ICAP not against privatisation of DISCOs

LAHORE: The Institute of Chartered Accountants of Pakistan (ICAP) has refuted a news report that claimed that the institute was against the privatisation of distribution companies (DISCOs) in the power sector, terming the news as “a baseless assertion”.

In a statement on Tuesday, ICAP stated that the news was misconceived in the backdrop of the proceedings of a workshop arranged in the institute’s office in Karachi. Elaborating further, it said as part of the workshop’s Continuing Professional Development (CPD) programme, a research paper, prepared by a member of a sub-committee of ICAP, was discussed for some preliminary ideas on the power sector, which was based on his personal experience.

“This was the first in a series of ICAP seminars to seek the views of stakeholders before the research paper would be presented to the ICAP Council for its guidance,” the statement added.

The institute, being a professional body, is actively committed to the economic and financial development of the country, it asserted, adding that the seminars, activities and research-based publications are made by ICAP to engage stakeholders for their input on its recommendations and advice to be submitted to the government at appropriate forums.

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