Islamabad: Not learning any lesson from 2006 shady deal, the Pakistan Tehrik Insaf (PTI) government is doing everything possible to help a hand-picked group rather a mafia to buy Pakistan Steel Mills (PSM) for peanuts, sources said.
By going through the official correspondence(a copy of which is made available to NEWSMAN), shows the nature of working done by the ministry of Industries and Production (MoI&P) and other concerned departments and stuff hired for board of directors (BoD) ‘to assess/ evaluate PSM situation and suggest a ‘way forward’ to find a permanent solution to this bleeding entity’ is enough to understand how the officials of these key departments are facilitating powerful mafia to struck the deal for PSM.
Sources said at least one close aide to prime minister, Imran Khan, and powerful member of the federal cabinet is compromising national interest to watch out the vested- interest of some groups/ mafia of steel mills.
The government in 2006 with then prime minister Shaukat Aziz and Abdul Hafeez Shaikh his Privatisation minister (now advisor on Finance to prime minister Imran Khan) had struck a deal with a Arif Habib led consortium through a ‘non-transparent and hasty deal’. The matter had landed in apex court, which questioned the procedure followed for the deal and finally scrapped it saying the transaction was based on ‘omission and commission’.
However ,now matter is perhaps even worse than ‘omission and commission’. Apparently the powerful lobby in PTI government is going beyond its limit to promote and protect the interest of the mafia working behind the PSM transaction.
The hiring of HUBCO, a power generation company, as consultant for PSM sell-off speaks clearly and loudly of intension of the lobby involved in facilitating the mafia for PSM sell-off.
PSM, a steel giant and gift that Russian gave to slain prime minister, Zulfiqar Ali Bhutto in early 70s, had been a source of pain for many within and outside Pakistan. Many lobbies have been active for decades to first ruin and then buy this once pride of Pakistan. Some governments like one of Shaukat Aziz tried to gave away this golden entity to the consortium without any due diligence of the partners of the consortium. The deal raised suspicions at different levels. Many in power corridor strongly believed that unsuccessful PSM deal of 2006 was actually done on behalf of an anti- Pakistan lobbies.
Thank to Supreme Court of Pakistan (SCP) whose timely notice not only resulted in scrapping of the ‘shady’ deal, but it also thwarted a deliberate attempt to handover Pakistan’s strategic asset to some groups having dubious credentials.
“Despite failure in 2006, the mafia is trying to hit again. This time the mafia managed to get appointed HUBCO as a consultant for the transaction. There are many questions that one needs to be asked from MoI&P, Privatisation Commission and ministry of Finance. For example, who appointed HUBCO as consultant for PSM when it’s a power generation company and has nothing to with steel sector. Why PPRA rules were not followed in hiring of consultant for PSM?. Who appointed M/s Aaisha Steel, Al- Tawarki Steel and ISL as Steel expert with HUBCO when it showed a clear conflict of interest.
The correspondence also indicates highly questionable role of MoI&P for not taking action for corruption that turned this profit-making entity into loss-making in the last two decades in particular. It never took any serious and result –oriented action against rampant corruption in PSM since 2005. MoI&P’s seriousness in bringing this project into profit can be gauged from only one factor that it did not appoint a regular CEO of PSM during the last two years of Imran Khan government.
This correspondent sent separate questionnaire to Privatisation minister, Mian Muhammad Bux Somro, MOI&P secretary, Afzal Latif and PSM board of directors chairman, Amir Mumtaz for their point of view to add their version to this story. Privatisation minister nor MOI&P secretary did not bother to respond to the questionnaire even after lapse of two days . Amir Mumtaz, however, in his short response passed on the responsibility to MoI&P. He said “ With reference to your (NEWSMAN) questionnaire, I can only respond once get permission from the ministry which may take two to three weeks ”.
