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Shaheen Tells: Merit On Boards Boosts Return

Merit appointments made to the board of directors of government owned companies has led to the increase in profit, said Permanent Secretary for Industry, Trade and Tourism, Shaheen Ali. Presenting
10 Apr 2015 11:36
Shaheen Tells: Merit On Boards Boosts Return

Merit appointments made to the board of directors of government owned companies has led to the increase in profit, said Permanent Secretary for Industry, Trade and Tourism, Shaheen Ali.

Presenting to the Public Accounts Committee yesterday, Mr Ali highlighted the drastic changes made in the past few years.

“We constantly monitor and ensure that the Government commercial companies do operate on a commercial basis and give the returns that are due in terms of dividends that are due to the government.

“Previously, before 2014,the dividends paid out by Government commercial companies was no more than $5m but this year it has drastically change and went up to $17.6m in 2014 and this will continue to increase,”he said.

PAC chairman Biman Prasad was pleased with the ministry’s presentation to the Committee and the changes made in response to recommendations by the Auditor-General.

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