Business

TIP withdraws complaint against PSM directors

It stated that there was no reason to believe that any illegal act was committed by PSM directors

News Desk August 11, 2017

A man walks past machines at the hot strip mill department of the Pakistan Steel Mills (PSM) on the outskirts of Karachi, Pakistan. PHOTO: REUTERS

Transparency International Pakistan (TIP) has withdrawn its complaint against two directors of Pakistan Steel Mills (PSM). Earlier, TIP had lodged a complaint with the National Accountability Bureau (NAB) on July 21. In its second letter dated August 7, TIP wrote to NAB that further investigations into the allegation of illegal allotment of land at less than market prices to two PSM directors, Munir K Bana and Aamir Allawala, revealed that the allegation “was not based on tangible evidence”. It stated that there was no reason to believe that any illegal act was committed by the PSM directors. The directors have proved that they did not purchase land from PSM. Rather, the land was allotted for projects by the National Industrial Parks in which they personally have minority shareholding.

Published in The Express Tribune, August 11^th, 2017.

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