PSM privatization: NA panel directs MoI to complete investigation into Rs10bn theft

ISLAMABAD: The National Assembly’s Standing Committee on Industries and Production has decided to seek a briefing from the Privatisation Commission about the Pakistan Steel Mills (PSM) privatisation and directed the Ministry of Industry (MoI) to complete the investigation by involving the Federal Investigation Agency (FIA) into the reported Rs10 billion theft.

The meeting of the committee presided over by Syed Ghulam Mustafa Shah directed the Privatisation Commission to brief the committee in the next meeting regarding the privatisation of steel mills and expressed grave concern over the theft of valuable items of Rs10 billion (approximately) from the PSM and directed the ministry to pursue the case effectively and develop proper liaison with the FIA for early completion of inquiry report so that culprits could be penalised accordingly.

The meeting was informed that there was only 3 MT of copper stolen which was worth Rs4.7 million and the investigation into the matter identified the mastermind of the theft who was removed from his job.

The meeting was informed that the privatisation of Pakistan Steel Mills is still in its early stages and the Privatisation Commission is working for its privatisation. The officials also requested the media not highlight the PSM issue too much because this may discourage the parties showing interest in buying it.

The committee also expressed concern over the shortage of urea in the country despite the fact, that urea was not being used in the country due to heavy floods. The Committee, therefore, directed that the ministry may ensure the availability of urea at affordable prices and also take concrete measures to stop its smuggling across the borders as its prices are higher in international markets.

A treasury member pointed out that the price of urea has crossed Rs3,000 per bag and farmers in Punjab are unable to get fertiliser.

Secretary Ministry of Industries acknowledged that there was a shortage of fertiliser in June-July and hoarding and smuggling of fertiliser. Some members of the committee pointed out that dealers in Punjab are selling fertilisers in black and when water is adequate there is a shortage of fertiliser.

The Committee also expressed concern over the price hike of vehicles in Pakistan despite the fact that the exchange rate had decreased in the recent past. The committee directed that ministry may take stringent measures to stop the monopoly of manufacturing companies and middlemen to eliminate the extra payment of premium in order to ensure the timely availability of vehicles at controlled prices.

The meeting was informed that the prime minister would announce a special subsidy package for farmers soon which would help the growers to increase per acre yield and would help to enhance the economy of the country as well.

Copyright Business Recorder, 2022