Probe into corruption, losses in PSM: SC urged to seek implementation report from NAB chief

Chairman Watan Party Barrister Zafarullah Khan on Wednesday urged the Supreme Court to seek implementation report from Chairman National Accountability Bureau (NAB) to ascertain much awaited progress over probe in billions of rupees corruption and losses in state-owned Pakistan Steel Mills (PSM).
On May 15, 2012, over lackadaisical attitude shown by the Federal Investigation Agency (FIA) to probe the corruption in Pakistan Steel Mills (PSM) in response to a suo motu notice of 15/2009, the Supreme Court had transferred investigation of the matter to the Chairman NAB with directives to probe mega scam of losses to the tune of over Rs 26 million only in a financial year 2008-09. The NAB was also asked to complete the probe within three months and furnish fortnightly report before the apex court on regular basis.
Barrister Zafarullah Khan submitted that despite a passage of more than four years since the apex court passed orders in the matter, no tangible development is shown, adding that financial situation of the PSM has gone from bad to worse as it has been completely shut down. He pointed out that reportedly accounts payable of the PSM have mounted to more than Rs 400 billion in a period more than eight years, saying the PSM was also causing a financial loss of Rs 3 million per hour to national kitty.
Barrister Zafarullah Khan made Federation of Pakistan through FIA Chairman NAB, Secretary Ministry of Industries and Production, Secretary Privatisation Commission, Secretary Ministry of Finance, PSM Karachi through its Board of Directors & CEO, Chief Secretary Sindh and Peoples Worker Union (CBA) as respondent in the application.