September 28, 2021

Pakistan Steel rehabilitation plan: Stakeholders raise objections

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Pakistan Steel rehabilitation plan: Stakeholders raise objections

Pakistan Steel rehabilitation plan: Stakeholders Group raised objections

KARACHI Aug 11,2021- Pakistan Steel Mills Stakeholders Group has raised objection on the rehabilitation plan of Pakistan Steel Mills and has written letters to Privatization Minister Muhammad Mian Soomro and Minister Industries & Production Minister Khusro Bakhtiar.

The letter said that the plan for rehabilitation of Pakistan Steel Mills is not transparent, there are flaws in the government’s privatization and public-private partnership roadmap and violations of laws.

The Stakeholders Group’s letter said the Council of Common Interest had not approved the restoration plan.

The letter further stated that the approval of the Council of Common Interests is a constitutional and legal condition.

The letter also said that the Ministry of Industries and Production had not investigated the damaging elements during last16 years.

According to the letter Pakistan Steel’s audit accounts for 2019-20 have reported a debt and deficit of Rs 524 billion.

The letter said that the deficit and debt of Pakistan Steel Mills has increased by Rs 141 billion during the PTI era.

The stakeholder group noted in the letter that the increased debt and deficit in the PTI era was a negation of the statement of accountability.

The letter maintained that the auditor’s report has questioned the appointment of CEO and chairman of Pakistan Steel Mills.

The said that the board of directors of Pakistan Steel has not taken the stakeholders into confidence on the rehabilitation project.