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Pakistan Steel Mills to be handed over to private steel companies for its resurgence

Putting aside Pakistan Steel Mills (PSM) top managerial staff and also Public Procurement Regulatory Authority (PPRA) rules, the Ministry of Industries and Production has given over the assignment of PSM recovery to private steel process organizations and Hub Power Company Limited (HUBCO), sources uncovered on Tuesday. As indicated by insiders, the service has supposedly enlisted the administrations of 'top pick' private steel organizations and HUBCO for the recovery of weak PSM, which was confronting Rs475 billion in misfortunes. They said that the service, following up on the counsel of PM's Adviser Abdul Razak Dawood, has exhorted the PSM Board to impart classified data and information to privately owned businesses and HUBCO for readiness of the recovery plan. Sources guaranteed that the service has so far disregarded the PSM restoration plan that was set up by Chinese organization, Sinosteel, in 2015, in the wake of accepting a huge number of rupees as installment for the said reason. A vital gathering of PSM Board is booked to be hung on January 4 to survey and favor the giving over of PSM restoration to privately owned businesses, to impart secret data to privately owned businesses and furthermore to talk about the offers so far displayed by Russia and China in such manner, said sources.

They said that PSM partners, in a letter to Prime Minister Imran Khan, had requested a request against every one of the individuals who are out to disrupt the restoration plan. Reports accessible with Pakistan Today unveiled that the service, infringing upon guidelines, has adviced PSM Board to affirm the choice of giving over the recovery of PSM to privately owned businesses. Thus, by issuing guidance, the service has shockingly disregarded the tenets of corporate administration as it meddled in the area of PSM's Board. Besides, the service, while enlisting the administrations of HUBCO and private steel organizations, has not satisfied the concerned PPRA rules.

Authorities at Industries Ministry, on the state of namelessness, affirmed that Additional Secretary Mazhar Niaz Rana had masterminded gatherings of PSM authorities with the HUBCO the board and private steel organizations in Karachi and shared the data and information of PSM infringing upon the principles and the controls. They said that these gatherings were held without looking for any endorsement from the PSM Board, including that the critical position of CEO of PSM was lying empty since April 2016 while there was no lasting CFO of the state-claimed element. Because of the nonappearance of CEO and CFO, the service has been taking focal points and settling on choices with respect to PSM, authorities included.

• [Editor:janita]