Former chairman Pak Steel caused Rs 22 billion loss by embezzlement: SC told

[Naveed Yaseen]

ISLAMABAD: A three-member bench of the Supreme Court was informed on Friday that former Pakistan Steel Mills (PSM) chairman Moin Aftab Sheikh and the PSM commercial director were responsible for the Rs 22 billion losses incurred by the steel mill.
The bench, consisting of Chief Justice Iftikhar Muhammad Chaudhry, Justice Jawwad S Khawaja and Justice Ghulam Rabbani, was hearing a suo motu notice taken on reports of embezzlement in the PSM, which lost Rs 22 billion in 2008-09. Appearing on notice, Federal Investigation Agency counsel Muhammad Azam said that according to preliminary investigations, the former PSM chairman and the commercial director were responsible for the losses.
The CJ ordered Moin Aftab’s lawyer, Muhammad Salman, to provide copies of his client’s response to the FIA and the PSM management. Earlier, Aftab’s counsel had said in a reply to the court that the mill’s losses were due to significant differences in local and international market prices and not embezzlement. masood rehman

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