Assets worth over PKR 10 billion stolen from Pakistan Steel Mills

Assets over 10 billion Pakistani rupees have been stolen from Pakistan Steel Mills (PSM) in collusion with some officers in the management, according to local media.

The matter emerged after the labour union of Pakistan Steel Mills wrote to the Ministry of Industries and Production (MoIP) and demanded immediate action to protect the national asset from looters, The Express Tribune reported.

The letter stated that on the night of July 27, a gang of 50 robbers stormed the premises of the plant and looted copper wires worth millions of rupees before escaping right under the management's nose.

"In the security department, both contract and permanent employees remained silent spectators, so it is imperative that these thefts are investigated at the highest level," the letter cited by The Express Tribune, demanded.

Notably, the total value of losses, debts, and liabilities of the PSM had reached PKR 650 billion by June 2022, with incidents of high-value theft piling up the losses.

The MoIP has called on the Federal Investigation Agency (FIA) to launch an immediate probe into shocking revelations about assets. The ministry has written a letter to the FIA director general and requested a transparent and immediate investigation to bring to light the elements involved in the thefts in various departments of the PSM.

The letter stated that apart from various departments of the PSM, the main plant was not being protected from thieves which, it added, was not possible without the connivance of the security personnel, as per the media outlet.

( With inputs from ANI )

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