Riaz Asher Siddiqui has been appointed as CEO of Universal Service Fund to replace Mr. Parvez Iftikhar, with immediate effect, told us sources aware of the development.
Reportedly Yousaf Raza Gillani, Prime Minister of Pakistan, took the decision, who also happens to be the chairman of the USF board. However, as per our source, board members hadn’t decided anything on appointment of new CEO.
It merits mentioning here that PM, as chairman of the board, can’t appoint a CEO prior to board members’ endorsement.
According to his LinkedIn profile, Mr. Riaz Asher was heading Norus Inc. in Pakistan till now, a firm that specializes in communication surveillance and monitoring services. He has also served as Executive Editor for a local telecom magazine.
Ruling party was long looking for USF as a precious money box because of over 50 billion rupees lying in its accounts, given away by cellular companies for the development of telecom and broadband in the country.
Recently GoP also worked on a proposal to move USF’s money to Federal Consolidated Fund to make it available to government for running its operations. However, no decision has been taken so far.
Under Parvez Iftikhar USF Pakistan emerged as one of best operating service fund, globally, and is being used as a benchmark by various countries.