NAB to probe into Pakistan Steel Mills downfall

Published: December 30, 2017
Says those responsible will be identified and placed on no-fly list. PHOTO: FILE

Says those responsible will be identified and placed on no-fly list. PHOTO: FILE

ISLAMABAD: The top graft buster has decided to initiate an inquiry into the reasons which led to the dilapidated state of affairs at the country’s largest steel manufacturing facility, the Pakistan Steel Mills (PSM), as it vows to identify those responsible for loss to the national kitty.

According to a statement issued on Friday, the National Accountability Bureau (NAB) has said it will recommend placing the names of all former and current officers of the PSM on the Exit Control List (ECL) during the investigation process in a bid to ensure no one responsible for the situation could escape.

Recently, Chairman of the National Assembly’s Standing Committee on Industries and Production Asad Umar had written a letter to NAB Chairman Justice (retd) Javed Iqbal and demanded an inquiry to ascertain the real causes behind the PSM’s abysmal performance.

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In his letter, Umar had said the national exchequer suffered losses worth Rs1.5 billion in a month on account of the PSM. “Neither the PSM employees are getting salaries nor the retired staffers are receiving pension money,” he had written.

Acknowledging that the standing committee had also requested it to take action in this regard, the NAB said it would find out reasons behind the loss of nation’s money and all those responsible would be identified.

This month, the government announced that it would issue two-month salary to the PSM employees.

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Reader Comments (4)

  • Sodomite
    Dec 30, 2017 - 9:15AM

    Like all the other cases NAB is investigating, nothing will come of this just as it has in others. Waste of time and money. NAB should shut down as it is no good for anything.Recommend

  • rk singh
    Dec 30, 2017 - 10:30AM

    Pakistan does not have coal or Iron ore. So no chance of a Steel industry coming up in a major way. Not in the near future.Recommend

  • Sodomite
    Dec 30, 2017 - 11:41AM

    @rk singh:
    Neither did China, South Korea, Japan and many other nations.Recommend

  • Parvez
    Dec 30, 2017 - 12:48PM

    NAB is playing to the gallery ….. looking busy but doing nothing.Recommend

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