The Supreme Court on Tuesday sought details of Pakistan Steel Mills’ (PSM) privatisation plan and appointed Advocate Rashid A Rizvi as a mediator for the settlement between its employees and management.
While hearing a case at the apex court related to the promotion of PSM employees, Chief Justice Gulzar Ahmed remarked that Karachi Shipyard, Heavy Mechanical Complex, and Steel Mills were non-functional, while the employees would “sell all the remains of the mills and retire.”
He said that the court was not halting the privatisation process, however, the government should keep the court’s decision in mind.
Meanwhile, Federal Minister for Privatisation Muhammad Mian Soomro said the bidding would take place in September or October, with the mills’ assets worth $100 million.
Moreover, Federal Minister for Planning and Development Asad Umar said that the steel mills’ ownership would remain with the government.
Last week, CJP had said that PSM “does not practically exist,” therefore, the court will “will order the closure of the company and the removal of all PSM employees.”
While hearing the case at the apex court related to the promotion of PSM employees, CJP Gulzar Ahmed said that the Steel Mills’ management is responsible for the plight of Pakistan’s largest industrial complex.
