October 15, 2018 (MLN): The stakeholders of Pakistan Steel Mills (PSM) in their letters to Prime Minister Imran Khan, Finance Minister Asad Umar and Advisor to the PM Abdul Razak Dawood, appealed for an Initiation of a Transparent Accountability Process, revival of PSMC to reduce the trade deficit and support the country balance of payment by reconstituting Board of Directors and appointing a professional management with responsibility according to Memorandum of Articles of Association approved by the government with injection of required funds.
The stakeholders group of PSM employees, pensioners, suppliers, dealers and contractors apprised not only the real factors responsible for the downfall of this organization, but also discussed the way forward to pull it out of the present quagmire and rehabilitate it once again as the pride of the nation that earned 23 years’ operating profit in its 35 years industrial history.
They requested for the Initiation of a Transparent Accountability process for fixation of responsibility with reflection in books of accounts to help the financial recovery from person at fault, following unsuccessful attempts by the investigating agencies like FIA/NAB because PSMC or Ministry of Industries & production were not complainant in any corruption case.
It proposed that financial bleeding can be stopped by appointing a professional management with the consultation of former secretary Muhammad Aram Sheikh and former Chairman Lt Gen Sabeeh Qamaruzzaman, benefiting from the knowledge and experience
According to PSM, Pakistan steel mills has been completely dysfunctional since 10th June 2015 due to the inept and unprofessional activities of the last government. Consequently, not only the employees have fallen a victim, the suppliers, dealers, and all those having a stake in the successful operation of the mill continue to suffer immensely.
Reportedly PSM losses plus payable debts liabilities were Rs. 465 billion as on 30-8-2018 comparing with Rs. 10 billion accumulated profit as on 30-6-2008. Three years from 2015 to 2018 accounts remain unaudited. Currently management structure is non-existent, Chief Executive Officer, 8 directors and 24 general managers posts are vacant which can be filled by appointing after scrutiny of the retired officials on contract 3 to 5 years.
‘Revival of PSMC is one of the many challenges warranting immediate attention of the PTI government,’ said Mumrez Khan, who welcomed a statement by Finance Minister Asad Umar that privatization of PSM proposed by the PML-N was not the solution but a professional management team to turn around the mill for long-term benefits of job creation and economic activity.
PSMC stakeholders Group was constituted in this backdrop with the objective to make every effort for the revival of the mills, payment of final dues to more than 4000 retired employees, payment of supplier and contractors bills and adjustments of dealers payments.
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