President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has expressed concerned that the post of CEO of Pakistan Steel Mills (PSM) is lying vacant since January 2013, it has no financial advisor, therefore, time and money should not be spent on this dead project.
He said PSM is inflicting loss of over sixty million per day.
More funds should not be wasted to revive this sick unit and it should be handed over to Russians or included in the CPEC, he said.
He said that PSM is draining public exchequer by Rs 2 billion monthly while its losses have swelled from Rs460 billion to Rs510 billion during the current government. He noted that the chairman of the institution still want to revive it and start production of 1.1 million tonnes which he plans to boost to 3.3 million tonnes which seems like a pipe dream.
He said that those who have the ability to run this institution are not getting the opportunity to fix things while an influential mafia is interested in keeping it closed, therefore, it is not working since June 2015.
Copyright Business Recorder, 2019
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