{"id":29297,"date":"2023-11-28T14:12:58","date_gmt":"2023-11-28T14:12:58","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/psm-suffered-rs164-4m-loss-due-to-negligence-theft-agp-report\/"},"modified":"2023-11-28T14:12:58","modified_gmt":"2023-11-28T14:12:58","slug":"psm-suffered-rs164-4m-loss-due-to-negligence-theft-agp-report","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/psm-suffered-rs164-4m-loss-due-to-negligence-theft-agp-report\/","title":{"rendered":"PSM suffered Rs164.4m loss due to negligence, theft: AGP report"},"content":{"rendered":"
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The state-owned Pakistan Steel Mills (PSM) had suffered a massive financial loss of Rs164.4 million in the fiscal year 2020-21 due to administrative negligence and thefts, ARY News quoted AGP report on Tuesday.<\/strong><\/p>\n

The Auditor General of Pakistan (AGP) issued the PSM financial report 2020-21, highlighting the major causes of the massive losses to the state-owned entity.<\/p>\n

It stated that the steel mills suffered Rs164.4 million loss in FY2020-21 due to administrative negligence. The theft of copper, brass, electric instruments and cable caused a loss worth over Rs6.49 million to the steel mills.<\/p>\n

Related: \u2018Pakistan Steel Mill cannot be privatised\u2019<\/a>
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The top auditor stated in the report that the electricity poles and expensive three high-tension (HT) wires were also stolen from the PSM. The stolen materials also include a 132-KV transmission line and tracks for freight trains.<\/p>\n

It added that the PSM administration had failed in security arrangements. Additionally, another financial dent worth Rs5.62 million was given to the PSM by the illegal hiring of retired officers\u2019 services.<\/p>\n

The state-owned entity also suffered Rs4.33 million loss in terms of insurance services from a private company.<\/p>\n

Related: Only one bidder left for Pakistan Steel Mills privatisation<\/a>
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Probe into theft cases<\/strong><\/h4>\n

Last year, the Federal Investigation Agency (FIA) had expedited a probe into theft cases worth billions in the Pakistan Steel Mills (PSM).<\/p>\n

According to the FIA officials, the agency will collect details of PSM theft cases from Sindh police. The FIA officials will collect complete records of the PSM offices and scrap. A list of PSM CEOs from 2010 was also compiled in connection with the investigation into the theft cases.<\/p>\n

Related: PSM staffers seize vehicle loaded with stolen raw materials<\/a>
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Moreover, another list was compiled containing 208 contractual and 592 daily wage employees.<\/p>\n

The agency had also collected store records of the steel mill from 2017 to 2022. The FIA officials had recorded statements of 12 officers and employees.<\/p>\n<\/div>\n<\/div>\n