Amount spent on salaries of employees since 15 though facility is closed : 55 Billion Rupees
Total PSM losses and debts : 386 Billion Rupees
Average benefit for each employee will be Rs23 lakh for golden handshake.
Total PSM losses and debts : 386 Billion Rupees
Average benefit for each employee will be Rs23 lakh for golden handshake.
"In a span of only six years, between 2007 and 2013, the Mills not only eroded its previously accumulated profit of 9.536 billion rupees, but also added almost 10 times as much money in losses.
That means that the total money Pakistan Steel Mills lost in this period stood at a staggering 104.533 billion rupees"
"Even when anti-corruption institutions have failed to bring the corrupt to justice, the data vividly paints the disaster their activities wreaked on the Mills
"Even when anti-corruption institutions have failed to bring the corrupt to justice, the data vividly paints the disaster their activities wreaked on the Mills
In the financial years 2006-2007 and 2007-2008, it was running at a capacity of 82 per cent and 89 per cent, respectively. Its net annual profit stood at 3.159 billion rupees in 2006-2007 and at 2.081 billion rupees in 2007-2008. In the following year,
there was a massive reduction in its production capacity, which fell to 65 per cent. The Mills incurred a loss of 26.526 billion rupees in 2008-2009".
"Avais Hyder Liaquat Nauman, an audit firm that the Mills’ management engaged on the orders of the Supreme Court to gauge the
"Avais Hyder Liaquat Nauman, an audit firm that the Mills’ management engaged on the orders of the Supreme Court to gauge the
impact of Sheikh’s tenure, made startling revelations: Pakistan Steel Mills suffered a loss of 9.99 billion rupees due to corrupt practices in that year; mismanagement and negligence caused a loss of 11.84 billion rupees; and business losses stood at 4.68 billion rupees."
