Federal Minister for Privatization chairs meeting to discuss PSM liabilities

ISLAMABAD, Mar 7 (APP):Federal Minister for Privatization Daniyal Aziz chaired a high level meeting with the officials of Sui Southern Gas Company Limited (SSGCL), National Bank of Pakistan, Ministry of Finance, Pak China Investment Company Limited, and Pakistan Steel Mills Limited (PSM) to discuss the long-standing issue of PSM liabilities.

The minister apprised the participants that in a recent meeting of the Cabinet Committee on Privatization (CCOP), the transaction structure as well as a broad level liability settlement plan of the PSM were discussed and the CCOP had directed the Privatization Commission to move ahead with privatization / restructuring of the PSM, in a transparent manner, according to a press release.

Daniyal Aziz, who is also chairman of the Privatization Commission, reiterated the government’s resolve to embark upon a comprehensive liability settlement plan by taking relevant stakeholders on board.

He urged NBP, SSGC and Finance Division to extend maximum support so that the issues of settlement of PSM liabilities might be resolved in an amicable manner. The officials of Finance Division, National Bank of Pakistan and SSGC assured their complete cooperation to in that regard.

NBP and SSGC officials, however, highlighted that they would have to seek permission of their respective boards as well as other related forums for any waiver that might be given to the PSM.

The draft agreement for settlement of liabilities was read out by the legal advisor, which was endorsed by the Finance Ministry representative. It was agreed that the draft would be presented before the respective boards of National Bank and SSGC, while it would also be sent to the State Bank of Pakistan for input.

The matter of settlement of PSM employees' dues and liabilities was discussed threadbare and it was resolved that each penny of retired and serving employees would be honored in accordance with the employees preference.

The minister assured his full cooperation with regards the provision of five-month salaries of the PSM employees.