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Debt pile: Steel indent owes govt Rs39.4b
- Updated: January 30, 2017
According to an official, PSM was handling during normal 33% potency when SSGC unexpected cut off gas supply in Jun 2015, that led to a closure of a mill. PHOTO: FILE
ISLAMABAD: Pakistan Steel Mills (PSM) owes Rs39.4 billion (28.5%) to a supervision out of a sum liabilities that mount during Rs138 billion, papers show.
Separately, a indent has to compensate Rs14 billion in seductiveness on loans of Rs36.3 billion taken from National Bank of Pakistan (NBP).
The liabilities and waste of a steel indent have left adult consistently notwithstanding Rs56.45 billion value of bailout packages given by a supervision to column adult a largest industrial formidable of a country, officials say.
The stream supervision has supposing a bailout of Rs18.5 billion in further to releasing Rs8.5 billion to compensate salaries of a mill’s employees. According to a officials, amassed waste of PSM have surged to Rs177.78 billion.
Though a indent is on a privatisation list, a supervision has unsuccessful to sell a section given of a outrageous liabilities.
The indent has been probably sealed for a past around one and a half year, though a 12,500 employees and tip government are receiving giveaway electricity to a certain extent. The emanate was taken adult in a assembly of a Economic Coordination Committee (ECC) hold on Dec 15, 2016.
Minister of State for Information Technology and Telecommunication Anusha Rahman forked out during a deliberations that PSM had demanded Rs75 million for a remuneration of electricity bills of a staff, that she termed estimable as a indent was not working.
She insisted that a indent government should explain either these payments were being done as a outcome of some contractual requirement or otherwise. Chief financial officer of PSM told a ECC that during benefaction sum workforce of a indent stood during 12,500 and remuneration of their electricity bills was partial of a terms and conditions of employment.
The prolongation of steel and a products during PSM has been during a delay given Jun 2015 when Sui Southern Gas Company (SSGC) reduced gas vigour to a unclothed minimum. The indent had to compensate Rs19 billion to SSGC for gas supplies. PSM had tired a finished inventory, though it was not available to sell a unprepared inventory.
According to an official, PSM was handling during normal 33% potency when SSGC unexpected cut off gas supply, that led to a closure of a mill. Since then, a indent has not been using and a waste are also going adult though check.
The central pronounced a Ministry of Industries and Production was astounded to know that SSGC was providing gas to K-Electric, that also due billions of rupees, though a gas application stopped reserve to a steel indent when it was streamer towards revival.
Published in The Express Tribune, Jan 31st, 2017.
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