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NAB Karachi asked for conducting inquiry into gas suspension to PSM, NA body told

National Assembly's Standing Committee on Industries and Production was informed Wednesday that National Accountability Bureau (NAB) has directed its Karachi office to conduct inquiry against the matter of gas supply suspension to Pakistan Still Mills (PSM) by the Sui-Southern Gas Company (SSGC).

A senior official of NAB informed the committee, which met here with Asad Umer in the chair, that the Chairman NAB had also directed to conduct inquiry against illegal use of the provident fund money and pension of the employees by the PSM administration.

He further informed the meeting that the inquiry was likely to be completed within four months, report of which would be presented before the committee.

Meanwhile, Secretary Ministry of Industries and Production informed the meeting that PSM was on the active privatization list and that the total liabilities of the mill had reached up to Rs 188 billion and the employees’ related liabilities stood at Rs 40 billion, while the SSGC outstanding amount in terms of bill was recorded at Rs. 47 billion.

He further said that the government was providing Rs 390 million every month to PSM for paying the salaries to its employees.

The Secretary said that the negotiation with National Industrial Park was in progress and it was expected that an amount of Rs 10-12 billion would be received by NIP to be use for paying the liabilities of deceased employees and payment of pensions, adding the employee’s welfare was on top priority.

Chief Executive Officer of PSM told the meeting that operational expenditures of the mill were reduced, besides it had paid an amount of Rs 1.4 billion to its 842 retired employees during 2017, adding that the mill was facing about 70 million per month shortfall on current account basis, which it was spending on the operation of its schools, hospitals and transportation.

Meanwhile, the State Bank of Pakistan (SBP) informed that meeting that the bank had taken several steps in order to promote small and medium enterprises and was providing up to Rs15 million to women entrepreneurs.

Posted on: 2018-01-31T15:30:00+05:00
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