about two and a half years ago, a consortium of foreign and local investors was ready to pay around $360mm for pakistan steel when the entity was being privatised by shaukat aziz's govt.
guess how much will the company fetch now? my guess: not a phutee kauri.
Business Recorder [Pakistan's First Financial Daily]
Pakistan Steel facing worst financial crunch
"KARACHI (November 26 2008): Pakistan's largest public sector organisation, Pak-Steel is faced with the worst financial crunch, which may force the management to close down this gigantic project till such time it overcomes its woes...
...Insiders at Pak Steel said that if urgent steps are not taken by the Government of Pakistan to improve the financial health of Pakistan Steel, there would be closures and about 20,000 people presently working in the Mill would be rendered jobless..."
so who is responsible for causing a $360mn loss to the exchequer? obvious answer is ex-cj whose flawed reasoning in rejecting the privatisation would have been obvious to anyone who had the basic knowledge of finance 101. in the context of pakistan though its unfair to blame chief justice because pakistanis dont seem to care about economic well being of the country. pakistan is a country where leaders who beg for aid while stealing billions are more popular than leaders whose policies attract billions of dollars in foreign investments.
good thing about living in a country where economic jahaluth is the norm is that it gives unscrupulous people easy opportunities to make money. i know plenty of corrupt people associated with steel mills. i myself have enjoyed the hospitality of such people and with a clear conscience because the corruption at steel mills has blessed by favourite leader of pakistani awam.
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