PSM: Razzak Dawood’s maneuvering to result into multiplying losses

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An unelected Advisor to PM is hand in gloves with the beneficiaries of concessionary SROs “Import Tariff” without any fear of accountability. It appeared that PTI Government compromised with the plunderers who deliberately destroyed the PSM from 2005-06 to 2018-19 and not ready to investigate the “Factors Leading to Losses + Payable Debts” to identify the persons at fault and financial recovery is a contradiction with PTI manifesto.

Advisor is allegedly saving the corrupt elements, not initiated measure for transparent accountability process for fixation of Rs 460 billion (losses + debts were mounted from July 2008-09 to August 2018) comparing with Rs 10 billion profit as on June 2008.

MOI&P failed to reconstitute PSM BOD and not appointed management as it was proposed by PSM board of directors and requested by “PSM Stakeholders Group” in letters addressed to Prime Minister of Pakistan, Finance Minister, MOI&P, PSM and Senate Committee on MOI&P.

“Investigation and removal of Abdul Razak Dawood, the non-representative, unelected Adviser to MOI&P has been sought to fulfill the promise of accountability” rather than accusing the previous regime.

The high handedness of erstwhile adviser to the PM has resulted into the resignation of Chairman of Board of Directors, Eng. M A Jabbar, the only professional member of BOD and a man of principle who had given the true picture of Pakistan Steel’s state of affairs in his presentation to the Parliamentary Committee on PSM.

Pakistan Steel’s woes to continue

Pakistan Steel Mills (PSM) revival plan is in the doldrums as the existing Board of Directors (BoD) has refused to endorse it saying that they have not been taken on board prior to submission to the Economic Coordination Committee (ECC) of the Cabinet.

This was the crux of a meeting of Board members with the Prime Minister’s Advisor on Commerce, Textile, Industries and Production and Investment, Abdul Razak Dawood. When Abdul Razak Dawood started his briefing on PSM revival plan, one of the Board members pointed out that the entire plan was published in the newspapers. The Advisor then sought a copy of the report and after seeing the news item the Advisor clarified that he was unaware of it.

He, however, explained what the Experts Group has suggested in its study and what the Economic Coordination Committee (ECC) of the Cabinet has recommended for future line of action and subsequently, the Federal Cabinet.

The sources said the Board members are not ready to respond to National Accountability Bureau (NAB) queries or of any other investigative agency. The Board members stated that they wanted to tender their resignations when the name of ex-Chairman PSM Board Engineer Abdul Jabbar was withdrawn as Director, but resisted as they felt their action may create an embarrassing situation for the government. On March 28, 2019 another Board member Raziuddin tendered his resignation.

The government is mulling revival of PSM under a Public Private Partnership (PPP) mode which implies some other parties (national or international) will be involved which may attract a new investigation. One of the Board members observed that earlier PSM was delisted from the list of those entities which are being privatised and now it is again being added to the active list of entities which are being privatised.

On April 16, 2019, Abdul Razak Dawood briefed the cabinet about the efforts for making PSM operational with the objective to make it a profitable entity.

An insider told WNObserver that Dawood, also shared his sentiments with the Board members, saying that he is afraid of the day he will hand over or offer PSM to a private party. Despite the fact he is well aware of the consequences of any intrigue into the PSM affairs, he is still active on making unilateral decisions for the benefit of his chosen ones including Hubco and Aisha Steel.