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Pakistan Steel Mills case referred to NAB - Report

Steel News - Published on Thu, 28 Dec 2017

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The Nation reported that a parliamentary committee on Wednesday recommended the government to refer the Pakistan Steel Mills case to the National Accountability Bureau regarding the determination and punishment of the people responsible for destabilisation of the PSM. The committee directed the government to refer the PSM case to NAB regarding the determination and punishment of the responsible persons of fiscal deficit and destabilisation of the Pakistan Steel Mills, Karachi, immediately.

The National Assembly Standing Committee on Privatisation, which was met in the chair of Syed Imran Ahmed Shah, discussed the privatisation of public sector entities. Secretary Privatisation Commission Irfan Ali informed the committee that the PSM was closed more than two and half years ago after the Sui Southern Gas Company Limited (SSGC) cut the gas supplies due to non-payment of over PKR 44 billion dues. Similarly, the National Bank of Pakistan also seeks recovery of PKR 55 billion loans advanced to the mills. The employees have also not been paid their salaries for the past few months.

He further informed the federal government is paying billions of rupees to the workers of PSM as salaries every year. The government would have to pay PKR 15 billion as pension to 3,500 retired workers of the PSM. The PSM had to pay PKR 99 billion to the National Bank of Pakistan and Sui Southern Gas Company Limited, he added. He clarified that government is not selling land of the PSM.

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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