A subcommittee of Public Accounts Committee (PAC) on Tuesday took strong exception to privatisation of Pakistan Steel Mills Corporation (PSMC) at "throwaway price", and termed the sell-off of the profit-making state-owned institutions as an erroneous step.
"A huge scandal behind the privatisation of the PSMC causing a colossal damage to the national exchequer will definitely surface one day," observed the meeting of the PAC held here with Riaz Fatyana in the chair.
The meeting took serious note of the privatisation of the state-owned institutions cheaply owing to "sheer negligence, slackness and irresponsible attitude" on the part of the bureaucracy.
Participants of the meeting observed that selling of 4,500 acres land and machinery of the steel mills for only Rs 22 billion was unjustified and irrational.
The meeting also expressed indignation over the loss incurred by Utility Stores Corporation (USC), and called for unveiling elements responsible for causing damage to the national institution.
The matter regarding USC failure to pay back mark-up on the loan drawn from bank was also deliberated upon at the meeting. The PAC was informed that a loan of Rs 18.9 billion was extended to USC and the mark-up was not paid.
Therefore, the Finance Ministry refused to extend another loan of Rs 19.14 million to USC, requested for enhancing the performance of the Corporation.
The meeting expressed reservations over the sacking of 11,000 employees from Ghee Corporation Pakistan (GCP).
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