PC Denied To Hold Any Independent Meeting With Third Party Valuer Of PSMC

Ministry of Privatization on Monday has categorically denied that Privatization Commission, any of its staff members or Financial Adviser (FA) has held any independent meeting with M/s Jospeh Lobo, the third party valuer appointed for valuation of plant and machinery of Pakistan Still Mill Corporation (PSMC)

ISLAMABAD, (UrduPoint / Pakistan Point News - 24th May, 2021 ) :Ministry of Privatization on Monday has categorically denied that Privatization Commission, any of its staff members or Financial Adviser (FA) has held any independent meeting with M/s Jospeh Lobo, the third party valuer appointed for valuation of plant and machinery of Pakistan Still Mill Corporation (PSMC).

A press statement issued by the Ministry of Privatization, rejected all such a reports appeared in a section of press and termed it against the facts.

However, it said that the subject valuation remained under discussion during the weekly progress review meetings co-chaired by Minister for Industries and Production and Minister for Privatization, during the period from February-April, 2021.

It is also clarified that the visit by the PC officials, consultant and the FA to Karachi on April 02, 2021 to hold meeting with PSMC and its appointed valuer M/s Jospeh Lobo was made on the specific request and invitation of the Ministry of Industries and Production and PSMC and as was decided in the weekly progress review meetings, besides the fact that the said meeting was held in the presence of the Joint Secretary MoIP, CEO-PSMC, A/CFO-PSMC, Company Secretary-PSMC and other concerned officials.

The PC also denied the assertion of making any attempt to influence the MoIP, PSMC and or its appointed valuer M/s Joseph Lobo, to reduce the valuation conducted by it. Nevertheless, upon receipt of the said report and in exercise of the powers conferred upon PC in pursuance to section 5(h) of the PC Ordinance 2000, which provides that the Commission shall issue directions and instructions to the management of a business undertaking falling within the purview of the privatization programme approved by the Cabinet on all major important administrative, financial, reporting and policy matters, M/s Jospeh Lobo was called in the weekly progress review meetings to explain and justify the valuation report.

The PC comments and views in this regard are part of the official record as well as communicated to MoIP, PSMC and the valuer. However, PSMC appointed valuer has time and again failed in its professional duty to provide satisfactory justifications to the queries raised.

On its part, the PC and its assigned staff member's along with appointed FA have been conducting the official business well within the legal framework by exercising due diligence towards the transaction of reviving the Pakistan Steel Mill.

It is, therefore, strongly refuted that any influence to have the valuation revised was ever exerted by the Privatisation Commission or the FA on the valuer, M/s Joseph Lobo, the statement said. Any negative aspersions cast in this respect are unfortunate and appear to be a feeble attempt by vested groups to derail the process of revival of Pakistan Steel Mills, which is at an advanced stage, it added.