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State cannot run Pakistan Steel Mills: Cheema
ISLAMABAD: Pakistan Steel Mills (PSM) should be privatized as the state cannot run it anymore, said Federal Minister for Production Anwar Cheema on Tuesday, Geo News reported.Cheema who was talking to the media here said that the Pakistan Industrial Development Corp (PIDC) is under the microscope of auditors.
He also revealed that when audited PIDCs subsidiaries i.e., tool and ceramics industry Gujaranwala, corruption worth Rs530 millions was unearthed, which the FIA was investigating right now.
He added that the chief executive officer was involved in the above mentioned case.
To a question Cheema said that running PSM is beyond the power of the State, and that it must be delegated to the private sector.
"We have strongly recommended PSM’s CEO, board of directors, and management must be shaken up and proposals in this regard have been duly dispatched to the restructuring committee and Prime Minister Syed Yousuf Raza Gilani" the minister added.
Courtesy www.geo.tv