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Ministry of Defence to oversee acquired businesses

After the appointment of “Competent Authorities” to handle the running of 37 enterprises taken over by the government, it has now been announced that the Defence and Urban Development Ministry will oversee five of these institutions.

The move comes as the government appointed several different ministries to oversee the running of the “Competent Authorities” and the enterprises they are now running.

The other enterprises will be handled by other ministries, namely the Ministry of Economic Development, the Ministry of Productivity Promotion and the Ministry of Finance and Planning.

The “Competent Authorities” themselves include several government District Secretaries and include a team of Ministers for “assistance” and a further team of “officials” to monitor operations.

The controversial bill, called the Revival of Underperforming Enterprises and Underutilized Assets Act, allowed the government to take over 37 enterprises, an act the the Economist Intelligence Unit said would “raise significant concerns amongst foreign investors”.

International credit rating agency, Moody's Investors Service, also slammed the bill, as "credit negative" and a move that will "increase investor uncertainty".

See our earlier post:

‘Competent authorities’ for takeover appointed (25 Nov 2011)

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