You are currently viewing PSM lost Rs.50B during PTI tenure

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.

Sana Mehmood

Sana Mahmood studied Business and Finance from Karachi and writes on a number of subjects particularly activities in Bourse etc.