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PSM lost Rs.50B during PTI tenure

KARACHI: According to the Insaf Labour Union (ILU) CBA PSM’s losses further augmented to Rs. 50B during 29 months tenure of PTI’s government. 

ILU is asking for an investigation into the losses suffered by the PSM between 2006 and 2020 due to:

  1. Ill-planned privatization;
  2. Spot purchases of raw materials;
  3. Discriminatory steel import tariff;
  4. Coke Oven Battery Plant’s critical repair & preservation cost.
  5. PSM management and the industries ministry be asked to explain any plausible justification for non-implementation of the SCP March 2020 order for eight months in which the court had sought factors leading to the losses.

ILU maintains that PSM suffered a loss of Rs302B between 2008 and 2020.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.