Cabinet’s nod made mandatory for appointments by int’l Firms

Staff Report

ISLAMABAD: Federal Minister for Law and Justice Senator Azam Nazir Tarar on Wednesday chaired a meeting of the Cabinet Sub Committee to recommend the mechanism to engage foreign law firm of strategy for treaties with investment provisions (TIPS).
According to the spokesperson of the ministry, representative of Board of Investment, Privatization Commission, Attorney General Office and PPRA attended the meeting.
The Committee was constituted by the Cabinet to recommend the mechanism for engaging reputed international law firms for transactions and appointment of financial and legal advisors.
After deliberation on the matter, it was decided that the appointment of transaction advisors, financial advisors and legal advisors in respect of privatization matters should be given a formal shape for the approval of the Federal Cabinet.
It was also decided that the Privatization Commission would formulate a report covering all aspects relating to the appointment of pre-transaction services of the transaction advisors, financial advisors.
However in the emergent cases, a provision could be added to cater the matters on early basis.
The final report by the Committee would be submitted to the Cabinet for approval.