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Pakistan Govt sought for recovery of Steel Mills land-The 19th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
10/26/2017 Stainless Steel Exhibition |
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Dawn reported that Pakistan Steel Mills has sought urgent help of the federal government to recover more than 1,800 acres of land from the Sindh government and private parties amid the Centre¡¯s efforts to dole out pricy land near Karachi¡¯s Bin Qasim Port for ¡®selective¡¯ settlement of liabilities on the balance sheet of the sick unit.
This comes as a newly formed PSM Stakeholders Group comprising its employees, pensioners, suppliers, dealers and contractors has put up a PKR 65 billion claim against the country¡¯s largest industrial complex. It has warned the government not to transfer the expensive land to the National Bank of Pakistan and the Sui Southern Gas Company Limited under a selective ¡°Liability Settlement Plan¡± at throwaway prices.
The entire process that has turned a profitable entity with tremendous growth potential into a white elephant over the last 10 years boils down to real estate booty, says Mumrez Khan, the convener of the PSMSG. He added that ¡°The problem is not with the machine or the man behind it even now but the successive rulers who destroyed the mother of industries for vested interests.¡±
The PSM was forced to shut down almost 28 months ago and is without a chief executive officer (CEO) for more than a year now. Its employees have not been paid salary for almost five months and its pensioners are running from pillar to post to seek payment of their dues.
The Centre has been making efforts to settle liabilities of the NBP and the SSGCL against its land on top of carving out another piece of land for the China-Pakistan Economic Corridor at rates questioned by many stakeholders, including former acting CEO who had to leave the job soon afterwards.
In a latest report to the federal government, the acting CEO of the PSM has updated the land situation, saying it had a total of 19,013 acres, mostly in Malir district of Karachi and Thatta district. This includes 10,278 acres under the main plant and 8,071 acres of the Township land.
Of this, 16,988 acres have been mutated in favour of the PSM in the record of the Board of Revenue but 2,024 acres have still not been mutated. This un-mutated land also includes 1,675-14 acres which was part of 3,059 acres surrendered by the Port Qasim Authority to the PSM in 1974-75.
The report said 1,377-6 acres under PSM Township paid/mutated land was forcibly resumed by the Sindh government in 2006 for establishment of educational institutions under the Higher Education Commission. Acting CEO Arif Shaikh that ¡°The said national cause has been abandoned. The PSM is struggling for cancellation/resumption order and its re-mutation in favour of PSM.¡±
-The 19th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
- Stainless Steel exhibition,2018
Stainless Steel exhibition, China Stainless Steel exhibition,
Guangzhou Stainless Steel expo
Guangzhou
Stainless Steel exhibition, 2018 Stainless Steel expo,
China Stainless Steel expo
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