The Punjab government is facing problems in running the Punjab Board of Investment and Trade (PBIT), as two of its chief executive officers (CEOs) have resigned after developing differences with the government during the last year, sources told Pakistan Today.
The PBIT is an initiative of Chief Minister Shahbaz Sharif but, interestingly, he had become a hurdle in its operations, the sources said, adding the last CEO Sadaat Muzaffar resigned over differences with the chief minister. Sadaat had joined the PBIT eight months ago. He belonged to the private sector and came up with innovative ideas but that were not accepted while he could not convince Shahbaz despite his all-out efforts; therefore, he resigned from the office last month.
“The high-ups and CEO Sadaat Muzaffar were not on the same page and had differences on certain issues,” said an official.
The sources said the chief minister visited the United Kingdom a couple of months ago where he was scheduled to meet private investors. But in most of his meetings, Shahbaz arrived late. As a result, the investors opted to leave without meeting him. “This attitude was a hurdle in bringing investment in the province,” said another official, adding that investment could not be brought through establishing boards and institutions rather it was attracted by a change in attitude.
Before Sadaat’s episode, Saad Ahsanuddin also left the PBIT for the similar reasons. He also served the board for around a year. Currently, a DMG officer, Sajid Yousufani is serving as the acting CEO but he is also on leave these days.
“It is an irony that the first CEO left the job, the second resigned over differences and now the acting CEO is on leave,” said an official as he remarked that the absence of a CEO clearly suggested how the organisational affairs were being managed.
The PBIT in the introduction on its website says that the organisation is focusing private sector and done away with all the bureaucratic cuts; however, the reality is totally different. “When the CEOs are resigning over differences with the government over policy matters and no one is there to look after the PBIT how could the affairs be run and investment brought in the province,” said another official. The current CEO was not available for his comments.
Shabazia playing politics with Pakistan. First triggering sugar crisis and also triggering inflation by killing local bodies……he has also not established six hydel projects in punjab which could have changed destiny since it could have kickstarted at a time when a rival party is at the center……such is the mentality
I remember when I was offered a position in PBIT in the pre-governor rule days. I'm glad I turned down the offer as I knew the PBIT would get the axe the minute CM Saab stepped away. And that's exactly what happened. One day into the governor's rule and the PBIT was disbanded, only to be resurrected on the resumption of office.
Faisal's comment is spot on, you cannot go bringing investment by creating white elephants. Before we change our mindset and attitudes, we first need to change our Chief Minister. He has by now gone crazy and I am beginning to suspect he has some kind of bipolar disorder.
Long Live Altaf Hussain! Long Live the MQM in Punjab!
Down with the madness and corruption of the Sharif Brothers!
I called PBIT and checked that former CEO Saadat Muzaffar was fired and he did not resign as he is going around saying. Maybe he is getting cranky but he should not bring a bad name in the media for Pakistan and detract investors.
The Punjab Government cannot afford to alienate 2 high achieving private sector CEOs. What investors will come to the province is you can’t even retain private sector leadership?
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