FIA tasked to probe ‘massive theft’ at ailing Steel Mills

PSM losses touch Rs650 billion due to theft incidents

KARACHI:

The Ministry of Industries and Production (MoIP) has called on the Federal Investigation Agency (FIA) to launch an immediate probe into shocking revelations about assets worth Rs10 billion being stolen from Pakistan Steel Mills (PSM) in collusion with some officers in the management.

The ministry has written a letter to the FIA director general and requested a transparent and immediate investigation to bring to light the elements involved in the thefts in various departments of the PSM.

The letter stated that apart from various departments of the PSM, the main plant was not being protected from thieves which, it added, was not possible without the connivance of the security personnel.

The PSM’s internal investigation has found evidence of the involvement of senior management officers, which has been provided to the FIA by the MoIP. An internal inquiry is underway in the PSM. However, it was deemed necessary to get this investigation conducted by a federal investigation agency.

The matter emerged after PSM Insaf Labour Union wrote to the ministry and demanded immediate action to protect the national asset from looters.

The letter, seen by The Express Tribune, disclosed that on the night of July 27, a gang of 50 robbers stormed the premises of the plant and looted copper wires worth millions of rupees before escaping right under the management's nose.

"In the security department, both contract and permanent employees remained silent spectators, so it is imperative that these thefts are investigated at the highest level," the letter demanded.

The CBA demanded the ministry conduct an investigation against the board of directors and management along with the elements facilitating administrative and financial irregularities, and negligence to protect the national assets from robbers.

It is noteworthy that the total value of losses, debts, and liabilities of the PSM had reached Rs650 billion by June 2022, with incidents of high-value theft piling up the losses.