission. The cumulative loss of the 34 SoEs is around Tk 30.34 billion and the amount of liabilities is around Tk 43.05 billion, said the report. Privatisation Commission chairman Mirza Jalil told the FE, "All the 34 SoEs are incurring a huge loss each year and the liabilities are getting higher also. So all of these SoEs should be disinvested as early as possible" "Among the 39 SoEs, 13 are lying shut for a long time and as a result the machineries and other accessories of these factories are getting out of order." He said, "It is very tough to bear the liabilities of these SoEs year after year. All the enterprises incurring loss or profit should be disinvested in phases, as per the rules of Privatisation. "The disinvestment of all of these units will create job opportunity as well as earn revenue and get rid of liabilities, he added." He ruled out the possibility of making the state-owned enterprises (SoEs) financially viable under government management and suggested disinvestment to get rid of losses. Privatisation sources said, four teams of privatisation commission have visited 39 SoEs under five corporations of Jute and Textile ministry and Industries ministry in April, 2011. The report has already been sent to higher level of the privatisation commission which will send it to the Prime Minister.