Business

Lodhi to head USC

Aftab Ahmed

Islamabad :In a New development, government has appointed Umer Lodhi as managing director Utility Stores Corporation (USC).

In a cabinet meeting held on April 23,  the Cabinet had turned down a summary of Ministry of Industries to appoint managing director Utility Stores Corporation (USC).

Karachi based business tycoon has been close to PML-N government who has been eying to buy USC.

Close aide to Prime Minister Razak Dawood had moved a summary to appoint favorite candidate Umer Lodhi to head USC but cabinet did not approve and directed to bring names of appropriate candidates for this post. Meanwhile, cabinet has given acting charge to joint secretary ministry of Industries till assuming charge of new MD. Three candidates were proposed for new USC chief and Umar Lodhi was a favorite candidate.Now government has issued notification to appoint Lodhi new head of USC.

A close aide of Prime Minister had imposed ban on procurement of items by USC after taking charge in PTI government. This decision had brought entity on verge of collapse. However after being criticised, ban was lifted on procurement.

During tenure of Pakistan Peoples Party (PPP), USC was running profit. However in first quarter of the financial year 2017-18 during PML-N government, USC turned into loss making entity and registered a loss of Rs1.36 billion with negative equity of Rs1.808 billion and outstanding payments of Rs5.6 billion to vendors.

The industries ministry  wanted to appoint Umer Lodhi chief operating officer (CEO) Deawoo Transport Company as New head of USC. He was at number 3 in merit list of candidates recommended by board of directors of USC. The other candidates include Salman Amin and Farhan Hassan, sources told Newztodays.com.

Umer Lodhi had been sales and Marketing Fatima Fertilizer Company from December 2015 to August 2016. He has served as director offer management Metro Cash and Carry during February 2012 to July 2013.He has worked as chief operating officer Daewoo Pakistan during August 2016 to January 2019.

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