Major-General Zaheer Ahmad (retired) has reportedly failed to convince the power corridors of Islamabad for an extension in his contract which expired on April 6, 2016 as Chief Executive Officer Pakistan Steel Mills (PSM), well-informed sources told Business Recorder.
"General Zaheer could not muster support from Finance Ministry, Industries Ministry and Privatisation Commission which was necessary for extension in contract," the sources added. However, according to the website of Pakistan Steel Mills(PSM), he is still the CEO with staff waiting for final orders from Islamabad prior to removing his name.
Ministry of Industries and Production, sources said, has conveyed to Principal Executive Officer (PEO), Wasif Mehmood who is said to be equally responsible for the current financial condition of the mills to look after the affairs of PSM with the assurance that he would be given the charge of CEO on Monday. He was also the principal advisor to the exiting CEO in spending Rs 18.5 billion bailout package.
The sources said, Ministry of Industries and Production (MoI&P) which is responsible for sending a summary to the Prime Minister through Establishment Division did not support the "outgoing" CEO and suggested the Establishment Division to give acting charge to a senior officer. However, Major General Zaheer(retired) rushed to Islamabad and allegedly used his connections,including a senior officer in Islamabad Police, who is very close to Interior Minister, to get an extension. He also met with Minister for Industries and Production, Ghulam Murtaza Khan Jatoi to get his support but failed to convince him. Initially, his connections showed positive results and Establishment Division wrote to the Ministry of Industries and Production to support the extension in contract as the privatisation of PSM will be completed in six months while hiring process of new CEO will take three months.
However, suddenly, the entire scenario changed and the power corridors decided to change the summary and let the CEO PSM go. The "ineffective" PSM board has no clue about the current development. Board members made efforts to contact Major General Zaheer( retired) to get an update about his extension, but received no reply on phone.
Recently, teams of National Accountability Bureau (NAB) and Auditor General of Pakistan (Commercial Audit Wing) also reached PSM and scrutinised the record of employees and financial mismanagement.
PSM losses and liabilities have mounted to Rs 375 billion as on February 29, 2016 compared to Rs 223 billion as on February 28, 2014. PSM's losses and liabilities were Rs 200 billion as on June 2013 which further increased by Rs 175 billion during the tenure of PML-N till February 29, 2016.
Secretary Industries and Production, Arif Azim, recently told Senate Standing Committee on Industries and Production that a special audit of inventory sales is being conducted to verify if the amount was spent as per the mandate given to the management. The Economic Co-ordination Committee (ECC) of the Cabinet has directed the PSM to conduct the audit of employees and submit a report to the federal government.
Federal Investigation Agency (FIA) is also investigating corruption of Rs 1,100,000 in spot purchase for Pakistan Steel Hospital items and release of bills to a contractor.
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