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Clarification-21-12-2013




  • The report in issue of Business Recorder of 20th December (Government indifference to PSM woes causes concern) is misleading as regards indifference on the part of Finance Minister Senator Ishaq Dar for the present woes of Pakistan Steel Mills. The Finance Minister has been personally taking interest in the restructuring and turnaround of Public Sector Entities, specially Pakistan Steel Mills and Pakistan International Airlines Corporation, said the Finance Division spokesman. 

    In the last Economic Co-ordination Committee (ECC) meeting held on December 17, 2013 an incomplete summary titled Pakistan Steel Mills was placed on the agenda of the ECC meeting. Moreover, the Cabinet Secretary pointed out that the summary could not be discussed by ECC as it did not have the approval of the Minister concerned which was admitted by the Secretary Industries, Shafqat Naghmi. 

    Shafqat Naghmi also informed the ECC that he was not fully prepared to present the case. As such the agenda item was withdrawn by the Ministry of Industries and recorded as such in the minutes of the meeting. The Finance Minister has repeatedly urged officials to do proper homework and bring issues after full preparation and observing all formalities before bringing cases before the ECC. The Acting Chairman Securities and Exchange Commission of Pakistan has clarified to Business Recorder that the Companies Ordinance 1984 allows Secretary of a ministry to hold the office of Chairman of the Board of a company under his jurisdiction. 

    Copyright Business Recorder, 2013

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