An internal dispute between Pakistan Steel Mills (PSM) and National Industrial Parks and Management Company (NIP) on the price of land for an industrial park and CPEC projects has reportedly created hurdles towards new investment in the industry, well-informed sources told Business Recorder.
This issue came under discussion at an "informal" meeting of PSM's Board of Directors (BoD) held under the chairmanship of Engineer Jabbar Memon on Wednesday in Islamabad. The Board did not take the agenda formally due to absence of at least three members.
"No major decisions were taken as the Board members waited in vain for Secretary Privatisation Sardar Ahmad Nawaz Shukhera , Joint Secretary Finance, Zahoor Ahmad and Additional Secretary Ministry of Industries and Production Captain Ijaz Ahmad (retired)," the sources added. The representative of Ministry of Industries and Production landed in the meeting at 1pm and left early whereas Secretary Privatisation and Additional Secretary Finance did not attend the meeting.
According to sources, the absent officers maintained that as the PSM has no CEO who can implement decisions, a meeting would be a waste of time; and expressed their displeasure at the late provision of working papers. According to the rules, working papers should be provided to the Board members seven days before the meeting.
The discussions focused on fixation of price of 930 acres of NIP land meant to develop an industrial park at Bin Qasim. NIP has already allotted about 600 acres of land out of 712 acres for setting up industrial units in a total area of 930 acres.
The senior officer of NIP wanted to table his verbal proposal during the meeting but the Board members suggested that he should send the proposal in writing as minutes of the meeting were not recorded. The Board decided that PSM and NIP will resolve the issue quickly so that new upcoming industrial investment is not disturbed.
The Board also discussed the case of M/s Sociedade-de-Fomento Industrial Private Limited (India) vs M/s Pakistan Steel Mills Corporation (Private) Limited (Pakistan). The Board allowed PSM to file an appeal against the decision - the issue has been pending since long with the PSM. The Board also discussed the grant of an extension to Acting Principal Executive Officer (APEO) dealing with real estate and housing affairs of PSM, Capt. Shami Hasan (retired) who is retiring on September 21, 2017.
Presently, the position of CEO PSM is vacant after the acting CEO Mohsin Haqqani - a BS 22 officer of Pakistan Administrative Service (PAS), opted for Leave Prior to Retirement (LPR) due to pressure from federal government on administrative issues.
In the previous meeting, the then Acting CEO, PSM, Mohsin Haqqani had suggested that in view of required cost cutting measures, PSM should extend its weekly holidays to 3 days ie Friday, Saturday and Sunday; which Acting Chief Financial Officer (ACFO) informed the Board would save approximately Rs 1,700,000/ week. The sources said, Ministry of Industries and Production has already intimated to the Establishment Division about vacant position of CEO PSM.
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