Corruption Case: SC apprised of Pakistan Steel Mills losses

Bench, headed by Chief Justice Iftikhar Chaudhry, is reviewing suo motu case regarding alleged corruption in the PSM.

ISLAMABAD:

The counsel for Pakistan Steel Mills (PSM), Fakhruddin G. Ebrahim, has informed the Supreme Court that PSM had suffered a Rs26.5 billion loss during 2008-09. Appearing before a three-member bench of the Supreme Court, Ebrahim submitted a forensic audit report consisting of nine volumes. The bench, headed by Chief Justice Iftikhar Chaudhry, is reviewing a suo motu case regarding alleged corruption in the PSM.

Ebrahim told the bench that according to final reports from July 27, 2011, a total of Rs26.5 billion in losses was detected during 2008-09. Out of the total, Rs4.68 billion was incurred as business loss, Rs9.99 billion due to corrupt practices, and Rs11.48 billion due to mismanagement.

The Federal Investigation Agency had lodged ten FIRs against 51 nominated traders, consumers, contractors, besides nominating ten officers and PSM employees, he added. He said that nearly all the accused were on interim bail.

Published in The Express Tribune, March 14^th, 2012.