How PSM was deliberately destroyed to benefit private sector?
Profit-earning PSM was deliberately destroyed during 2005-22 at the cost of the national exchequer without any fear of accountability.
Profit-earning Pakistan Steel Mills (PSM) was deliberately destroyed during 2005-22 to benefit the private sector at the cost of the national exchequer without any fear of accountability.
Persons at fault (private sector beneficiaries & their facilitators’ public office holders in power corridors) were involved in more than $12 billion scams that is still remained unaccountable despite PSMC Stakeholders Group, complaints to the federal government and prime minister.
The process of PSM privatisation was initiated in 2018-19 without the approval of the Council of Common Interest (CCI), without NOC (land) from the Government of Sindh and the employees were not taken into confidence the employees (12%, shareholders) in steel mills is non-transparent.
It was highlighted multiple times that the PSM privatisation was against the economic interests of Pakistan and its people.
The mills can be revived with local trained human resources and funding activating its paralysed muscles.
The PSMC Stakeholders Group is available to assist the government “PSM revival in public sector” subject to the government, play its responsible role in:
- Reconstitution of PSM BOD, appointment of professional Management.
- Investigation “Factors Leading to PSM losses for fixation of responsibilities for initiation of financial recoveries from persons at fault through teansparent accountability with the help of whistleblowers.
- Reconciliation of PSM accounts with all the creditors/debtors for authentication of financial data.
- Resumption of PSM land from encroachers/NIP and others benefited at the cost of PSM.
- Steel import tariff rationalisation and revisit of DTRE, FATA/PATA concessionary policies.
