Stakeholders of the missing Pakistan Steel Mills have alerted Prime Minister Imran Khan about deliberate delays over interests created in the revival or sale of the country’s largest industrial complex that has been bleeding for more than a decade.
Comprising employees, pensioners, suppliers, dealers and contractors, the Pakistan Steel Mills Stakeholders’ Group (PSMSG) said it was surprising to note that even on completion of one-year tenure of the new government, the Pakistan Steel Mills was without a management structure or board of directors and the federal ministries remained uncertain how to address the PSM challenge.
PSM board was non-functional and without chairman since March 28 this year while its management structure was non-existent PSM board requested in September last year to ministry of industries for appointment of permanent CEO and CFO, but the request remains unanswered.
PSM board member, Mumrez Khan said the prime minister was being misled by his advisers regarding the future roadmap for the PSM that stood shut-down since June 2015. He said the prime minister was first told the PSM would be revived through the Sarmaya Pakistan Company, followed by its proposed improvement through public-private partnership and then again by putting the industrial complex into the active privatisation list.
He said the PSM had been closed down by the PML-N government by reducing the gas supplies to it and the PTI government also appeared to be no different to the PML-N as it was also keeping the huge industrial complex closed.
Ministry of industries said in a letter proposed to the Privatization Commission to go for public private partnership without endorsement of the PSM board of directors (BoD) and settlement of payable debts liabilities of creditors who have already filed cases in courts of law both local and abroad.
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27 September, 2019