ISLAMABAD – Taking notice of alleged irregularities in Pakistan Steel Mills (PSM), the Public Accounts Committee (PAC)’s sub-committee expressed displeasure over its administration’s decision to utilize Rs 7 billion employees’ gratuity and provident fund to cover the deficit.
Presided over by convener of the committee Sardar Ashaq Gobang, the sub-committee ordered the Pakistan Steel Mills administration to take action against those involved in utilizing the workers funds.
Meanwhile, officials of Auditor General of Pakistan informed the committee that PSM had sold Rs 25 billion worth material in only Rs 18 billion and faced Rs 7 billion loss in 2008-2009. In order to cover the deficit, the PSM used the Rs 7 billion of workers. The PSM chief informed the committee, during the briefing, that PSM faced Rs 26 billion loss in 2008 and the administration utilized Rs 7 billion of workers fund for opening the L/C but has returned Rs 4 billion while the remaining amount would also be returned soon.
