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Travel ban ordered for people involved in PSM corruption

Steel News - Published on Thu, 21 Feb 2019

Image Source: The Express Tribune
Tribune reported that Pakistan cabinet body directed that names of people allegedly involved in PKR 7-billion corruption in Pakistan Steel Mills should be placed on the exit control list (ECL) and it also formed a task force on manpower export, which had decreased 60% in the past three years. The Economic Coordination Committee of the cabinet took these decisions in a meeting chaired by Finance Minister Asad Umar.

The Ministry of Industries and Production gave the ECC an update on the current status of National Accountability Bureau (NAB) cases pertaining to PSM. The ECC directed the ministry to ensure that names of people under investigation were placed on the ECL, according to a statement issued by the Ministry of Finance.

The Ministry of Industries told the ECC that 10 PSM cases were pending before NAB involving an amount of Rs7 billion. A majority of these cases were from the period when Mueen Aftab Sheikh was the chairman and chief executive officer of PSM, according to the ministry’s briefing.

These cases were more than 10 years old. The ECC urged NAB to expeditiously decide the cases. In certain cases, NAB has filed a supplementary reference in the Accountability Court, Karachi.

The accused include former chairman, former chief executive, former directors and officials of PSM and officials of Abbas Steel Mills and other trading companies that did business with PSM.

The mill has remained closed for the last over three years and the government is currently in the process of preparing a revival plan with the help of private sector.

Source :

Posted By : Rabi Wangkhem on Thu, 21 Feb 2019
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