Pak Steel’s 2000 acres of land encroached, sold out

KARACHI, Mar 01,2022- Out of 19,000 acres of Pak Steel, 2,000 acres of land worth trillions of rupees were encroached and sold by the system mafia.

The administration filed a case in the court to save its skin so that when asked, the administration can say that we have approached the court. The market value of land per acre is more than Rs 9 crores.

The Sindh government has demanded the return of land from the federal government in the cabinet meeting held in February. The Sindh government is of the view that the land was given to Pakistan Steel for the mills.

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The Sindh government has issued orders to all concerned departments banning the transfer and sale of lands of Pak Steel.

Media reports said that the total deficit and liabilities of Pakistan Steel have reached 525 billion rupees. Only Rs 50 billion was needed for the rehabilitation of Pakistan Steel. Instead of spending this amount, the government incurred a loss of Rs 525 billion.

Meanwhile, the stakeholder group said that Pak Steel was burdened with billions but the restoration did not cost only Rs 50 billion. They said that Pak Steel could be revived but it seems that the government has no interest in this regard.