THE Finance ministry has appointed a technical committee to coordinate the privatisation of the People’s Own Savings Bank (POSB). In the past, the cash-strapped government has highlighted plans to privatise State-controlled institutions, but has failed to implement these plans despite being severely constrained to support struggling parastatals. In a statement accompanying the banks’ financial results for the half year ended June 30, 2018, POSB said the government has placed the financial institution under State entities targeted for partial privatisation. “The groundwork to ensure implementation is to be spearheaded by the Ministry of Finance and Economic Development, which has already appointed a technical committee to coordinate the privatisation process,” POSB said. In 2014, chief executive Admore Kandlela said government had proposed…