ISLAMABAD: Pakistan Steel Mills (PSM) Board of Directors (BoD) has given the charge of acting Chief Executive Officer (CEO) to an officer of dysfunctional entity who is purportedly booked in two cases, well informed sources told Business Recorder.

The mill is on a shutdown mode for the last two years and presently Rs 5 million of national exchequers are wasted each hour, as the previous government did not take any decision on PSM’s future due to political reasons. However, the expected Federal Finance Minister of PTI, Asad Umar on a number of occasions claimed that he would run the mills. He also recommended the name of Zaigham Rizvi (former CEO Tuwairqi steel mills) as CEO of PSM to make it a profitable entity.

At a recent meeting of BoD, Chairman Board, Engineer, Memon Abdul Jabbar apprised the members of the scenario after relinquishment of charge of CEO (PSM) on April 26, 2018, due to which day to day affairs of PSM had been stuck-up. In this situation efforts have been made by the PSM Board, Ministry of Industries and Production (MoI&P) and Privatisation Commission for appointment of CEO.

Chairman BoD was of the view that at this stage Board of Directors took an initiative and with the consent of all Board members, Nusrat ul Islam Butt, the senior most officer amongst the regular officers was assigned duties to act as PEO to look after day to day work/affairs of PSM from May 22, 2018 and till the appointment of CEO. He will be assisted by the present constituted Executive Committee of Management (ECM) in PSM. This decision was subject to ratification by the Board of Directors.

According to sources, after assumption or charge, PEO (PSM) and thereafter decisions taken by ECM (as per working paper) were discussed in detail. Secretary (PC) inquired about inevitability or the decisions and asked many queries from PEO (PSM). PEO (PSM) explained the needs/inevitability of the decisions taken with the assistance of ECM.

Secretary (PC), Irfan Ali who participated in the meeting through a video link directed PSM management to put up a detailed pen picture of court cases filed by ex-employees of PSM and also apprise the board about the unavoidable reasons for taking the major decisions as listed in the working paper.

Discussing the payments made to ex-employees in compliance with court decisions, Secretary (PC) directed that Board should request the court to give decision that the payment of dues should be made on the seniority as per retirement date. Muhammad Raziuddin, CEO KPOGDCL added that PSM may request the court to club the petitions of payment of dues which will enable PSM to treat the employees on the basis or seniority as per retirement date.

After detailed discussion, the Board ratified the decisions of allowing the charge of PEO (PSM) to Nusrat-ul-Islam Butt to look after day to day work / affairs of PSM from the date of assumption of charge as PEO-PSM i.e. May 22, 2018 till the appointment of CEO.—MUSHTAQ GHUMMAN