PSMC Stakeholders: Group approaches minister

Pakistan Steel Mills Corporation (PSMC) Stakeholders Group has approached Minister for Industries and Production, Hammad Azhar for a meeting prior to resubmission of employees retrenchment plan to the Economic Coordination Committee (ECC) of the Cabinet.
In a letter, Convener PSMC Stakeholders Group, Mumrez Khan said the entity's affairs are deteriorating day by day due to Government's "illogical" policies formulated under the influence of private sector (beneficiaries of PSM closure and discriminatory steel import tariff) from 2006 to May 2020 that has resulted in ruination of this national asset.
The persons at fault - private sector parties and counterpart in power corridor - have remained unaccountable as yet. Now the situation at the Mills is at boiling point where Stakeholders are helpless to control the situation after publication of three news items related to approval of PSM's transaction structure and en-block retrenchment of 9350 employees.
According to the letter, PSMC's reported accumulated losses were Rs 300 billion in addition to payable debt liabilities of Rs 280 billion, totaling to Rs 580 billion as of April 30, 2020.
The Stakeholders Group has raised the following questions: What were the factors leading to PSMC loss plus mounting payable debts of Rs 580 billion? Who is responsible for PSM's financial disaster from 2006 to 2020? What would be the mechanism of settlement of payable liabilities?
The Stakeholders Group has urged the Minister to hold a meeting with it on the following issues to avoid unnecessary litigation;(i) the summary proposed retrenchment of 9,350 employees by the Ministry; (ii) Expression of Interest (EoI) invitation by PC be stopped till the outcome of BoD/ MoI&P meeting with stakeholders and;(iii) payment to all retired employees be paid as directed by Sindh High Court on May 18, 2020.
The secretary Ministry of Industries and Production is the Principal Accounts Officer (PAO), Board of Directors (BOD) is the competent authority and Chief Executive Officer (CEO) is responsible to look after the affairs of the Mills. Stakeholders Group who was ignored by the MoI&P and PC due to reasons not made public.