NAB to probe reasons behind downfall of Pakistan Steel Mills

ISLAMABAD: The National Accountability Bureau has decided to launch an inquiry to ascertain reasons and hold responsible for the dismal state of the Pakistan Steel Mills (PSM).

Chairman National Assembly's Standing Committee on Industries and Production Asad Umar, earlier, wrote a letter to Chairman NAB Justice (retd) Javed Iqbal on December 18, requesting the bureau to investigate the causes behind the the steel mill's dire straits. 

In his letters, Umar raised important questions; why had the incumbent government disconnected gas supply to PSM when its situation was improving? He raised the important point that the steel mills were draining Rs1.4 billion from the national exchequer every month while foreign exchange reserves were being spent on importing steel for the private and public sectors.

Iqbal also raised the point of salary and pension payments being made with several months delay. 

In light of Iqbal's request to the NAB chairman, the bureau issued a notification stating that "NAB has decided to put names of all those responsible... on ECL so that culprits cannot flee the country," as it investigates to determine the reasons behind the PSM's current state. 

The notification further stated that the standing committee has also requested to take relevant action in the regard.

It is pertinent to mention that in December, the government had announced to issue two-month salary to the employees of Steel Mills.