Breaking: Riaz Asher Removed from USF

USFRiaz Asher Siddiqui, CEO Universal Service Fund, is likely to be removed from his position on account of poor performance, told us sources familiar with the development.

A source, who has direct knowledge of the situation, told ProPakistani that HRGC (Human Resource Governance Committee) has prepared a resolution with recommendations for immediate removal of Mr. Riaz Asher, who had replaced Mr. Pervez Iftikhar as CEO of Universal Service Fund in December last year.

According to one source these recommendations for removal of Mr. Asher were made on direct orders of Prime Minister of Pakistan, who is also the chairman of USF board.

According to our source, these recommendations are pending approval from couple of board members, while majority of members have already signed the document.

Another source tells ProPakistani that Mr. Asher might be given a chance to resign himself, however, his removal is imminent and confirmed.

Source reveals that company secretary is also removed with Mr. Asher, for same reasons.

According to companies ordinance, the job for CEO will be advertised for at least 15 days. After careful consideration, HRGC will then recommend names to BoD for finalization of next CEO.

Universal Service Fund is considered as a gold mine, which has around Rs. 50 billion in its accounts for the development of telecom services in far flung areas of the countries.

Ruling party had once tried to move USF’s money to Federal Consolidated Fund, which could give government the ability to use this money for its operational requirements.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK