ISLAMABAD: Chief Justice Iftikhar Muhammad Chaudhry remarked on
Tuesday that corruption was eroding the Pakistan Steel Mills (PSM).
“The
PSM was earlier saved from privatization process. Now corruption is
eating it and the Mills is being looted with both hands".
He
said the Supreme Court will send the case to NAB. The whole mills has
been looted, the CJP gave these remarks while presiding over a 3-member
bench of SC during the course of hearing of PSM corruption case.
Fakhar-uddin
G Ibrahim presented a report on PSM billion of rupees corruption in the
court. It was said in the report loss to the tune of Rs 26 billion
occurred in the mill during 2008 and 2009 under various heads. This
included loss of Rs 4.6 billion under business head, Rs 9.99 billion
under corruption and corrupt practices and Rs 11.84 billion due to
mismanagement. This break up was presented in the court.
The
Court was told that the report was sent to ministry of Industries in
August and it was lying therein for the last six months.
Fakharud-Din
G Ibrahim told the court that former chairman mills soon after his
arrest went to hospital due to the reason of ill health. He did not
spend even a single day in jail, he added. The other persons against
whom FIR was registered were also released on bail, he said. Daily loss
of the mill had reached Rs 40 million, he stated. The mill was suffering
loss of Rs 1.2 billion monthly . Rs 30 million were given to Forensic
experts, he told the court.
Fakhar ud Din Ibrahim G said if case was sent to NAB then some of our money would be saved this way.
Justice Khilji Arif remarked every one knows what is happening but NAB has no knowledge about it .
The
court while seeking explanation from secretary industries on forensic
report within two days adjourned the hearing till March, 15.
Meanwhile
a SC statement said that a three-member bench headed by Mr. Justice
Iftikhar Muhammad Chaudhry, Chief Justice of Pakistan and comprising
other two members Mr. Justice Khilji Arif Hussain and Mr.Justice Tariq
Parvez heard Steel Mills’ Case.
After hearing the counsel for the petitioners and respondents, the Bench passed the following order.
“It
may be noted that as per Forensic Audit Report for year 2008-2009,
prepared by M/s Avais Hyder Liaqat Nouman (AHLN), accumulative losses
of 26.5 billions have been identified in the Pakistan Steel Mills (PSM)
under the following headings:-
Business Losses: Rs.4.68 billions. Losses due to corrupt Practices: Rs.9.99 billions.
Losses
due to mismanagement/ :Rs.11.84 billions. Negligence
Total :Rs.26.526 billions. 2.In view of above report, which only
pertains to the financial year 2008-2009, it is not known that up till
now how much loss has been occurred in this organization.
3.As
per admission of Mr. Gul Muhammad Rind, Secretary Industries (present in
Court) the above Forensic Audit Report was received by the Ministry
about six months back; we are surprised to note that no steps so far
have been taken by the Ministry despite the fact that the Pakistan
Steel Mills is not being run properly. However, Mr. Fakhr-ud-Din G.
Ibrahim, learned Sr. ASC for Pakistan Steel Mills pointed out that five
enquiries have been initiated by the FIA in the matter but no case so
far has been registered.
4.In view of such pathetic situation
about the affairs of the Pakistan Steel Mills, we have asked the
Secretary Industries as to why action has not been taken immediately
after receipt of the Forensic Audit Report by the Ministry; he has
explained that the Ministry is contemplating to refer the matter to the
National Accountability Bureau regarding all the cases, which have been
earlier registered by the FIA and regarding the enquiries, which are
pending with the FIA.
In above view of the matter, let the
Ministry of Industries itself take decision in this behalf. The
Secretary Industries shall explain the reasons about failure of the
Ministry for not initiating action promptly on receipt of the Audit
Report on the next date of hearing because, prima facie, it has been
established that huge loss has been caused to Pakistan Steel Mills,
which is mother industry of the country, on account of corruption and
corrupt practices, business losses and mismanagement. Undoubtedly all
these three components are interlinked and end up on corruption and
corrupt practices in the organization. Adjourned to 15.03.2012" Online
