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Supreme Court demands PSM’s privatisation plan

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A file photo of the Supreme Court.

The Supreme Court has demanded that the details of the Pakistan Steel Mills' (PSM) privatisation plan be shared with it, Geo.tv reported Tuesday.

Chief Justice Gulzar Ahmed, hearing a case at the apex court related to the promotion of PSM employees, appointed Advocate Rashid A Rizvi as a mediator for the settlement between its employees and management.

CJP Gulzar Ahmed, during the hearing, remarked that Karachi Shipyard, Heavy Mechanical Complex, and Steel Mills have been non-functional, while the employees would "sell all the remains of the mills and retire."

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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.


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