The contents of last paragraph of the editorial of daily "Business Recorder", Karachi, titled "The load-star for future privatizations", published on 10.08.2006, to the effect that during the course of hearing of Pakistan Steel privatisation case before the Honourable Supreme Court of Pakistan.
There was a so-called conspicuous disparity in the viewpoints of Pakistan Steel (PS) Management and that of the Government, are as much misconceived as these are misleading, says a clarification issued by Pakistan Steel on Friday.
The PS handout maintains, "In actual fact, as directed by the Honourable Supreme Court, PS Management, with due diligence and honesty, complied by submitting copies of last three years audited accounts along with a brief on relevant affairs of PS.
Further, in his submissions before the Honourable Supreme Court, the counsel of Pakistan Steel barrister Waseem Sajjad fully supported privatisation policy of the Government and made it abundantly clear that while the prime responsibility of PS Management was to run the Mills, it had faithfully complied with the requirement of the Government by providing all essential historical data to the Financial Advisors' Consortium nominated by the Privatisation Commission (PC) for necessary evaluation of PS assets for the fixation of the reserve price. Thus, in the circumstances, there could be no question of any disparity in viewpoints of PS Management and the Government during the hearing of the case.
"In sequel to the judgement of the Honourable Supreme Court, meeting of Council of Common Interest (CCI) was convened to reconsider privatisation of PS for which necessary input was provided by PS Management for inclusion in the summary for consideration of the CCI.
It may be appreciated that as is in the case of all Government departments which in normal course give their candid and honest view in the form of analysis and synopsis for consideration by the competent authority before a final decision is taken, Pakistan Steel being a subordinate organisation of the Government, its management has been conducting itself strictly on the same lines. However, as and when a final policy directive is issued, it is to be duly and properly implemented, which PS Management has always done and shall continue to do in future in true letter and spirit of such directive from the Government.
"PS turnaround was in large measure made possible due to the inspiring leadership of President General Pervez Musharraf and effective mega economic policies of Prime Minister Shaukat Aziz both as Finance Minister and Prime Minister.
PS Management being an adjunct of the Government has always maintained that while Government privatisation drive has to continue, technical health of the plant cannot be allowed to fall below a point where financial losses become too heavy, and, more importantly, human lives are jeopardised. Therefore, it is not without justification that those entrusted to keep the Mills productive and safe, are called upon to register a note of caution about the pitfalls before it becomes too late."
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